Crack the Code on How to Become an Entrepreneur

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I’m convinced that about half of what separates successful entrepreneurs from non-successful ones is pure perseverance – Steve Jobs. Passion, perseverance, and innovation are the three main words that come to our minds whenever we think of an entrepreneur. An entrepreneur is a leader who is willing to take up risks and create something new and innovative for the public. Popular entrepreneurs like Bill Gates, Elon Musk, and Oprah Winfrey persevered in their journey to entrepreneurship and have influenced many people with their success and determination. Read this blog to find how you can become a successful entrepreneur!

Must Read: How to Build a Career in Corporate Entrepreneurship?

Who is an Entrepreneur?

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An entrepreneur is an innovative and creative individual who is willing to take significant risks and overcomes numerous challenges to start their own business or start-up. Moreover, an entrepreneur is an opportunist who identifies problems and gaps in the market and seeks to resolve them. Entrepreneurs attempt to convert ideas into a valuable product or a business and are a major backbone of our economy and society. The general purpose of an entrepreneur is to set up their own business and take responsibility for the risks and rewards involved in setting up the business. Without entrepreneurs, the development and progression of society would not be possible. 

Also Read: Find Your Billion Dollar Idea in NO Time

Reasons to Pursue a Career in Entrepreneurship

While the journey to entrepreneurship is likely to be filled with sacrifices, obstacles, and challenges, the reward for the same is far greater. With the right amount of knowledge and guidance, it is indeed possible for anyone to venture out into the world of entrepreneurship. Here are 5 top reasons why you must pursue a career in entrepreneurship :

  1. Choose your Own Path: Entrepreneurs have the freedom to choose their own path. They have the opportunity to create their own ideas and develop profitable business ventures. There are no restrictions to the number of paths that an entrepreneur can take. They have flexibility in decision making and in deciding their own working hours. 
  2. No Age Limit: There is no minimum or a maximum age limit to become an entrepreneur. Anyone can become an entrepreneur as long as they have the courage, passion and perseverance to do so. 
  3. To Create Something Valuable: One of the most exciting things about becoming an entrepreneur is the excellent opportunity to create something of value that benefits the entire society. That is the greatest reward for any entrepreneur, the ability to come up with something that is quite unique and creative. 
  4. To Learn Valuable Skills : Not every entrepreneur is skilled in all the areas of business. In fact, entrepreneurship can be viewed as a learning opportunity wherein you learn numerous aspects of business, marketing and finance, and accordingly develop appropriate skills in all the relevant fields. 
  5. To be a Role-Model: What is more rewarding than becoming an influential figure in someone’s life. Entrepreneurs don’t just build a business, they also build a legacy for their family and industry. They pave the way for other potential entrepreneurs to create their own exciting ventures. 

Types of Entrepreneurs

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Entrepreneurs are not of one type. There are several entrepreneurs around the world with their own set of motives and goals. However, the one thing that all entrepreneurs share in common is bravery, expertise, and persistence. Let’s take a look at the various types of entrepreneurs :

  1. Social Entrepreneurs: Social entrepreneurs are individuals that pursue novel applications that have immense potential in solving common problems faced by society. Their main goal is to make the world a better place. Examples of social entrepreneurs include Bill Drayton and Muhammad Yunus. 
  2. Innovation Entrepreneurs : Innovation Entrepreneurs find their purpose in coming up with new ideas and innovations consistently. They aim to convert bare ideas into profitable business ventures which stand out among the crowd. Examples of innovative entrepreneurs include Bill Gates and Steve Jobs. 
  3. Hustler entrepreneurs: Hustler entrepreneurs are self-starters who are determined to succeed in the competitive world of entrepreneurship. These entrepreneurs are willing to work harder and do not mind getting their hands dirty if it means they will succeed in their ventures. They are driven by their aspirations and goals. An example of a hustler entrepreneur is the late Ray Croc, former CEO of McDonald’s. 
  4. Imitator Entrepreneurs : Imitator entrepreneurs are individuals who create enterprises and businesses by imitating the successful innovations of other entrepreneurs. They use other’s business plans as a means of inspiration to create and improve their own business. An example of an imitator entrepreneur is Mark Zuckerberg, co-founder of Facebook. 
  5. Research entrepreneurs: Research entrepreneurs believe in starting a business after adequate research and exploration. They prefer to start a fool-proof business wherein they are less likely to fail. Detailed business plans and maps are a mandatory requirement for such entrepreneurs. Examples of researcher entrepreneurs include Jeff Bezos and Larry Ellison. 

Must Read: What is the Entrepreneurship Development Program?

Skills Required to be an Entrepreneur

It is famously said that entrepreneurs are not born, they are made. They are imbibed with certain qualities and skills that make them worthy of becoming successful entrepreneurs. Skilled entrepreneurs have a keen eye for opportunities and higher risk tolerance. They have a strong belief in their own capabilities and goals. Hence, you can find below a comprehensive list of skills that every entrepreneur should have :

Soft Skills

  • Leaderships skills
  • Teamwork skills
  • Communication skills
  • Problem-solving skills
  • Critical thinking skills
  • Flexibility and adaptability 
  • Work ethics
  • Innovation and creativity
  • Interpersonal skills
  • Time management 

Hard Skills

  • Business planning and business execution skills
  • Analytical skills
  • Marketing skills
  • Presentation skills
  • Financial literacy
  • Technical skills
  • Hiring management

Qualifications Required to Become an Entrepreneur

Fortunately, there are no specific qualifications that are required in order to become an entrepreneur. However, most entrepreneurs usually begin their journey towards entrepreneurship after attaining a proper bachelor’s degree, specifically in entrepreneurship or in a related field. Thereafter, you have the choice to pursue an MBA degree which will further hone your entrepreneurial skills. 

Most international universities require students to have a certain set of qualifications before applying for their MBA Entrepreneurship programs. These qualifications include :

  • At least 3-5 years of professional experience
  • An undergraduate degree
  • A good GMAT/GRE score
  • A letter of recommendation from a previous employer or academic institutions
  • English language proficiency scores such as TOEFL or IELTS 
  • MBA essay ( requirement may vary)

Step-wise Guide on How to Become an Entrepreneur

Not all start-ups succeed within the first five years of business. While starting your own company may be exhilarating and exciting, it is equally important to have a proper business plan and an innovative idea in mind. An entrepreneur is often driven by passion, commitment, and a thirst for knowledge. However, without proper guidance and adequate research, entrepreneurship is doomed to fail. 

Hence, to aid you in your arduous journey of becoming a profitable entrepreneur, we have compiled a step-wise guide for the same :

Step-1: Develop an Interest

A career in entrepreneurship is something that should not be taken lightly. There are many factors that you need to take into consideration before you begin your entrepreneurial journey. One of them is your interest and commitment to your main idea, the core of the startup. Starting your business will require you to make sacrifices and take risks. Hence, make sure that you are committed and dedicated to your potential idea or start-up and devote adequate attention to it. 

Step-2: Find Your Niche

Next, identify the industry or niche in which you would like to start your business. Most entrepreneurs often fail because they do not focus on a particular segment of the market. Hence, selecting a niche is very important for an entrepreneur. You may choose a niche on the basis of your experience in that field or on the basis of adequate research. Choosing a niche that you love will only increase your persistence and commitment to your entrepreneurial idea.

Step-3: Educate Yourself

While there are no formal educational requirements that are needed to become an entrepreneur, nevertheless education forms a vital part of an entrepreneurial career. There are many bachelor’s and master’s degrees such as :

  • BA in Business Management
  • Bachlor of Management Studies
  • BBA in Entrepreneurship
  • BSc in Entrepreneurship
  • MA in Entrepreneurship
  • MA in Innovation and Entrepreneurship 
  • MSc in Entrepreneurship 
  • MBA in Entrepreneurship
  • MBA in Family Business and Entrepreneurship
  • Diploma in Entrepreneurship
  • Post Graduate Diploma in Entrepreneurial Management

Students may pursue such degrees to gain solid knowledge in relevant fields like business and marketing. Earning a degree will help you in having a fundamental and basic knowledge of all the aspects of entrepreneurship. 

Step-4: Develop a Business Plan

A business plan is a formal document that comprises your business goals, your mission, and vision, as well as the steps that you will take to achieve your goals. Your business goals may include marketing goals, financial goals, and budgeting strategies. You can view your business plan as a map that will help you in achieving your desired output as well as to grow and expand your business venture. 

Step-5: Raise Funds

Money is also the bloodline of any business. Therefore, entrepreneurs are required to raise an adequate amount of money to kick-start their business while also keeping a suitable profit margin for themselves. Some sources of funds for entrepreneurs include:

  • Bootstrapping or self-funding your own start-up
  • Venture capitalist
  • Bank loan
  • Angel investors
  • Crowdfunding

Step-6: Select your Target Audience 

Just like you need to select the right niche for your business, you also need to select the right target audience. It is important to determine the demographics of your target audience and research which target group is likely to buy your product or service. Conduct surveys and analyze competitors to further determine the right audience for your business. Technological advancement has it possible to procure tools that may help in selecting the right consumer for your start-up. 

Step-7: Build Valuable Networks

While it is quite difficult to start your own business venture, marketing it is even more difficult. Thus, it would be quite enriching to build valuable networks and connections with industry professionals and mentors who can help you in your entrepreneurial journey. These contacts may help you in acquiring the required funds to kick-start your business, provide you with greater opportunities as well as aid you in the expansion and diversification of your business. 

Step-8: Build your Business and Scale it

On the successful establishment of your start-up, you cannot expect instant rewards and compensation. Building a business takes up time, money, and other relevant resources. It may take months and even years for your business to grow and attain a positive reputation. Building and scaling your start-up slowly allows you to ponder over any mistakes and handle any challenges that you may stumble upon. Be open to advice from experienced professionals and your managers. It will help you to run your business in the right direction. 

Must Read: What are the benefits of Entrepreneurship Programs?

Top Universities Abroad for Entrepreneurship

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Name of the University Location QS Rankings
Harvard University USA 1
Stanford University USA 5
INSEAD France 2
London Business School UK 3
Massachusetts Institute of Technology (MIT)  USA 4
Bocconi University Italy 7
University of Cambridge UK 8
HEC Paris School of Management France 9
National University of Singapore (NUS) Singapore  12
University of Oxford  UK 10
Copenhagen Business School Denmark  15
Columbia University USA  19
The University of Melbourne Australia 26
The University of Warwick UK 24
Nanyang Technological University (NTU) Singapore 20

Must Read: Best Universities for Entrepreneurship for Europe

Top Colleges in India for Entrepreneurship

Name of the College Location
Amity Business School  Noida
SVKM’s Narsee Monjee Institute of Management Studies (NMIMS) Mumbai
Indian Institute of Management  Bangalore
Xavier School of Management Jamshedpur
Indian Institute of Management Kolkata
Entrepreneurship Development Institute of India  (EDI) Gandhinagar
S.P Jain Institute of Management and Research Mumbai
Nirma Institute of Management Ahmedabad
National Institution for Entrepreneurship and Small Business Development (NIESBUD) Delhi
Symbiosis Institute of Business Management Pune

Career Prospects and Salary

The beauty of entrepreneurship is that you enter any industry or field you are passionate about as an entrepreneur, here are some successful industries that start-ups prefer-

  • Hospitality
  • Technology
  • Healthcare
  • Project and Event Management
  • Maintenance and Repair
  • Social Media
  • Advertising 
  • Publishing
  • Customer service

The average salary of an entrepreneur varies depending on the scale of the business, the market niche, and the profitability of the business. At the very beginning of their venture, they can expect a minimum average salary of 4 to 8 lakhs per year. As the business grows, entrepreneurs can successfully earn an average salary of more than 50 to 60 lakhs per year. 

Must Read: World Famous Women Entrepreneurs in India

Are you passionate about becoming a successful entrepreneur? You can convert your brilliant ideas to successful ventures with the help of the right guidance and assistance.  Connect with a Leverage Edu expert today to identify the best courses and universities that can help you achieve your entrepreneurial dreams!

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