Want to become an Entrepreneur?

Want to become an Entrepreneur? At European College of Professional Studies & Research (ECPSR), we discuss a detailed business guide with our students on how to start a business for which you are very much passionate about.

In the capacity of VR-International Affairs & Promotions, I want to share a few insights related with this buzzword.

Although starting a business takes a lot of time, effort and hard work in order to transform it into a small to big scale. Many times you may feel like giving up but I think giving up is not a right decision because just think why you held on so long if you just wanted to quit. Generally, a person starts a business because he/she want to become a successful entrepreneur and after sometime if he/she quits then definitely there is no possibility that the person would be able to become something because without hard work and effort you couldn’t be able to get anything in life.

I agree that we have to face numerous challenges in life but just think once that if there were not any challenges to face in life then would we have be able to grow until now? Obviously, the answer is no because if we will not face any challenge in life then there is no reason left to grow or live a life. Life is a like a food if we do not mix chilies or peppers in pulses then we no more want to have it. Similarly, we would not face any challenges in life then we definitely got bugged up from easy and comfortable life. On the other hand, if we face numerous challenges and then got comfortable life after a long struggle then we would definitely glad to have this kind of life. Hence, you don’t need to scare from big challenges to set up a successful business, all you need to do is just set a goal in your mind, get motivated daily and just think positive as much as you can.

So, if you want to become a successful entrepreneur then all you need to do is follow the steps I have described in brief below:-

1. Polish your Inkling
Firstly, to set up a business in the industry you are so much passionate about do a quick research for existing companies in your field and then learn how recent brand are getting popular in the market, what are the concept behind launching a new brand or product and work on how you can do it much better than other companies. Now, if you contemplate that you have much better option or service that other companies cannot deliver to consumer then it means that you have a solid idea and a different way to assist your clients. Now it is the time to work on your company’s location. Choose your company’s location where your business could be able to survive according to your industry.


2. Create a business plan-
In order to accomplish your targeted goals as per your planned time, create a business plan in which you should ask some important question to yourself that what is your purpose to build up a successful business? What kind of services you are prepared to assist? What can be the different ways to make your business exists in the market? What are your planned goals and how it can be accomplished in a well-manner? How much finance will you need to startup your business? Now, answer all of these questions in a well-written business plan. It helps you to figure out in which direction your business is going? How you could find a best solution to any major difficulty and moreover, what you need to make your business exist?


3. Figure out your financial needs-
It is very important thing to keep in your mind in order to become a successful entrepreneur. Starting a business will need a handsome price, so, therefore, you need to figure out that how you can complete your company’s financial needs efficiently and effectively. If don’t have much money to fulfill your financial needs then you can also take a commercial loan through bank as it would be much better option to assess your finance. But if you are not able to take a bank loan then you can also apply for a small business loan through the SBA (Small Business Administration) or through an alternative lender.


4. Decide your legal business structure-
Before registering your company, it is necessary to decide that what kind of organization it is as it can affects your business legally from how you manage your taxes to personal expenditures if something goes in an inaccurate manner. You may also register for sole proprietorship if want own your entire business by yourself and plan to be accountable for all the debts and obligations that may occur in your business. However, Limited Liability Corporation (LLC) is one of the most common structures for businesses and this hybrid structure has the legitimate safeguards of businesses while permitting for the tax advantages of a partnership.


5. Register your company with the government and IRS-
In order to become officially authorized business entity you need to register your company with the government. Establishments will need “Authorization of establishment” document which comprises of your organization name, purpose to build up a business, commercial structure, Inventory details and further information about your business or else you will need to register your company name which will be your legal name or the name you have come up for your company and you also need to take action for your business trademark for further legal protection.


6. Purchase Insurance policy-
To protect your business firm from any kind of devastation like property damage, theft or customer complaints you must ensure that you are properly protected. You may also need some other type’s coverage as per your industry in which you will work as well as location where your business will establish. But mostly small businesses are suggested to procure General Liability (GL) insurance or business proprietor’s policy. Usually, General Liability (GL) contains property destruction, sensitive injury and personal injury to yourself or any third person.


7. Build up your team-
It is very important to build a team which supports you to transforming your business from small to big scale and without a team you cannot be able to accomplish your goals because TEAM itself says “Together Everyone Achieves More”. So, recruit a team and figure out how your team will work more efficiently? Moreover, by building up a team you can also minimize your nuisance. Describe roles and responsibilities; split team as per your objectives and also make them learn how to work together when everyone is not in the same room? It will undeniably save a lot of time and you can easily accomplish your goals on time.


8. Select your Vendors-
Sometimes you may feel overwhelming to run a business so that you cannot be able to do it all your own. Now, that is the main point where the role of Vendors comes. Vendors mainly help you to run your business much better by providing you genuine queries or clients. But if you are looking for B2B vendors then you must select your vendors very carefully you need someone whom you can trust easily. You must ensure that the vendors you are selecting have good experience in your trade and vendor may help you to grow and expand your business more conveniently.


9. Brand yourself and publicize-
Now before selling your distinct quality product you must advertise your product together with the brand of your company as much as possible. Then, create a logo of your company for recognition of your company or your clients can easily identify your brand. Use social media to spread awareness of your company and also on your company’s website. You may also use some promotional tools like coupons and vouchers once you publicize yourself properly.


10. Develop your Business-
Expansion of business takes time as well as effort so as an entrepreneur you need to associate with the companies working in your industry to make your business grow as much as possible. As your company gets awareness you would automatically receive B2C (Business to Clients) queries from B2B (Business to Business) and after the expansion of your business your company may indulge in International Business as well in order to progress more.

I hope I am able to dispel a few doubts or fears from your heart and motivate you to step ahead with clear thoughts and razor sharp focus on your goals. The staff & management of ECPSR are always there with its students to guide them & help them to move ahead and start their own ventures. We hope to meet you also soon enough to start a new innings of yours as an entrepreneur.