How to Become an Entrepreneur – The Step By Step Guide

Let us answer the most pressing questions about how to become an entrepreneur? From what are the skills and qualifications required to become an entrepreneur to how to avoid potential failures, basically, everything is explained here.

As Elon Musk once told, “becoming an entrepreneur is like eating glass and staring into the abyss of death.” But, it is an awesome challenge/feeling/life.

I still remember that amazing feeling I got when my income from the online businesses overtook my day job salary. Becoming a successful entrepreneur is not easy. But the end results can bring great control to your own life, which you always wanted.


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Who is an entrepreneur?

An entrepreneur is anyone who is operating their own business (or businesses).  It can be a simple side hustle, it can be a brick and motor store, or it can be the Amazon. The person who took the risk to create a business is an entrepreneur.

What does it take to become an entrepreneur?

I am an entrepreneur. I have started with literally no money. It took me years of hard and smart work to create a business and become a successful entrepreneur.

Here is the step by step guide to become an entrepreneur

  1. Understand the risks and challenges

  2. Challenge yourself

  3. Learn about online marketing

  4. Find partners with the right mindset

  5. Create a business plan

  6. Take calculated risks

  7. Network, network, network

  8. Embrace the positive competition in business

That is all it takes to become an entrepreneur.


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Who can be an entrepreneur?

“If something is important enough, or you believe something is important enough, even if you are scared, you will keep going.” -Elon Musk

This means anyone with the right mindset can become an entrepreneur. Even though the educational qualifications (like business management) can help your work, a degree or educational qualifications are not a must to become an entrepreneur.

There are many outstanding entrepreneurs, who have started their businesses without any educational qualifications. All you need is better decision-making skills.

Understanding the risks and challenges of becoming an entrepreneur

Check out this awesome infographic about becoming an entrepreneur. It explains the major challenges and the most common reasons for failures.

becoming an entrepreneur

Don’t get overwhelmed by the negative side of becoming an entrepreneur. Focus on the positive side. Think and plan how you are going to overcome the most common reasons for startup failures. I am going to help you.

Becoming an entrepreneur without any money

Obviously, you need money to make money. Unless you inherit a large sum of money from your parents or won a lottery, you need to work your way to earn money.

The most common ways of finding money are from personal savings and loans. You can also try crowdfunding from Kickstarter or Indiegogo. Now you can also get small online business loans from the business services like Lending club and Cabbage.

There is another way to find money to become an entrepreneur. This is how I made money at the beginning. You can try making money online. Try freelancing to make money from something you are good at. Then use that money to fund your business dream.

Additional reading:  How much money do you need to start a business?

There are many low-cost tools and services to help your process of starting a business. I have included some examples of such services in the above article. Take a look, now you don’t need to break the bank to start a new business.


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Challenge yourself

Getting that entrepreneurial spark is fantastic (and easy), but maintaining that spark forever is the hardest part.

Amazing business ideas can come to your mind at any given moment. It can be while you are having your daily poop, or it can be while you are watching the latest episode of Game of Thrones.

But, only a few can make that a reality.

Not everyone can challenge themselves to achieve better things in their lives. So, if becoming an entrepreneur is your dream, you need to learn how to challenge yourself.

Unless the luck is your superpower, you are not going to achieve anything automatically. When I started, I had just only a few hours of sleep every day for nearly two years. And, there were many sleepless nights too. (Luck was never on my side. I had to earn it)

Don’t take my word on that. With an interview with the New York Times, Elon Musk revealed he frequently logs 120-hour work weeks and doesn’t leave the Tesla factory for days at a time.

Becoming an entrepreneur is not as easy as eating marshmallows. So, brace yourself to face the hardships of founding a business.


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Learn about online marketing

A lot of startup failures are due to poor marketing skills. No one can survive today’s competitive markets, without knowing how to sell online.

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Hiring a marketing consultant is one thing. But, as the founder, if you have the basic knowledge about how online marketing works; you can lay the foundation to your business in the right way.

Online marketing strategies are not that hard to grasp. We have an excellent collection of articles about online marketing strategies on EcommerceBuff. Keep it bookmarked and read the basics about the online marketing essentials for entrepreneurs.

Find partners with the same entrepreneurial mindset

Finding partners is not an essential step in starting a business. But, data shows a higher success rate for the startups with two founders than the startups with just a single founder. I don’t know any scientific reason for this. But, I believe that when you have two people, more discussions can lead to better decision making.

So, if you know the right person, it is better to pitch your business idea to make him/her a co-founder. Partnering with the right person can ease your workload and reduce your stress. But, be cautious! It can backfire too.

Also, if you are going to find a partner for your business, keep your friendships and relationships aside and draft a proper partnership agreement.

If you are not comfortable with sharing the co-founder title, maybe you can hire someone to help you out. So, you can pay them, and keep the full control of your entrepreneurial dream to yourself.


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Create a business plan

This is where most of the new entrepreneurs fail. Starting a business without a plan is like gambling. As I told earlier, unless the luck is your superpower, you are going to fail.

Drafting a business plan is not a hard thing to do.

In this step, you have to define your target market/ audience, identify your customer’s purchasing journeys, define your unique selling points and set your KPIs.

Do not get overwhelmed by all those marketing terms. The concepts are pretty simple. I understood them by the age of 20. I know you can do better than me.

Defining your business strategy is an essential step of becoming a successful entrepreneur. I learned that in a hard way, by losing a lot of my hard-earned money. So guys, please don’t make the same mistake. Sit down, and actually create a written business plan.

This will help you in two ways. 1) It will help you to adjust your process and 2) It will help you to know when to quit if anything goes wrong.

Becoming an entrepreneur is all about taking calculated risks

I know that no one likes to lose their hard-earned money. And, as an entrepreneur, you need to take more risks than an average person. Most of the people give up their business dream due to the fear of losing money.

So, how can you overcome this fear and become a bold risk taker?

The solution is taking the calculated risks. I trust the numbers more than anything else. Numbers don’t lie, like your emotions.

So, if you want to become an entrepreneur start taking calculated risks. Don’t let your emotions shadow your decisions. If the numbers say that the amazing business idea you got while pooping is not successful, believe the numbers.


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Networking is so important for the startups

If you don’t network, you will lose a lot of opportunities and knowledge. Networking is a crucial business strategy in today’s world.

Start networking with the likeminded people on social media and in real life. There are so many things that you can learn from other’s experience. As we have discussed at the beginning, becoming an entrepreneur is not an easy thing to do. But, if you know people who have a similar experience, you can get a lot from their knowledge.

Also, networking is so essential to find sales too. Especially when it comes to B2B businesses, getting your first sale has to be done solely on the personal trust between you and your customer. So, networking with your potential customers is an easy way to get started.

Network on social media

You can find many places to network with others. With the rise of social media, you can find groups and pages with entrepreneur communities.

Join such groups and engage with their posts. Help others and seek help from others. Become a valuable member by sharing your knowledge. And, this opens up so many opportunities for your business. Guys trust me, I really know what I am talking about here. This is a proven strategy to grow your business into new dimensions.

Becoming your own boss

I will repeat something I told at the very beginning,

As Elon Musk once said, “becoming an entrepreneur is like eating glass and staring into the abyss of death.” But, it is a remarkable challenge/feeling/life.

I still remember that amazing feeling I got when my income from the online businesses overtook my day job salary. Becoming a successful entrepreneur is not easy. But the end results can bring great control to your own life, which you always wanted.

Teaching you how to start your own business cannot be done in a single article. But, at ecommercebuff, we have many articles in our startup guides section. You guys will find several helpful articles in there. Explore that section and keep relevant content bookmarked in your browser.

Get started right now! As I always say, who knows, you will be running a seven-figure business next year this time.