How To Become An Entrepreneur?

If you are looking for some changes in your life, you are not really satisfied with your job and with your salary or your boss is driving you crazy? It may be a right moment now to go in your own way. Have you ever think about starting your own business? But you have no idea how to start? What to do? Or how it will look like? Here I want to talk about very first steps of business creation. The idea generation process. There are 3 main ways to start up (in my point of view) and all of them are worth of consideration.

Buying an Existing Business

First of all, let’s assume that you don’t want to start company from zero. You may know what you can improve in some existed business to make it better. Firstly, You have to be sure that there will be demand for the product and you will make enough profit. (in this case to have a start-up capital is a must).

As an example, Victor Kiam who bought `Remington` razor company which he was using for years. He said ''I liked it so much, that I bought the company.'' He made some changes in the product and as a result brought company to different and bigger level in the market. Because he knew the product from the customer point of view. 

Franchising

Franchising is another option. In this situation you will have a right to use brand name of popular company which you want to bring to your city/country. You can expect customers without doing anything (people already know what is your product about) but at the same time you won’t really be an owner. More about Franchising you can find here.

Acquire Idea Or Invent!

Let’s assume you have no start-up capital and no idea yet. Let’s try to generate it. There are a lot of people who had no money but start a business and are doing pretty good.  In your daily life try to look deeply on what you are using and what would be nice to have to make your life easier. Don’t look where you are, look where you want to be.

For example in Saudi Arabia women are not allowed to drive, so the only way to move around for them is either to hire private driver or take a taxi. One entrepreneur decided to make the process of finding taxi easier and made an application where you just have to click and the nearest taxi will come to you. As you can see he found this idea just looking around and thinking how to make life more comfortable.

Find something that your country (or even the whole world) doesn't have yet. If you think your idea is too crazy or won’t have market, don’t give up at first stages, try to go further in your idea generation process. And the most important is don’t be afraid to make a mistakes. Mistakes are part of success and everybody can make them.

• "I think there is a world market for maybe five computers." -- Thomas Watson, chairman of  IBM,1943.

• "Who the hell wants to hear actors talk?" -Warner Brothers, 1927.

• "There is no reason anyone would want a computer in their home." -- Ken Olson, founder of      Digital Equipment Corp., 1977.

• "Everything that can be invented has been invented." -- Attributed to Charles H. Duell,  Commissioner, U.S. Office of Patents, 1899, but known to be an urban legend. 

And this list can be much longer. So if they were wrong you can be as well. As you can see the world is giving us a lot of opportunities and they are unlimited. Just think deeply, look around, analyze and may be your opportunity is somewhere very near. Good Luck!

Source; http://www.rinkworks.com/said/predictions.shtml