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How to Become an Entrepreneur :Steps, Tips and Best Degree

Updated on 09 March, 2023

5.96K+ views
9 min read

It’s mostly a dream for everyone to become the master of his own business. And why not? The time for following the bosses’ orders has now shown a trend. Although the idea seems to be an awesome one, difficulties are still there. But, knowing the best ways to achieve dreams might help turn the dreams into dreamt entrepreneurship. The idea might be simple to a complex one, but what is important is the fact, how the dreamers follow it.

Before starting with the ways how to become a successful entrepreneur, it is important to actually know what entrepreneurship means and who is an entrepreneur is.

Starting the Journey as an Entrepreneur

With the passing years, the word that has been consistently in trend is “Entrepreneur”. An entrepreneur is any person that transforms his creative skills and ideas into an innovative business and this process of setting up is known as entrepreneurship. So, how to become a successful entrepreneur? A few steps for a successful entrepreneur are:

  • An innovative product is supported by a great idea. Therefore, an idea unique to its product, method, etc. is needed before setting up any business.
  • A few areas related to the concept of marketing ideas could be learned which might turn out to be beneficial in the future.
  • One of the most important steps in the creation of a business is its planning. A business plan is required which will hold the information of the objectives, and the business strategies to achieve those goals. 
  • Getting hold of the audience that the business is going to attract. One should have a clear picture of the market that the product will adhere to. Based on that other strategies could be built up to focus more attraction.
  • In the digital era, networking has become an essential factor for the survival of any type of business. Therefore, it is always expected to build more networks that will help in identifying or connecting to potential investors.
  • Being an entrepreneur requires the ability to sell their products into the market and convince the people that the product is the best.
  • A business won’t be a successful one if marketing is not done properly. Efforts are always needed to market the products at different stages of the business with a focus on the target audience. 

Learn MBA Courses from the World’s top Universities. Earn Master, Executive PGP, or Advanced Certificate Programs to fast-track your career.

Role of a product manager in becoming an entrepreneur

It is a widely known fact that product managers make some good entrepreneurs with their inherent ability to set up a business on their own. A few reasons why a product manager delves toward becoming a successful entrepreneur are:

How to become a businessman?

  • Entrepreneurs have the belief that their ideas are the most creative ones which could lead to great business. But, the skeptical nature of the product managers helps in dealing with customer research which is the utmost necessity for knowing how the product will fit into the market.
  • It is believed that product managers very well play the role of an ethnographer collecting information about the society. For a business to turn into a successful one, understanding the target market is required.  Only then effective solutions embraced by the customers will be built up. Due to the unpredictable nature of human beings, it’s always helpful to collect reviews from varied angles. This seems to be a crucial task for all those entrepreneurs. As finding and retaining a single review of a customer might eventually lead the business into failure.
  • Product managers are well equipped with failure from which they eventually learn leading to better ideas. No one knows much while developing an idea. Anyone who gets the idea that his knowledge is adequate for his business, then it’s a total myth. Therefore, it’s always better to fail in a controlled environment, rather than the failure after investing a huge amount. It’s only through failure, that the product managers understand the reason behind it and eventually turn it into something better. The process is an iterative one.
  • Interdependence is the key to a successful business. The attitude of independence while being the owner of a business isn’t going to be of any help. Product managers know the worth of interdependence while working in a diverse organization. It is only through the collaborative efforts of top minds that results in a great product.

How to choose a business idea?

Before knowing how to become a successful entrepreneur, you must rely on your business model as a good business idea is one of the most important reasons behind a successful business. 

Steps to choose a business idea –

Identify what motivates you

Your motivation will lie in what makes you passionate. Any successful business has some element of passion in it. The best way to know your passion is to identify what makes you actually passionate rather than what you wish to be passionate about.

You may ask yourself some questions in order to know what your passion-

  1. In which areas have you performed your best?
  2. Which extracurricular activities/ hobbies excite you the most?
  3. What makes you feel satisfied with your work?

Do extensive research about the market

Once you have narrowed down your business idea,  research comes as the next step in the process. Now is the time to dive into doing research about the business. Study the different businesses which have been there for a long time and learn about how they grew their business.

Once you have studied the business well, it becomes time for you to brainstorm about what is missing in their business that you can provide that help you stand better in the competition. It is better to shadow and visit their office and understand their business better while doing research.

