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So, you’re thinking about becoming an entrepreneur and really want to make it a reality. With all the economic changes experienced due to 2020s global pandemic, you feel more than ready to take on this risk. After all, you’ve spent way too many days in mandatory quarantine, so you’ve resurfaced with new energy, confidence and the drive to venture into entrepreneurship. You used to think that entrepreneurs were ‘born and not made’ but thanks to numerous motivational videos and being glued to every episode of ‘Alux – The place where future billionaires come to get inspired’ you’ve changed that perspective and made up your mind to take that next step. Or maybe you’ve always wanted to be a business owner, pandemic aside, and feel like this is the right time.
An entrepreneur simply defined is as a person who organizes a venture to benefit from an opportunity, rather than working as an employee. So, once you’ve acquired the entrepreneurial mindset, the next step is to set up a business venture. But how do you get started as a business owner if you haven’t even decided what sort of business you want to own? Believe it or not, this key step is a sticky place for many aspiring business owners. If you’ve got no idea how or where to begin, you’re in the right place.
Here are three easy ways to help you become an overnight entrepreneur when you have no business in mind.
#1 Develop a business from something you’re already good at
When thinking up a business idea for the first time, it’s good to consider all the things that you’re already capable of doing and doing well. Several people spend at least the first quarter of their working lives experimenting in the job market and trying out different roles within and outside of their field of study to build up a colorful resume before they settle into one that’s comfortable. That journey becomes a discovery process, where you find a few roles that you’re good at.
When breaking out of the 9-5 bubble to build your enterprise, why not select one of those roles that you can probably execute with your eyes closed. It could even mean doing the last job that you held, for yourself rather than an employer. Deciding to go down that route not only makes designing and planning your new business venture easier to do, but it also helps with having a head start on predicting and preparing for challenges that you may face and will ultimately help you with your success.
#2 Commercialize your skills set or teach others
Similarly, you could create a new business by making use of your amazing skill set. Whether it’s QuickBooks or Customer service there are many skills that are sought after by others who want to learn them. You could decide to create a business teaching any skill that you may already have that is in high demand. Thanks to technology this can be done on social platforms like YouTube where you can reach international audiences making lessons free and profit off advertising. Or you can arrange the traditional ‘in person’ classroom setup and offer skills training in your local community.
What about turning your favorite craft making or cooking skills into a business idea? Commercializing the little skills that you never gave a second thought could surprise you. Just ask Gigi Butler of Gigi’s cupcakes, who never thought cupcakes would be her giant success story but launched a profitable cupcake business simply by applying baking skills that she had learned growing up from her aunt, grandmother and mother. Taking the risk with less than $30 in her bank account and feeling like she had nothing to lose at the time, she commercialized this skill and opened up a cupcake shop that is today a multi – million dollar company and franchise. Don’t sit on your treasure chest, share with others and start earning.
#3 Identify a problem and create a solution
Identifying a problem and creating solutions is probably the most effective way to create a successful start-up business and become an entrepreneur seemingly overnight. As consumers we are constantly looking for ways to make our busy lives a lot easier and we all share similar day to day challenges. Try sitting with a pen and paper and try to figure out what the gaps are in your own experience, then research whether other people feel the same way and determine how you can supply a solution. It doesn’t have to be a major problem; it could be very small but significant. Hootsuite for example is a social media management platform that supports social network integrations for Twitter, Facebook, Instagram, LinkedIn and YouTube; all your favorite social media apps managed in one central location and with some wonderful supporting features such as analytics for performance monitoring. This very useful app was thought up and created when the owner Ryan Holmes decided that he needed a way to manage more than one social media networks for his company at the time. Hootsuite is now used by millions of users worldwide including small businesses.
There are many similar stories of great startups created from devising solutions to consumer problems or gaps in the human experience. What will yours be?
There you have it, 3 easy ways to rocket launch your dreams of being an entrepreneur straight into reality, that are practical, make sense and work. With these in mind, you’re already on your way to becoming an overnight entrepreneur.
Written by: Dilma Bastien
Generation Y Dominica 