Defining What It Means to Be an Entrepreneur by the Mako Strategy Team
In today’s ever-competitive and growing career world, more and more individuals are drawn to becoming their own bosses – or, entrepreneurs. Whether you run a service or sell a product, becoming an entrepreneur and leader of your own business is a huge accomplishment that a lot of passionate and talented members of society dream of becoming. While it may seem that anyone can start their own business and build it up to become successful, not everyone can become an entrepreneur or a successful one without properly understanding what it means and takes to become one!
Did you know that Mako Design + Invents very own CEO, Kevin Mako, was awarded for EY Ontario Entrepreneur of the year? Learn about it here!
What is an Entrepreneur?
An entrepreneur is defined as an individual who creates a new or innovative business, taking both the risks and rewards that come along with being a leader in their preferred field. The entrepreneur provides new and innovative ideas, goods, and services to singular or multiple fields. Entrepreneurs who are able to succeed not only gain major profit, fame and growth opportunities but get the satisfaction of working solely for themselves and not for someone else. However, those who attempt to become an entrepreneur may completely suffer the complete opposite and suffer more losses than projected.
What you Need to Know Before Becoming an Entrepreneur
There are a couple of key aspects and things that one must understand before deciding to become an entrepreneur, and figuring this couple points out will help you on your journey of becoming an entrepreneur and thriving in entrepreneurship. Having an idea about what new or innovative product and service you want to bring to the world is always a great start but modeling your come up around your idea is vital to surviving and establishing yourself as an entrepreneur without risking failure.
What Field Works Best for You
One of the major aspects of what makes entrepreneurs successful is that they understand where their talents lie and what makes them the most passionate. Understanding what makes you passionate will indefinitely help when becoming an entrepreneur because your life essentially becomes revolved around the nature of your business that you chose to enter. If you don’t feel passion or excited about what your business involves then it’ll be harder to be a self-starter as an entrepreneur in your field.
Plan Your Business
A crucial part of not only being an entrepreneur but also starting a successful business is to plan your business models accordingly to what you are trying to accomplish. This means that as an entrepreneur you have a clear vision and goals as to where you want your business to go and what you’d like to see it become. Your business model not only entails your goals but the future of your business, the purpose, brand and what you plan to offer as an innovative new service or product. Your business model should also consider who your main audience and consumers will be and how your business’s mission will help improve and provide to their needs. Finally, planning your business should also include knowing your current competition and what other businesses are offering to your target audience so that when your business debuts you understand how to stand out and know what your selling point is.
Know Your Target Audience
While on the topic of target audiences, an entrepreneur should know exactly who their target audience is. Understanding your target audience not only opens doors for entrepreneurs to understand the perspectives of what consumers in their preferred fields need in today’s society but will understand the best ways to appeal and provide top-notch customer service that will help appeal to their target audiences – which is especially helpful for when building a clientele.
Know What Works Best for Your Finances
Being an entrepreneur isn’t an easy feat. Entrepreneurs require a good amount of money in order to fund themselves and their business, as well as hire a strong team to help them start-up. Starting out small while building your business up may be a better prospect for you financially wise if you don’t have the means to fund a huge team and build assets. Looking at your business plan and model will help determine what you need in order to have a successful start-up and debut, and make it clear how much it will cost.
Have A Supportive Network or Team
Every successful business has a supportive and talented team! One of the first aspects that every entrepreneur newly starting a business is planning and thinking about what team members and roles are needed in order to get their business or start-up fully functioning. It’s important as an entrepreneur to understand that even though you might carry many different roles and responsibilities, you aren’t required to do everything on your own! Having a supportive team and network of people who believe in your business and purpose will not only help support the roles that your business needs to thrive but will help you through any challenges that you might encounter along your journey as an entrepreneur!
Marketing Your Business
Finally, one of the most important stages of any business is learning to successfully market your business to your targeted audiences. As marketing trends change over time, making sure that you are reaching your preferred audiences will not only help in the exposure of your new business, but also get your name out there and amongst competitors. Deciding how you plan to market your business will help you understand both the efforts, costs, and materials needed in order to make sure your business is ready for the market. This can include traditional and more modern forms of marketing such as social media marketing and influencer marketing. Knowing who your main audience is will help in choosing which forms of marketing are best suited for your business needs.
Check out some of the worlds most youngest and innovative entrepreneurs here!
If you have a great new invention and you’d like to learn more about this process, get in touch with MAKO here and visit our website to find out more. Feel free to give us a call at 1-888-MAKO and we can set you up on a call with our product analyst!
Article Author: MAKO Design + Invent
MAKO Design + Invent is a full-service consumer product development firm servicing both high-growth corporate manufacturers and invention startups. With a 25-person team across 3 offices (Austin, England, Toronto), MAKO has complete in-house industrial design, mechanical engineering, and electrical engineering design and prototyping services. To assist our start-up inventor clients, we also have a subsidiary branch called Mako Invent that, in addition to above, helps start-ups with patenting, strategy, marketing, and sales/distribution for all consumer product categories. For our corporate clients, MAKO Design develops world-class consumer electronics designs through our industrial, mechanical, and electrical design teams.
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