Have you already made a decision to become an entrepreneur but you don’t know what to do next? In today’s video and article, I give you a five-step process for becoming an entrepreneur. I cover the evolution of becoming an entrepreneur, and then you can make a decision for yourself which route you want to take. Before I get into the five steps, let me first cover the different industries, sectors, services, and routes you can take to become an entrepreneur. The great thing about the decision to become an entrepreneur is that it’s not one-dimensional. There are multiple dimensions of becoming an entrepreneur. As you go through these, you need to ask yourself what sparks. Make a list of a few things that spark with you. Then investigate those three. Then, choose one of the routes, and give 10 years to it. Now if you’re more established and already know what route you want to take, but need to take things to the next level, I’ll cover that as well at the end.
Different Routes to Take to Become an Entrepreneur
First is financial. This is the route I took. I started off with different ones, but this is what I connected with the most. Financial can be many different things. It can include insurance, stocks, real estate, FOREX, and commodities. It can even be selling artwork or memorabilia such as baseball cards. I know someone that sells baseball cards for $100,000 or more. In fact, he just sold one card for $1.15 million. So that's financial.
Then you have consulting. As a consultant, you help with strategy. For example, a consultant says, "We'll come and help your business put a strategy together to take it to the next level." Lawyers are consults. There are also IT, marketing and advertising consultants. CPAs are another example. All of those are part of consulting.
Services include things like personal trainers, Uber, pool cleaning, haircuts, washing cars, etc. With services, people exchange money to you, the expert, for something they can't or don't want to do.
The hospitality industry includes things like hotels, bars, nightclubs, and restaurants. Maybe your mom has an incredible recipe and you want to see if you can turn it into a business. Or perhaps you grew up in a family that owned a bar or restaurant, and that's what you want to do.
Inventors work in research and development, technology, and more.
Nutrition is health and fitness. You can go the gym route or the medical route. You may want to go find the cure for cancer.
Next is manufacturing, which includes things like cars, computers, and clothing.
Expertise includes things such as speaking multiple languages, electrical, plumbing, software, coding, and fashion. If you see fashion in a different way and you just know how to put clothes together is an example of how you'd use your expertise.
Then you have entertainment. Entertainment could be graphic design, movies, dancing, editing, music, writing, acting, makeup. You're just all about entertainment. And that's fascinating to you.
Agriculture could be farming, equipment, natural resources, oil.
5 Steps to Take to Become an Entrepreneur
#1: Choose One Route
The first thing you need to do is choose one route. A big mistake that a lot of entrepreneurs make is to go from one thing to the next. You have to choose one and stick with it for ten years.
Next, since you're not an entrepreneur yet, go find a place to work and learn from someone that knows exactly what they're doing.
#3: Become an Expert
Listen in here for my thoughts on becoming an expert, and the role that plays as you become an entrepreneur.
Four, find a way or two to make it better.
#5: Become a Leader
Once you find a way to make it better, become a leader. You can do this in the company you're a part of where you have a voice, or ask to own a piece of the company. If they say no, leave, and go to another place where you can own a piece of the company. Or you can become an entrepreneur.
An Evolution to Becoming an Entrepreneur
I get a lot of people that say things to me like, "Hey Pat, I have this great idea. I want to become an entrepreneur, but I don't have any money, so how do I become an entrepreneur?" Almost every entrepreneur that I've worked with made money somewhere, saved the money, and then started a business. That's how it works. It's not never having run a business or had a job or done anything, and then asking for someone to give you a half a million dollars. There's an evolution you go through to become an entrepreneur. Obviously, there are many routes to becoming an entrepreneur, but the five steps I shared with you here are the most common ways to become an entrepreneur. Eventually you build a business, become successful, make a ton of money for yourself, and have fun doing it.