10 Tips on How To Become an Entrepreneur and Best Degrees for the Career

By Indeed Editorial Team

Published March 8, 2021

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

Becoming an entrepreneur often involves key knowledge and training in the business field, as well as important techniques that can benefit and nurture their creative ideas. Whether they create impressive business plans or seek opportunities to continue learning and developing, it's important for aspiring entrepreneurs to know the best ways to pursue their career and develop their innovative products. In this article, we discuss what an entrepreneur is, different degrees that can lead to the career and list helpful tips you can use to become a successful entrepreneur.

What is an entrepreneur?

An entrepreneur is an individual who creates a business, producing a majority of the work and developing the company on their own or with a small group of people. They often use their skills of innovation, communication and business knowledge to create products that offer impressive benefits to consumers and help their company succeed. Entrepreneurs are often important for the economy and market, as they can generate new and exciting ideas for different products and services.

Tips on how to become an entrepreneur

Here is a list of ten tips you can follow to help you become an entrepreneur:

1. Create a business plan

Creating a sound business plan can help you generate powerful goals and develop your company more quickly. Business plans can also be helpful when searching for company investors because it can tell them how your business can be profitable and list returns they might receive on their investment. When creating a business plan, it can be important to include key points such as:

  • Your target consumer

  • Consumer problems your product can solve

  • Marketing strategies

  • Start-up costs

  • Steps you'll take towards your goals and objectives

  • Return on investment information

Read more: What Is a Business Plan?

2. Learn how to create value

When developing a business, it can be helpful to create products that offer a beneficial service to your potential consumers. If a good or service is helpful to customers and clients, it often can become easier to sell. One of the best ways to develop beneficial products for consumers is to think about a certain problem or challenge that a customer faces and show how your product can provide a solution.

For example, if you notice runners don't like to exercise at night because of the risk of getting hit by a car, you might create a headband device that senses vehicle noise and motion, which can warn the runner when a car is near.

3. Find a partner

Finding a partner or company co-founder for your business can provide you with several benefits, including new expertise and an increased chance of finding investors or funding. Partners can provide a new perspective and their own skills and knowledge to your business ideas, plans and products to help them improve and develop. It's also possible that a co-founder can offer you a larger professional network and demonstrate to investors that your company is less of a risk to help secure start-up funds.

4. Build a professional network

Building a network of contacts is important because it can provide you with beneficial knowledge and professional expertise to help you develop your entrepreneurial skills and can also connect you with influential companies, investors and vendors to help your business grow. When networking, it can be helpful to join social media groups, your local chamber of commerce and other business-related communities to find individuals who can offer you valuable advice to help your company succeed.

Related: Professional Networking: What It Is and How to Master It

5. Self-promote your work

When starting a new business, it can be beneficial to promote your company through social media and other influential channels. Social media platforms are a great way to produce marketing materials at a reduced cost. If you're hoping to self-promote your company, consider first creating a website and then creating accounts on several social media platforms to use primarily for your business. Then use the platforms to generate posts and message which list the benefits of your company and its products, while providing a link to your company website.

6. Develop a brand

Developing a company brand can be an essential part of becoming an entrepreneur. A brand helps consumers and customers know what your business values and the style of products or services your company will continue to offer. For example, if you start your business with the idea for a product that can let customers decorate and redesign their book covers, it can be beneficial to decide what direction your business might take with product ideas in the future, such as reading tools and accessories or decoration goods and services.

Related: Understanding Brand Guidelines: Tips and Examples

7. Understand your target consumers

Understanding the target customers and clients for your products is important because it can allow you to develop powerful marketing strategies and tailor your company's services toward that consumer base. One helpful way to understand your customer base is to research similar businesses and discover how they market their products. This can also help you find any reports or data on the demographic of their consumers. It can also be helpful, when already selling your products, to ask for customer feedback and see how your consumers like your goods and if you need to adjust your marketing or your services.

Read more: How To Identify a Target Market

8. Elaborate on current ideas

If you're having trouble generating new ideas for products and services, consider finding creative ways to innovate current product ideas and businesses. Sometimes, there are ways to create similar products that other companies provide that are cheaper and easier for customers to use. If you can find a way to increase, or maintain product quality, while reducing costs, you can generate a product that you already know has an existing and possibly lucrative market.

Related: What Are Innovative Thinking Skills?

9. Build a minimum viable product

When testing new ideas or products, it can be beneficial to create a minimum viable product (MVP). MVPs often provide consumers or investors with a testable product or concept that can demonstrate the plans for a business's product, and provide them with an example of your company's service. Entrepreneurs most often use MVPs for software or application development so they can listen to customer feedback and provide software updates after making adjustments.

10. Keep developing skills

Continuously developing new business skills and knowledge is important for entrepreneurs because it can help them improve their company and add innovation to their products and services. If you're hoping to continue learning and growing in your expertise, consider searching for classes you can take online, or through your local colleges and universities. These classes are also great ways to continue building a network of professional contacts and finding other entrepreneurs.

Degrees for becoming an entrepreneur

Here are some of the best degrees or educational backgrounds you can pursue to help you become an entrepreneur:

  • Business: Business degrees are great programs for aspiring entrepreneurs because they can provide them with valuable skills and knowledge necessary for the career. They can also provide entrepreneurs with the qualifications to work in the business field and continue gaining beneficial experience and generating new ideas.

  • Marketing: Marketing degrees can be very important to have when starting a business because they can provide you with the knowledge to market and sell products efficiently. They might also help you understand consumer needs in order to develop cost-effective and powerful advertising strategies.

  • Finance: Degrees in finance and accounting can help entrepreneurs develop beneficial knowledge for budgeting, start-up costs and projected revenue. Using this information, finance majors can create sound business plans that can help attract investors and funding.

  • Economics: Understanding economics can provide entrepreneurs with beneficial insight into markets and how they fluctuate. It can also help them find hidden start-up costs and conduct influential research into target consumers and company profitability, which can help them generate long-term goals.

  • Computer science: Computer science degrees can be helpful to entrepreneurs, especially if their goal is to develop software and applications. Using the knowledge they receive from a computer science degree, entrepreneurs can create more beneficial products for consumers.

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