How to become a successful entrepreneur

How to become a successful entrepreneur

May 6, 2019 Off By Sophie Tang

For many it is a challenge and for others it is a journey full of new sensations and emotions. Are you ready to be an entrepreneur? In this article you will find out how to become a successful entrepreneur. Before starting with the details that can lead to both personal and professional consolidation, we must warn that being an entrepreneur is not an easy road, but comes to be a professional challenge that as a person you have to mark.

To all this, we add the fact of being prepared for the moments that will come, that is to say, they will be very good but there will also be very bad ones but the only thing you have to do is enjoy them and go on with your passion. We remind you that the key to success in business is followed by a series of steps that you must keep in mind and include in all your business proposals.


The Observation: Observe how the environment moves and evolves, the needs that consumers demand, look for empathy with the problems of the users, so you will see the nature of the business you want to project. One of the mistakes that some entrepreneurs make is to put their more personal viewpoint above the rest, and that is precisely where the added value comes from when it comes to generating a new business model.

Market research: When you have identified the business opportunity, you must start to analyze all the aspects that surround it, both externally and internally, in order to have a clear idea of the need to solve or offer.

Know your competitors, know their prices, where they are located, the products or services that are similar to yours and, very importantly, the segment of customers you will serve, the suppliers you will need and the key partners who may be able to bring more differential value to your startup.

The Initial Creativity: Look for the key starting factors, that is, the tangible and intangible factors of the business that will allow you to make the points already mentioned. Imagine that your idea is unconventional, this implies breaking the molds with an original touch and advance to the demand of your future consumers. Choose an attractive name, the place where you will develop the activity, the human resources you need and the key factor by which your business will give you benefits.

On the other hand, it is important the line of products or services to offer and if they have packaging or not and, to finish that second point, take into account the treatment that your future customers will receive. When you have developed all these points, you must verify the idea, if it is viable or not together with its design.

Create the Business Proposal: Develop the SWOT, identify the weaknesses, threats, strengths and finally the opportunities that your project has. The SWOT is done in order to avoid problems and economic losses and to be able to guide the direction that your business is going to take as well as to clarify the aspects to improve and to exploit for the obtaining of the income.

Analyze the fixed and variable costs, the investment that your project needs, that your suppliers ask for, such as the distribution, the price or prices of your products and the key actions to be taken to deliver value to the customer segment. Make a balance sheet to know if the idea is viable or not in its financial form and calculate the ROI, the return on investment you will make, if it is positive or not.

Training in the Work Team: If you want to do everything yourself, you will take unnecessary risks. Therefore, you must first identify what your role in the business will be. An example of this would be the need to hire experts in marketing, administration and sales, logistics, human resources, accounting and finance and finally, an external company to help you with the management and payment of taxes imposed by law.

How to execute the Business Model and Marketing: This step is where we must guide the sale of the product or service that will be offered to consumers. The aspects that must be considered are the accounting and financial processes in order to measure the results obtained. It will be important to assess when the business will be profitable, that is, to find the equilibrium point and therefore, to know also at what point in time you will recover the total investment you have paid.

At this point, you should consider your client portfolio and know how to identify those who are most loyal to your company in terms of quantity, quality and frequency of purchases. You can also analyze your suppliers’ performance.

Evaluate Growth. After recovering the investment, it will be optimal to establish how you get a solid and profitable structure. For example, how can you achieve an increase in sales in a given time, identify the existence of new business opportunities and / or market to expand your product or service offering. It would also be good to consider opening your business to foreign markets that will allow you to expand your brand to new customers.

Currently, there are several financial support options that can provide financing, experience and the necessary knowledge for you to undertake without risk and thus, know how to develop a successful startup with advanced techniques. Some of them are business angels, business incubators and crowdfunding companies, among others.