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How to become an entrepreneur

Newlywed, new mom and first-time home buyer, Sarah is currently playing out her exciting life in Phoenix, Arizona. She recently gave up her job in finance to stay at home with her baby girl, who between bath time and feeding time, keeps ...

How to... Become an entrepreneur

Women entrepreneurs own almost half of all businesses in the United States. With more and more women leaving the traditional workforce each day, this figure continues to rise.

Woman opening store

Becoming an entrepreneur, or business owner, is not as hard as it seems. Though it is high-risk at first, it also has the potential to provide very high rewards. If you have an idea you’re passionate about, would love to be your own boss and set your own hours, and are naturally hard-working, dedicated and ambitious, becoming an entrepreneur could be for you.

Tip: Start your idea while keeping your regular job. Most women become entrepreneurs as their second or third job. They quit the others once they’re able to make ends meet on the proceeds from their own business.

Step 1: Come up with an idea

The first step in becoming an entrepreneur is deciding what exactly you’d like to do. Make a list of everything you’re good at and everything you enjoy, from work experience to hobbies to pastimes to service acts. Determine which of these things you would enjoy doing for possibly 50 to 60 hours per week.

Step 2: Create a business plan

Once you’ve narrowed down what you want to do, it’s time to create a business plan. Your business plan should include start-up costs, materials needed, short and long-term goals, your target audience and a time commitment each day. Aim for two pages. A business plan will help you stay on task and gain clarity and confidence in your work.

Are you also a mom? Check out this mommy entrepreneur recipe >>

Step 3: Network and market

Whether you’re selling a product or providing a service, you need to make yourself known. Join networking groups of like-minded entrepreneurs, start a blog to market your product, use social media so others are aware of what you’re doing, make business cards to hand out — for starters. You have to get yourself out there. Remember, no one becomes successful by keeping their ideas in their head.

Step 4: Reward yourself

When you meet a goal, large or small, reward yourself. It’s quite simple, but many people forget to allow themselves to have some fun. If you know a reward — such as a trip to the spa or an evening cocktail — is waiting, you’re more motivated to complete the task at hand.

Common characteristics of entrepreneurs

Entrepreneurs are:

  • Natural leaders
  • Curious and action-oriented
  • Easily adaptable to change
  • Problem solvers and self-confident
  • Always thinking and planning

If you have any of these traits and you’ve got an idea or two floating around, take a chance on becoming an entrepreneur. You never know where it may lead, but you must take the leap to find out.

More on women and business

How to be a successful business owner
Are you ready to own a business?
Top 5 tips for women entrepreneurs

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