Most people feel they know the American Dream. It might not sound quite the same when each individual describes it, but generally speaking, the term means success. It means having wealth, possessions, and living the sweet life.
Some people have that lifestyle purely through chance. Perhaps they marry into a wealthy family, or their family already has generational wealth. However, not many people achieve their dreams this way. Most have to work for it.
How can you become an entrepreneur, though, if you have that goal? Can you realistically do it, or must you admit you will never achieve the legendary status you crave?
Let’s discuss what you can do if becoming an entrepreneur constantly occupies your thoughts.
Table of Contents
You Need Seed Money
Entrepreneurs need seed money. This cash infusion helps get you off the ground. Collecting financial damages following a serious car wreck might get you a windfall you can parlay into success, or you might play the lottery. Most would-be entrepreneurs have more realistic ideas for generating their company’s seed money, though.
You might borrow that money if you have a rich relative or friend. You can approach that person and see whether they’re receptive. However, many people don’t have wealthy individuals in their circle. If you don’t, you must explore other options.
To get seed money, you might get a bank or credit union loan. Such loans might appeal because you have a stable entity backing you up. It beats approaching a loan shark or some other shady financier and getting your seed money that way.
You might also approach a venture capital firm or angel investor. They may lend you the money, but they’ll want part of your company in return if you can make it succeed. This brings up the next thing you need: a viable business idea.
You Need a Solid Business Plan
To get money through banks, credit unions, from a rich uncle, or any of other options we mentioned, you must have a business plan that makes sense. Without an idea, why would someone give you money? You’ll just fritter it away if you don’t have a compelling plan that you can actually execute.
No mogul or entrepreneur who ever lived got their start without an idea. Maybe they thought they’d make it in the music world by signing the best artists. Perhaps they became an agent and represented sports stars, getting them the biggest possible contracts. Whatever they did, though, they needed a plan when they started.
If you can’t devise an idea that can conceivably get you rich, then realistically, you probably won’t ever achieve mogul status. If you need to bring someone else in and brainstorm with them, do that. Without an idea and a plan, though, you’ll never get that private jet and walk-in closet with clothes and watches.
You Must Master Your Pitch
Let’s say you have your billion-dollar idea, and you feel like it’s foolproof. You must now create a business plan with it. Study business plans and see what they look like if you don’t know yet. You can also hire someone who will create your plan for you if you don’t feel you can do it on your own. You can simply give the person you hire all the details, and they will sketch out your plan and make it comprehensive.
Next, you must pitch your plan. You can’t skip this step, no matter who might fund your enterprise. You can practice pitching your idea like you would on Shark Tank or a similar show. Think about why someone might not like your idea, and have counterarguments ready and waiting.
If you don’t like public speaking, get better at it. You must feel comfortable pitching your idea, unless it’s so good no one can pass it up. Even then, if you’re stumbling over words and you can’t articulate how what you’re envisioning can work, no one will partner with you or back you financially.
Have People Around You Who Can See It Through
If you have your idea, you’ve pitched it successfully, and you now have the financial backing required, you must now implement your idea. You likely have major obstacles that can deter you, but you can get past them with grit and tenacity.
You’ll also need people around you who can help you make your dream a reality. Choose individuals who you trust completely. If you have disloyal people around you, they might cause your failure rather than your success.
With the right team in place, you can launch your company. Next comes the most challenging part. You must make your idea successful.
How Can You Make a Company or Business Sustainable?
Nearly every niche has competition. There’s only one time you won’t have competitors. That’s if you came up with an idea so unique that no one has entered this market or niche yet. However, that’s almost impossible. As the saying goes, there’s nothing new under the sun.
Assuming you have plenty of competition, you must figure out a way to beat them and establish yourself. You can do that in many ways. You must come up with a product or service that people need. If you’re designing and selling clothes, do that. If you’re representing musicians or sports stars, figure out how you can approach them.
This stage takes networking, marketing, and hard work. You must act quickly because whoever backed you probably wants their money back. You must make a profit so you can pay them the cash you borrowed, and probably interest on top of that.
Many businesses fail. Far more never last past the first year. If you have a vision, though, and the required skill that goes with it, you might reach that ultimate level you’ve envisioned. You can become the mogul or entrepreneur you’ve seen on TV or magazine covers.
Very few reach that point, but if you believe in yourself, that matters above all else.