Create a business plan

Having only the idea is not enough to build a successful business. On the journey to learn how to become a businessman, it is important to know and learn to build a successful business model. 

You can create a business plan based on the research which you have done. Moreover, you can even refer to the business plan of the businesses you have researched about.  In the planning phase, you must work on the following-

  1. How the business would work
  2. Who would be the target market
  3. How to approach the investors

These are some of the major points you must consider while creating a business plan.

Look out for funding sources

Funding is very important while working out a business. It is important to have cash flow that helps you run your business smoothly. Some of the funding options are-

  1. Angel investors
  2. Crowdfunding
  3. Venture capital
  4. Small business lenders

Employees and Partners

Any business you start, you will find a need for partners or employees who help you to grow your business. It is important to know better that behind any successful business, there is a team who works passionately.

It is important for business owners to create a healthy and positive environment in their workplace. You need to think about the perks you will give your employees, competitive compensation, and how you can be a mentor or a coach to them.

Why an Entrepreneurial product manager?

Most people might believe that developing a product will often result in success. While from the perspective of a product manager the road towards the development of the product from its idea is filled with danger. Always aided with multiple risks, the new ideas are finding it quite difficult to turn themselves into great products. It is through the inborn ability of an entrepreneurial product manager to embrace such type of risk leading them towards creating a groundbreaking product. The product managers very well know how to utilize the resources efficiently. During conditions of scarcity, it is their responsibility to make good decisions and therefore has the skill of getting informed of each and every resource available. In cases of new products, there is lesser data or sometimes no data. In such scenarios, the product managers get deep inside the client conversation in order to gather metrics.

How to become an entrepreneur with higher skill sets

Some of the important skill sets which any entrepreneur must have are as follows –

  1. Interpersonal skills
  2. Attending various workshops and events
  3. Networking
  4. Finance management
  5. Leadership skills
  6. Branding
  7. Customer acquisition
  8. Design thinking 
  9. Strategic thinking 
  10. Time management
  11. Sales
  12. Pitching
  13. Fundraising 

Training in Product Management: Getting the Certificate

Becoming a product manager is eventually an effective path leading toward a successful entrepreneur. The present era demands the continuous growth of all product managers in the evolving environment. For all the fine-tuning of the skills, essential training is required. Online resources provide a way to gain the knowledge necessary for product development. But, being a master of the discipline signifies being the epitome of essential training and knowledge. This could be achieved through the Product management certification program. 

Getting enrolled in a product management certification program offered by upGrad could help in leading your career toward becoming a successful product manager. It provides an opportunity to get certified by the global institute “Duke corporate education” and an opportunity to learn from some of the best faculty and industry mentors.

Summing up

The development of any new product often has a rough path along with the several challenges faced by the developer. Therefore, it is always in the mind how to become a successful entrepreneur or how to become a businessman. Well! It’s the effective guidance and training that helps the creator turn themselves into successful entrepreneurs. Being a master of the field is always helpful. So, if you are having a bachelor’s degree but are lost on how to start your entrepreneur journey, upGrad could be the solution you are looking for. Irrespective of age and gender, the Product Management Certification Program might be the right path toward your dream.

If you want to learn more about marketing and entrepreneurship, Liverpool Business School & upGrad offers Master of Business Administration (MBA) Liverpool Business School which helps you to transform your career. The program provides 1-on-1 mentorship from industry leaders, a 1-week immersion program at the University campus, dual credentials (MBA from LBS & PGPM from IMT), networking with peers at offline basecamps, and more.

Frequently Asked Questions (FAQs)

1. What education does an entrepreneur needs?

There are no specific educational requirements to become an entrepreneur. You need skills in order to get into entrepreneurship. Creativity, resilience, networking, communication, and task management are some of the skills which are important to venture into entrepreneurship.

2. How do entrepreneurs make money?

Entrepreneurs make money from the business they have created. They capitalise on the business they have created for which they have provided unique solutions by establishing their business.

3. What is the best age to become an entrepreneur?

Many define the best age range to become an entrepreneur as between 34-45 years old. Although, there is no best age range to become one. You can become a successful entrepreneur at any age of your choice.

4. What are the three T’s of entrepreneurship?

The three T’s of entrepreneurship are - Team, Talent and Trends.

5. Which type of entrepreneur is most successful?

A committed, passionate and innovative individual has the ability to become a successful entrepreneur.

