Even the best-paid specialists often know they’re being paid merely a fraction of what their work is worth. Now, while some may whine about the injustices of exploitation, those who are more ambitious and active will look for a way out of this loop. As an entrepreneur, you’ll perhaps still do similar work, but you’ll be in charge of your schedule and profit and have a sense of full ownership of all your work.
With all of this in mind, here’s how to pick up all your skills and expertise and start your own business.
Tips To Help You Become an Entrepreneur
1. Enroll in an entrepreneurship course
Becoming an entrepreneur is harder than you think. It’s also a skill to be learned. Sure, when you just started, you knew that becoming a software engineer was going to be hard and would take time. You also knew that the effort was worth it.
The same principle applies to entrepreneurship. Fortunately, there are a lot of courses where you can learn some of these entrepreneurship skills.
The problem is that a lot of people underestimate this skill set. While they know that running a business is hard, they believe all of this comes down to simple organizational abilities and discipline. This is not necessarily the case. Just think about it; even if you know how to code when you enter the new enterprise, you’ll get an onboarding process. Most of the time, it will consist of the things you already know, but occasionally, it will have something new.
2. Learn how to say no
The most important skill you need to learn in life (not just entrepreneurship) is saying no. When just setting out in the business world, you might feel like you’re under too much pressure to find clients. There will be times when there are no calls and emails. This is why rejecting work once the workload changes will feel so bad, even when you know you can’t make it.
You must also learn how to say no to your customers when it’s time to stand up for your staff. No, the customer is not always right. This is especially true when they’re harassing your employees. You need to stand by your team.
3. Learn how to sell
People who know that you did a good job will recommend you. However, this might not be enough for some to hire you immediately. Even if you are good at what you do of even the best at what you do, you must learn how to sell your services.
Just take the book on the table, turn it around, and read the author’s bio. Chances are that you’ll encounter a phrase: best-selling author. That’s right, not best-writing or most creative – best-selling. The same thing applies to your own business.
Acquiring new clients, customers, or users is not the only thing you need to focus on. Lowering churn rate (if you’re in the SaaS industry), increasing average order value, and even increasing the number of return visitors are essential to your profitability and your business’ performance. One of the best ways to do this is to utilize tools like CRM software. Take a look here to see some of your available tools. These tools will transform the way you handle customer data and help you close sales more reliably—no business should be without one.
4. Master the art of the hiring process
How do you decide who to hire? What questions do you ask them, and how do you know if they are just telling you what they think you want to hear when they answer?
Sure, many guides focus on delegating your tasks, trusting your employees with more responsibility, etc. The problem is that if you don’t hire the right people, there’s so much potential for these to backfire.
Just remember that a good retention strategy can make people stay for a while longer, not indefinitely. So, people will leave, and you’ll have to replace them. Your business will grow, and you’ll need more employees. What we’re trying to say is that this isn’t one-and-done.
5. Balancing risk and reward
A risky move is sometimes cost-effective; however, taking unnecessary risks is not always the best. Most important of all is the fact that you’ll be the one making all these moves. If it all goes well, you’ll profit from your good decision, but if it fails, you’ll have no one else to blame.
Just try to understand one thing – risking doesn’t mean following your gut feeling. You still need to do your research and make a data-based decision. You also need to make objective and measurable goals for this decision. This way, you can avoid twisting the narrative to fit your current needs. If the risk ends up being not worth taking, you need to understand the problem so that you can analyze it. You would be surprised at just how hard it is to tell when something’s not working.
6. Finding the resources to start
In the past, the most difficult (uncertain) part of becoming an entrepreneur was always getting the initial capital. Fortunately, in most modern (digital) industries, the starting cost is not that high.
At the least, you need a few employees and a premium license for software with an entrepreneur’s package. At worst, this would cost you a few thousand dollars, but it will usually be measured in tens or hundreds. This figure is incredibly low compared to the manufacturing industry’s basic machines.
Still, where does the money come from?
Most people fund it from their pocket (78% of entrepreneurs). This can be from life savings or a personal loan. Others borrow money from friends and family. While there’s all this talk about different types of business loans, this is where most people are getting money to start their business.
Crowdfunding is usually a great way to get money if you’re in the tech industry. Lastly, if you believe in your idea, you can contact venture capitalists or look for angel investors.
7. Work on your people skills
Just knowing the field is not going to cut it. You don’t understand which tone you should use because you know how to explain what you want more accurately than someone who has never worked in the field. Sometimes, being too assertive will cause an adverse effect, and instead of being seen as authority, you’ll be seen as authoritative.
Specialists have one more problem – they’re too experienced and knowledgeable on the subject matter, and it’s often hard to simplify things. Most of your staff will consist of people not in the field as long as you are. At least early on, you’ll have to contend with people who are relative newcomers to the industry. This puts you in a position where you must find a way to oversimplify some features.
You’ll also work as a sort of mentor. Since you’re an expert, your staff members will come to you with technical questions. This is where you can leverage your skills and experience in the industry. Overall, while there’s a lot of use for your knowledge, you also need to work on your people skills quite a bit.
Making your first steps in entrepreneurship is not going to be easy, no matter how experienced you are
In the end, even if you’re good at your job, even if you’re the best at your job, being good at running a business is not guaranteed. Even if you’ve already managed projects for your previous employer, running a business is not the same as running a team. In other words, you need to become as good an entrepreneur as a specialist, and there’s no way around it.