Tips to Become An Entrepeneur

Becoming an entrepreneur requires more than a brilliant idea — it also involves risk, intense work and an acceptance of failure. Whether you're starting your first new business or your fourteenth, the right mindset and a thoughtful approach are essential in bringing your product or service to market.

Don't Get Attached

Although it sounds counterintuitive, it's wise not to get overly attached to a single idea when becoming an entrepreneur. A certain level of attachment is useful — it drives your passion and enthusiasm — but too much can be detrimental. As an idea transitions from concept to production, it often changes based on practical limitations. A manufactured item might need to be adjusted to suit raw material prices, for example, or a design might shift to accommodate commonly available production equipment. In some cases, great ideas never make it to market because the final cost to consumers is prohibitively high. A sense of detachment and flexibility can help you roll with each change with minimal stress and sadness.

Know the Competition

Research into the competition is a crucial part of becoming an entrepreneur. This process helps identify how your product or service is different from others on the market — information that becomes the unique selling proposition that informs each aspect of design, marketing, sales and advertising. It also teaches you about the history of the industry and field, which can help you learn from the failures of the entrepreneurs that came before.

Know Your Weaknesses

As you're becoming an entrepreneur, it's important to conduct an objective and honest assessment of your weaknesses. Consider both hard skills, such as coding, and soft skills, such as interpersonal communication. Although this step can be uncomfortable, it yields valuable insights and helps you prioritize your time. Instead of wasting hours trying to design marketing materials, for example, you could outsource that task and direct your energy toward securing investors or refining your product. When the time comes to bring on employees, this information can also guide you in making efficient hiring decisions that create a well-rounded team.

Make Peace with Self-Promotion

Self-promotion is a key part of building a business, particularly in the early stages. If you're uncomfortable talking about your experience and pitching your products, the road to becoming an entrepreneur may be a challenge. In most cases, the best way to dispel discomfort is trial by fire. Practice your elevator speech on family and friends. Then, try pitching your ideas to trusted colleagues or professional contacts. Allow your enthusiasm to shine through, and use each opportunity to ask for feedback or refine your elevator speech. When the time comes to promote your new business to investors and customers, you can do so with confidence.

Becoming an entrepreneur is a thrilling process. With planning, research and flexibility, you can sail through each step and build a business you're passionate about.

Image courtesy of Heather Weber at Flickr.com