Fancy Being an Entrepreneur? Here’s Where to Begin
Are you “over” your 9-to-5? If you’re sick of going into the office every day and feeling totally uninspired as you sit in your cubicle working hard to grow someone else’s business, the entrepreneurial lifestyle might be a better fit for you. As an entrepreneur, you can set your own hours and work around your own priorities. Most importantly, you get to build something you feel truly passionate about. Making your own business successful sure beats working for the man. While you may fancy the idea of becoming an entrepreneur, you may not know where to begin. As with most daunting life changes, getting started is the hardest part. How do you figure out what the market needs – and how do you create it? Follow these steps to identify where to focus your talents and skills as an entrepreneur and take the right steps to build a successful business. (Click here to tweet this list.)
Start with your passionsStart by exploring your passions and your strongest skills. Create a list of industries you’d want to work in.Given the long (often unpaid) hours that go into getting a business of the ground, choosing an industry that fascinates you is the first step. Be sure to cast your net wide; many skills can apply to more than one industry. For instance, a developer might start her own software tech business. Or, she might explore health tech and develop better algorithms for calculating health risks and insurance pricing.
Get analyticalConduct a comprehensive analysis on the industries in the list.Now that you’ve narrowed down your industries of interest, ask the following questions:
- What businesses are doing well in these industries?
- What customer needs are being addressed?
- What customer needs are not being addressed?
- What are new startups in these industries doing differently?
- Are news articles and stakeholders predicting a good outlook for each industry?