According to popular wisdom, in order to become a small business entrepreneur, a person needs to be a little bit crazy. While mild insanity may not actually be a requirement, this frequently cited theory does highlight the amount of risk a person must be willing to take in order to strike up his or her own business. To become a small business entrepreneur, a person must have excellent ability to notice market opportunities, a creative instinct that allows him or her to assess and develop these opportunities, and enough business acumen execute a strategy. Along the way, good planning and realistic setting of goals can help a person on the road to become a small business entrepreneur.
In order to identify market opportunities, an entrepreneur generally needs to match his or her talents to a gap in the market. A fantastic seamstress might take advantage of the growing online market for unique, couture-inspired clothes, while a computer genius might want to move in on the seemingly insatiable desire for downloadable applications for mobile media. When starting a first business, it may be generally better to stick to a focused subject about which the entrepreneur has knowledge, skill, and experience handling.
To become a small business entrepreneur, the next step after coming up with a big idea is to translate it into a workable business plan. This is the entrepreneur's chance to outline the goals, mission, initial start-up costs, financing plans, and time-line of the first year of business. Creating a business plan may entail some market research into similar businesses, and may take a while to fine-tune. It may be critically important to really take the time to make a clear, concise business plan with achievable initial goals.
Most new business ventures will require financing of some sort. Whether this involves plundering a savings account to buy a domain name, business license, and initial supplies, or seeking private funding from investors, it is important to have a clear and correct assessment of start-up costs. With a small business venture, it may be easier and faster to start small, using only personal financing. For a home-based or online business, consider running the business in spare time only at first, which can help avoid jeopardizing a current career while allowing an entrepreneur to test the waters on a new venture. Not only does this get the ball rolling on the business, it helps build up the venture incrementally, so that potential investors will be able to see a clear history of success when it comes time to expand.
The road to become a small business entrepreneur is likely to be filled with pitfalls and unexpected turns. If family responsibilities are a consideration, be certain that all members of the family understand the sacrifices trying to become a small business entrepreneur may entail, and that they are supportive of the venture. If a small business becomes a source of serious family strife, all of the joy and creativity that went into the development process may be drained away by its toll.
