6 Steps to Becoming an Entrepreneur: From Identifying Opportunities to Growing Business, Slides of Entrepreneurship

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6 STEPS

TO

BECOME

AN

ENTREPRE

NEUR

Opportunity

Identification

01

Market Research

02

Business Plan

03

Setting up the

company

04

Managing the

company

05

Growing the

company

06 TABLE OF CONTENTS

Discovery or Opportunity Identification If you want to be an Entrepreneur, the First Step for you to do is ‘find an opportunity.’ This Step is your ‘idea’ stage, where you look at a few ideas that you want to work on. So, how do you discover an opportunity? I usually like to read about the latest trends in the market or topics related to my hobby and find gaps and opportunities. Let me give you an example. Say you are crazy about cars and read every new topic that is in the market about cars.

Opportunity Evaluation - Market Research 0 2

The First Step of opportunity

evaluation is risk evaluation and then

we follow it up with market research.

Market Research Now the next sub-step of opportunity evaluation is to do market research. Before I start explaining the importance of Market Research, let me ask you a question ‘Can you swim across a river from one side to the other side and finish the distance in 10 minutes?’ If I were you, I would be really uncomfortable doing this? Why would I be uncomfortable? Well – I would be uncomfortable because I don’t know anything about the river. I don’t know:

• (^) The width of the river
• (^) The speed of the river at the point To get in-depth information on this Step, you can refer to the blog ‘ Learn to do Market Research before starting a Business.’

A simple business plan should have:

• (^) My analysis of my market includes

market size, customer behavior,

competitor (you get all the

information from market research)

• The money that you will need as

operational expenses (OPEX) and

capital expenses (CAPEX) cost

• (^) The break-even cost
• (^) How the business will make a profit

If you are interested, an entire blog is

dedicated to teaching you – ‘

How to create a Business Plan for a sm

all business

Business Plan 03

Setting up the company Setting up a business or getting your business started involves a couple of things, mainly Identifying the right business type and setting up the business, resource hiring, and setting up the online presence.

• (^) Finding the right Business Organization for your Business
• (^) How to take your Business Online
• (^) How to hire employees for a new Business? If you are interested, an entire blog is dedicated to teaching you – ‘ Entrepreneurial process steps ‘

Managing the company 0 5

Harvesting or growing the company 0 6

Harvesting or growing the company The last or the sixth step of an entrepreneurial process is ‘harvesting’ or growing. It is an essential step as most companies hit stagnancy after a few years of being in the business. They forget how to move to the next Step in terms of scaling. So, how do you harvest and keep growing? Here are a few ideas that worked for us in the past (we managed to double our turnover for three consecutive years until we crossed the elusive million dollar mark 😊):

• (^) Look for ideas beyond your core business
• (^) Always find ways to cross-sell and up-sell your existing service
• (^) Invest in R & D
• (^) Keep track of the latest trends in the market as soon as you see an opportunity. Invest in it