Three Major Steps of Becoming an Entrepreneur in the US without Starting from Scratch
Three Major Steps of Becoming an Entrepreneur in the US without Starting From Scratch
Sometimes we always have a weird notion of how renowned entrepreneurs implemented their ideas to obtain the establishments they have today. Often, we imagine individuals toiling away on their product in a garage or dorm room. We develop imaginations of how the entrepreneur was struggling to secure enough funding to launch their business. Contrary to popular beliefs, not every successful entrepreneur fits the stereotypes of either Hewlett-Packard or the young Mark Zuckerberg.
Research conducted and published in Harvard Business Review found that the average age of successful startup founders is 45. In addition, the research found out that not all entrepreneurs started a brand-new company from scratch. Nevertheless, most experts indicate their dissatisfaction with the findings of that research. In fact, the experts call the findings an incorrect belief as well.
In reality, there are many ways to get your entrepreneurial start without basing your beginning to biased theories and beliefs. With modern technology, you can build a side hustle relatively quickly. You can start selling homemade candles, T-shirts for dogs, blogging and writing services or any other online gig. It is remarkable that millions of people around the globe are making money online. Likewise, you can make money doing any of these things and you can proudly call yourself an entrepreneur at the end of the day. If you engage in one of the side hustles for long enough, it should not be surprising to end up starting your company.
Even so, that is not the only way to join the entrepreneurial space and becoming a huge success. Here are three major ways you can maneuver challenges to become an entrepreneur without starting from scratch.
Get into the gig economy
Generally, people in the gig economy sacrifice security and stability for the freedom to become their own boss. In many instances, that can be scary especially at first. That is why over 80 percent of Americans who say they would like to freelance have not actually made the leap into it full-time. Nonetheless, some have taken a step of faith. Currently, there are now gig economy workers in nearly every sector including designers, teachers, drivers, writers, and accountants.
Notably, some gig workers utilize a side gig to supplement their income from traditional 8-5 employment. What is remarkable is the ability for some to make far more than most 8-5 jobs pay. Eventually, success in this endeavor requires the same tenacity and persistence that it takes to start a company from scratch.
If you decide to set up a side hustle or become a full-time worker, choose something that has the potential of becoming a major income generator. It would be best to select something that overlaps with your skill set. For instance, you could sell photos online if you are a photographer. Alternatively, try selling cupcakes for special occasions if you have the idea of opening a bakery in the future.
Start a franchise
Individuals who support the stereotypical idea of entrepreneurship often argue that starting a franchise is not really an entrepreneurial enterprise. They justify their thinking with a biased notion that one will be associated with a larger corporation. However, franchising can be the perfect way to start working for yourself while exploiting the vast resources and brand equity of a larger company.
As a new franchise, it will be prudent to avoid repeating the mistakes that many new entrepreneurs make in the beginning. Of course, that is because you will already have a proven model to follow and be given the training you need to do everything successfully. Still, you will still have some flexibility to create and implement make your operation. Items like the company logo and color scheme need to remain consistent and conspicuous across the board. Take ownership and do everything you can to ensure your franchise location thrives. That includes perfecting every aspect of running a business, like developing workplace culture and developing a marketing plan for your location.
Acquire a business
Thinking that acquiring a business does not require an entrepreneurial spirit is wrong. In fact, acquisition entrepreneurship is on the rise around the globe. There are many opportunities for entrepreneurs who have interests in buying and running an existing business. Our experts note that we are currently in an era where many business units are being sold. This approach does not only land an entrepreneur an established product but also a company with skilled and seasoned employees. That is not a small thing in the contemporary market space where every business needs a competitive advantage over others.
It is true to state that entrepreneurship is most certainly not for everyone. Altogether, there are different ways to become an entrepreneur and you may only need one right path to achieve your dreams. Get in touch with us for more information.
More from Mount Bonnell Advisors:
