How to Become an Entrepreneur

February 4, 2013 | By | 6 Replies More

 


What actually is an Entrepreneur? 

On your journey on how to become an entrepreneur, this is the first question you need to have answered.

My definition of a successful business is a profitable, commercial enterprise that works… without me. If you have to be there every day, your business becomes nothing more than a job.

This is why it’s so important to train your team about the business itself and how to sell it if you hope to develop multiple streams of income.

Regardless if you are new to entrepreneurship or if you are already self-employed, it is always good to remind yourself why are you doing it, why are you putting countless hours into establishing a company or multiple companies?

The answer is easy; you want to create a system which allows you to earn money without working for it, a money machine, a self-sustainable cash cow.

Now, it is important for you to understand the difference between earning for labor (your time for money) or How to become an entrepreneurprofits (making money from other people's time or other people’s money).

Earning for labor is just that, you give your time as an employee to another person’s company and if you do a great job, you get paid.

Guess what, who else do you think gets paid as well without doing any of the dirty work you do? It is the owner of the company who makes a profit from your effort.

Let’s take a closer look on how to become an entrepreneur. First, entrepreneurship is not for everyone and that is perfectly fine. If you love your job, are happy with it and otherwise have a plan for retirement, that is absolutely respectable. 

Once you decide to be self-employed, you are probably looking for some answers or a way to get started. This depends completely on your background and prior belief system.

If you grew up surrounded by the entrepreneurial spirit, chances are you already have ideas and are just seeking  structure.

On the other hand if you are like most people who are new to self-employment you won’t know too much about it. So, I will go a bit more into detail.

To illustrate the main differences in thought patterns between an entrepreneur and an employee, take a look at this tablet 

 

The Entrepreneur

The Employee

  • Wants to know and learn how to become an entrepreneur
  • Wants a degree and find a job
     
  • Thinks in profits
  • Thinks in wages
  • Thinks global
  • Is locally bound
  • Thinks multiple income streams
  • Receives pay checks
  • Is willing to take calculated risk
  • Does have the risk of loosing his / her job
  • Uses other people's time and money
  • Exchanges time for money
  • Uses leverage
  • Uses own resources
  • Has a can do, problem solver attitude
  • Task orientated, paid to work
  • Has leadership and motivational skills
  • Follows instructions
  • Has a clear plan for his life and business
  • Has a job and 401K
  • Has unwavering believe for success
  • Believes that without a job, he / she is broke
 

This is not to make the employee look bad, remember you are reading this because you want to know how to become an entrepreneur and it all starts by changing your thought pattern.

Now you know the first step, a simple rule how to remember to change is this. “If you continue doing what you have done before you will always achieve the same results as before”.

In other words if you continue working the way you do now; you will receive the same in direct proportion to your efforts.

That does not imply that you have to work longer and harder (even though it will excel your progress), but it means working more intelligently by shifting away from limited old beliefs, as well as prior conditionings by replacing it all with the new entrepreneurial thought pattern. The more you do, the more it becomes habitual and you will run on autopilot.

Most people who come from a paycheck to paycheck position want to start small, want to limit the risk, and want to make sure they do not spend too much.

This is mainly because they already have in mind they might fail. This is very common; however, I recommend before you make a decision on creating an enterprise to be in a strong, believing emotional state.

It is not wrong to start small, as a matter of fact if you are at the beginning or are still learning, it is recommended.

In your growth process; however, you need to remember the definition of a successful business and that means you need to grow it to a level where you have employees working for you, so that you can work on your business rather than in your business.

If you have in mind being self-employed and be a one men show, you will still be employed though it is just by yourself.

To finalize this article on how to become an entrepreneur, remember these steps:

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  1. Change your thought pattern to an entrepreneurial thinking
     
  2. Think big, do not limit your imagination. Remember: other people’s money, other people’s time.
     
  3. Create a plan for your business and implement systems. Once you have identified what makes most of the money, repeat it again and again. Duplicate this system and teach others to do the same.
     
  4. Delegate early on, as much as you possibly can, your main job is to grow the company, not run it.
     
  5. Learn before you earn, you can never have enough knowledge, commit to reading, attending seminars and trainings
     
  6. Plan on 10 years to get rich, remember the economic seasons
     
  7. Enjoy what you do; live now, have fun with this, create and be grateful for what you have now
     
  8. Find a great small business consulting coachWe often lose our perspective in the day to day activities, and an outsider can help evaluate the strengths and weaknesses of your enterprise much better
     
  9. Take massive action, indecisiveness is a disease which will kill your business

 

If you have any more questions on how to become an entrepreneur, please contact us, we will be happy to hear from you.

 

 

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Learn how to think and act as an Entrepreneur

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Category: Starting and building a business

carsten@officentos.com'

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  1. support@smallbusinessconsultinggroup.com' Anthony says:

    Found this webpage on Facebook, I am starting an online business, but have no experience what so ever. There is a lot of information here which has helped me to understand how to think, plan and act in an organized way. I did not even have an idea were to start, feel much better now, as I know I can find information about how I can get started without feeling overwhelmed. Just wanted to say thank you, definitely will consider your services should I get stuck and need more guidance.

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