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Entrepreneurship is counterintuitive. Some of the most celebrated business school learnings may not hold water when it comes to starting up. I have tried to share some of my learnings which I have gained through experience which I feel might be of value to many aspiring entrepreneurs out there. You never start up to get funded! I think in today’s day and age, funding is over-rated. Most of the entrepreneurs start with asking the question – ‘will I get funded?’ and post a round of funding, they feel that they have achieved their goal. But little do they realise that this is just a means to an end. I think celebrating funding is like congratulating an athlete for buying new running shoes before the race has started. An entrepreneur generally starts their journey to solve a pain point that they are really passionate about eradicating. So, they must continue to focus on their primary objective and let funding simply nudge them further on their journey ahead. Know your customer well If you have noticed, I have written ‘customer’ and not ‘customers’. This is very crucial when you are starting up to have the ‘one customer’ in your mind and know them really well. By really well, I mean – you should know their name, where they live or work, what they do every day etc. Live and breathe their life. Learn Online MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Your product/solution may solve the pain point of various customer segments. But it is important for you to have the razor sharp focus on one customer. This has multiple benefits – from designing your product really well to chalking out an impeccable marketing campaign to communicate to your very customer. In the initial stages of a start-up, there is always this urge to expand the definition of your customer segment so that you can reach out to a much larger customer base. But it requires a lot of discipline to stay focused. When we designed the program to target working professionals, we got a lot of interest from colleges and corporates to offer the same program to students and employees. But we stuck to catering to the working professionals – with a single agenda to wow them. Go all out to wow your first set of customers When you are starting up, you are low on resources with a limited marketing budget. Your best source of getting a good word out for your venture and the product is your ‘satisfied customers’. Therefore in early days, it is important for entrepreneurs to focus on ensuring that your customers are happy using your product and are willing to recommend the same to their peers. In the process of doing this, you will end up doing things that may be difficult to scale up. However, your focus should be on getting and giving the best experience to your consumer. Try to get continuous feedback from those who have tried and used your products and keep improvising accordingly. At the end of the day, a start-up is a continuous learning process. These are just a few lessons out of the countless ones I come across on a daily basis. So if you are an aspiring entrepreneur, all I would say is don’t run after funding, let it run after you; believe in your product and listen to your customers even when they are just whispering and everything else will fall into place. If you want to learn more about marketing and entrepreneurship, Liverpool Business School & upGrad offers Master of Business Administration (MBA) Liverpool Business School which helps you to transform your career. The program provides 1-on-1 mentorship from industry leaders, 1-week immersion program at University campus, dual credentials (MBA from LBS & PGPM from IMT), network with peers at offline basecamps and more.
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by Mayank Kumar

26 Dec'15
How to Accelerate Your Startup with One Customer

5.1K+

How to Accelerate Your Startup with One Customer

Try this, you will love it. If you are an entrepreneur or an aspiring one at that, this statement can be a dream come true when your customer recommends your product to someone who is yet to discover it in this manner. But mind you, this domino effect always starts with one customer. That particular one who made you realise that there is a problem and your product/service can solve it. The one who you intended to cater to, right from day one. Hold on to that customer, hypothetically or otherwise and they will lead you to your holy grail eventually. And if you are chasing a group of customers, now could be a good time to pick one of them, understand them and see where it leads you. This might sound ironic but we often tend to visualize our target group in terms of age, occupation, location and many more inhuman parameters, when what matters the most is to know how they would feel, think and react to your product/service when it is out and about. The best way to do this is to choose only one customer and get to know them thoroughly. Learn Online MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. You don’t have to know them personally but if you do, nothing like it. Apart from the usual details like name, occupation and location, figure out their likes and dislikes. Find out the little nuances that define who they are. While you are at it, keep your eyes open to find out where does your product/service fit into their life seamlessly and what can you do to get it there. Resist the temptation to stretch your target group till you have achieved your first few milestones. Being a leader, your entire focus will usually be on building your company and taking it to the next level. But in the process, don’t lose sight of your ideal customer. Take them to the next level too. Befriend them, talk to them like you would talk to your best buddies and get to know them up, close and personally. They will have more to say about you, not just about your products but also about who you are as a start-up or an entrepreneur. This will help you to broaden your horizon even more efficiently. Keep your ears open to what your customers are saying even when they say nothing at all. No, you don’t need any telepathic skills to do this. While the surveys and lead generation campaigns you conduct will get your customer to speak to you directly, there are many things they might say about your product/service on other portals. Lap it up instantly and see how you can improvise. This does not mean you need to extend your customer segment. It just means that you hear them even when they are not talking to you and give them a product/service they only wished for. No matter how far you go with your start-up, make it a habit to come back to your ideal customer every now and then. They will help you put things in perspective and stay focussed on your primary objective that had turned you into a leader. If you want to learn more about marketing and entrepreneurship, Liverpool Business School & upGrad offers Master of Business Administration (MBA) Liverpool Business School which helps you to transform your career. The program provides 1-on-1 mentorship from industry leaders, 1-week immersion program at University campus, dual credentials (MBA from LBS & PGPM from IMT), network with peers at offline basecamps and more.
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by Anirudh Challa

