As an accomplished entrepreneur, I think one of the most frequent questions I get from enthusiasts and students is, “Maxim Bederov, from an entrepreneur’s standpoint, what steps do you think a prospective self-employed person should take for a profitable venture?” or even more personal questions like, “Maxim Bederov, I would like to start a business and become self-employed, but where exactly do you advise I start from?”
I understand that much more than we know or sometimes foresee, entrepreneurship can pose a lot of challenges and bring several uncertainties and risks, but every successful entrepreneur like me knows that being self-employed is just fulfilling. So, to answer the aforementioned questions, I have carefully outlined five ultimate steps that will take you from just another self-employed businessperson to an accomplished entrepreneur.
Ultimate Guide to Becoming an Accomplished Entrepreneur by Maxim Bederov
Decide. Just decide!
This might sound like a cliché, but do you know that what really distinguishes all the people who want to be self-employed from the ones who actually go for it – is that affirmative decision to just do it? So, if you are really going to be a successful self-employed entrepreneur, you need to make the decision to take the leap. You can keep making excuses for a long time, but trust me, nobody else can do this for you.
You need to know that this step will be the first of several other decisive steps you will have to make on your own, and even though it may feel unusual at the get-go, you need to realize that you are now your own boss – you call the shots now!
Choose your niche and specialize
I know that one of the most challenging parts of entrepreneurship is actually picking a specific rewarding niche, but it’s not always as hard as it seems. The first step is to ask yourself these questions: What is my area of focus? What advantages or solutions do I want my product or service to offer? What relevant knowledge and experience do I already possess for a successful business in this niche?
After answering the aforementioned questions, you can further narrow it down. I advise that you get as specific as possible about what your business plan covers. The more specific you can get about your prospective niche, the clearer your advertising and marketing plans become. I cannot overemphasize the fact that successful entrepreneurship is about building a very specific solution for a very specific set of people. In short, the more specific you can be, the better you can serve your target market.
Set your business goals
If you’re really considering being self-employed, I will advise that you get an appropriate yardstick for measuring your progress. Offering a marketable product or service and attracting many customers are not just enough goals. I recommend that you set specific goals and refer to them as often as possible. These goals may include the quantity of items/services you plan to sell annually, sales generation plans, marketing strategies, product positioning and packaging, as well as other contingency plans. I recommend that you take the time to carefully consider your business goals before you set out.
Develop Money Management Skills
Other than time, one of the most important resources of self-employment is money. I always advise budding entrepreneurs to ensure that the money they make is substantially greater than the money they pay out over any given period.
I always emphasize that if you can’t keep your own financial records in order, being self-employed will be almost a fruitless endeavor.
Network and Communicate with Others
Lastly, one of the fundamental skills necessary for a rewarding self-employment career is the ability to communicate effectively with others. I recommend that you work on your ability to speak with confidence and the ability to quickly build quality relationships with others. This is necessary because you cannot run a business in isolation; you need customers. So, polish your social skills and get your mind prepared to reach out to your prospective customers!
Read more articles: