How to become an entrepreneur isn’t as complicated as others expect you to be. Take Ramit, for example. He was curious about the stock market and “how money works” so he learned all about it. Then he started a blog teaching others from his Stanford dormitory. He now runs a multimillion-dollar corporation and is a two-time bestselling author for the New York Times.
Notice he didn’t write a 50-page business plan or invest thousands of dollars in becoming an entrepreneur? You don’t have to either. All you need is the right process and we have it all done for you in 6 easy steps.
Step 1: Know what it means to be an entrepreneur
Becoming an entrepreneur is not just something you do. It is what you are There are identity shifts and attendant attitude changes that must occur as you move from hiring an employee to that of an entrepreneur.
When you work for a boss, it’s easy to hold others accountable for circumstances you are unhappy about. However, entrepreneurs take responsibility for all of their results. And instead of feeling like things are out of their control, they focus on solutions, actions, and alternative paths that will lead them to their goals.
This means that growing a company means growing you too. Given the fear of rejection, questioning limiting beliefs, and practicing self-confidence, everyone comes along. Entrepreneurs feel uncomfortable in the interests of their business dreams.
Step 2: choose a business idea that suits you
Pick a business idea that appeals to you. Most aspiring entrepreneurs end their trip here thinking, “I don’t have any business ideas.” But you can break this mental barrier by asking yourself:
What am I good at? How can I make something out of this that people pay for?
Are you familiar with computer programming or graphic design? Did you make your child’s wooden bunk beds from scratch?
What kind of things am I paying for? How do I make this my own business?
Do you have a landscaper or house cleaner? A tutor for your children? A standing appointment in the nail salon?
What activities do I find so stimulating that they get me out of bed early or keep me up late? How can I make a profit with it?
Do you enjoy baking Are you excited to learn a new language?
People pay for things that add value to their lives. These can be products or services that save time (Instapot) or money (reusable make-up remover wipe), offer greater comfort (Netflix), achieve a desired result (personal trainer) or answer a problem (ergonomic mouse for pain relief at the wrist).
Find the value people are paying for and you’ve found your business idea.
Step 3: Connect with relevant professionals
When thinking about building your business, the first step is connecting with the right people. Make friends with lawyers, consultants, mentors, investors, mastermind business groups, the local chamber of commerce, other founders, companies whose clients may need your services, etc.
Also, remember to keep expanding your network as your business grows and the requirements become clearer.
Step 4: grow your business
You don’t have to spend months creating a novel of a business plan, setting up an LLC, printing business cards, or doing other time-consuming activities that don’t generate business stimulus or revenue.
Quickly get to grips with the basics of your business: location, tax number, business email, business bank account, accounting books set up, and payment processing.
The vast majority of people don’t have to worry about funding or investors at this point, unless their business idea calls for funding or credit. But most people can start a business with no outside funding, like Ramit who started his business simply by opening a blog with valuable content.
Step 5: test your idea
Yes, that means doing what new entrepreneurs are most put off: get out there and sell the product or service. You will see if people want to buy what you have to offer, who your product is best for, and what changes it needs to make to better serve them. In the process, they will also refine your messages so that they are irresistible to the people they are perfect for.
Step 6: scale the business
Once you have a formula for success – The right product for the right people at the right price – It’s time to scale. You can choose to continue growing your business organically or to consider investors at this stage. The basic idea is that you are putting money back into your business to help it grow and make it stronger.
Now it could be time to enter new market segments, invest heavily in advertising or get people on board. Remember you are the innovator, leader, and thinker. Give yourself space to do the work that only you can do by buying back your time and delegating the rest.
Today is the day for action
You have the framework to become an entrepreneur. It’s time to do what the wannabes don’t: take action. Get started today by putting your mindset in the right place and finding your business idea. Don’t let your brain convince you that you don’t have one. Find out what value you can offer that people want to pay for. Then hold your breath and jump in the entrepreneurial pool as you get closer to your rich life.
Sign up for Ramit’s Earnable Program to learn everything you need to know about starting a business.
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