08 Jan'16
Lessons in Marketing for Startups

5.12K+

Lessons in Marketing for Startups

Early-stage challenges When you are starting up, you are low on resources. Getting your first set of customers becomes very crucial. A lot of us, when we take the entrepreneurial plunge, have a fair idea of how the product will look and evolve – and this is something that lies in our hands. But reaching out to your customers is a complete unknown. You always ask yourself these questions – Will customers try my product? How much do I need to spend on getting customers? Learn Best MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Getting your first 100 customers is always one of the toughest, but the most fun part of the entrepreneurial journey. We recently launched our online program – Leadership & Management – for leaders. We knew that there is a need for the program in the market, but were unsure if: We will get customers to take up an online program We will get customers to actually pay for an online program As a new venture, we were facing two uphill battles – one of convincing our customers to adopt online education and secondly, to pay for it. Therefore, it became important for us to be smart about our marketing. We tried different techniques- some worked and some didn’t. As an early-stage digital startup, it is very easy to start focusing on getting customers from across India for your product. Yes, it allows you to aim for a larger target group, but you end up spending a huge amount without commensurate conversions. It is important to know your ‘one customer’ and plan to target them accordingly. In the case of UpGrad, we went ahead with focusing on three Tier 1 cities for our digital marketing initiative with a small marketing budget. We got a very strong response to our marketing campaign. We deployed a small number of sites (Yourstory, NextBigWhat, etc.) that folks interested in entrepreneurship frequent. With that limited marketing budget, we were able to reach out to our narrow target segment multiple times. It is important for an early-stage startup to know the right marketing channel and focus on it rather than going after multiple channels. For a lot of entrepreneurs, digital marketing is always the first thing that comes to mind. However, for the first 100 customers, it is important to leverage offline marketing significantly. When we were launching Startup with UpGrad, we participated in a number of events across our selected three cities. The reception that we got in these offline events helped us create a strong positioning for the brand UpGrad in terms of credibility. In these events, we got a chance to talk to potential customers that helped shape our product and fine-tune our positioning. In the early stage, as a founder, it is important to go out and meet potential customers and get first-hand feedback on their expectations, and offline events are great avenues for that. When we were conceptualizing Startup with UpGrad, we wanted to create a strong positioning for our program. The idea came up in one of our weekly meetings, when a team member asked, “Why don’t we interview India’s leading entrepreneurs and get them to share their experiences for our program participants?” Initially, the idea was laughed away, but we all realised that it did sound like an interesting proposition. We decided we will go ahead with this approach and reached out to 30-plus first-generation tech-entrepreneurs — from Kunal Bahl of Snapdeal to Deep Kalra of MakeMyTrip, Bhavish Aggarwal of Ola and VSS Mani of JustDial. Most of them responded enthusiastically and we interviewed them for their insights. These interviews and experiences that we offered as a part of the program helped us create a strong positioning for the brand — and that became a strong marketing message for the program. So when you are starting up, any crazy idea could lead you to a successful launch and thus do not shy away from thinking bold. If you want to learn more about marketing and entrepreneurship, Liverpool Business School & upGrad offers Master of Business Administration (MBA) Liverpool Business School which helps you to transform your career. The program provides 1-on-1 mentorship from industry leaders, 1-week immersion program at University campus, dual credentials (MBA from LBS & PGPM from IMT), network with peers at offline basecamps and more.
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by Mayank Kumar

26 Jan'16