3 Principles That Make It Easier to Become an Entrepreneur
By Sophia Bera
NEW YORK (AdviceIQ) -- More than half of Gen Y-ers are starting or want to start their own business. I wholeheartedly believe entrepreneurship is the new job security for Gen Y, which is why today I'm focusing on how to prepare yourself to become a successful business owner.
Relying on someone else to provide you with a paycheck is a big gamble. It sounds counterintuitive, but think of it this way: Deriving 100% of your income from a single source is the same as putting all your money in one stock. It is actually pretty risky, as the Great Recession shows. You are at the mercy of others' decisions that you have no control over.
Working for someone else used to be the safe option 20 years ago, because starting your own business was expensive. But we live in a different world now -- a digital one. You're connected on a global level. More ideas, resources, tools and options than ever before are at your fingertips for free. Barriers to starting a business are significantly lower.
- Validate your ideas. Do some research, educate yourself about unfamiliar issues and get a reality check from friends and family.
- Make a plan for your business but don't make it too complicated. Plenty of tools exist to help you build a plan. For example, you can do this in one page.
- Define your target market. Find out who are most likely to buy your products or services. No matter what you're doing, you can't target everyone, and that's OK.
- Think about the finances. Find out low-cost ways to start your work. The great thing about becoming an entrepreneur today is that most businesses can be bootstrapped, meaning started from scratch using no new resources. Having a home-based business is easier and less expensive than ever.
- Practice the abundance mentality. There's plenty for everyone. Don't guard everything jealously. Give freely and enjoy providing value to others. Your competitors may be wonderful collaborators.
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