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How to become an Entrepreneur

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How to become an Entrepreneur

What do Entrepreneurs do?

Entrepreneurs are people who come up with an original idea or solution, launch it, grow it and possibly even sell it before moving on to their next project. They are prepared to do whatever it takes in order to make their businesses a success. There are many types of entrepreneurs and opportunities exist within every industry.

If you are an innovator who is passionate and driven, prepared to take calculated risks and has the interpersonal skills you’ll need to promote and sell your ideas, then life as an Entrepreneur could be your calling.

 

About you:

  • You’ll need to be ambitious, persistent and resilient first and foremost
  • Great at communicating, reading non-verbal cues, and networking
  • Able to put yourself in your customer’s shoes and determine what they need to solve their problems
  • A creative thinker and master strategist who is constantly learning and adapting
  • Confident risk taker with great all-round business knowledge

 

The job:

Regardless of the industry you’re working in, manufacturing goods or providing services, as an Entrepreneur these could be some of your duties:

  • Finding, evaluating and developing a viable opportunity
  • Creating business plans and organising finances
  • Finding suitable premises if necessary, hiring workers and delegating tasks, or purchasing resources
  • Carrying out leadership and management functions, liaising with research and development teams
  • Making sales calls, marketing and promotions
  • Networking and meeting with industry contacts and potential clients
  • Planning and setting achievable goals, then working on strategies that will help your business to meet them

 

Lifestyle Impact: Very High

 

In order to be a successful Entrepreneur, you’ll need to be passionate and dedicated, willing to do whatever it takes to succeed which could require a lot of your time, focus, and energy (at least in the start-up).

  • Part Time opportunities: Mixed – many Entrepreneurs start their businesses as a side-gig whilst working elsewhere but move on to make their business their focus
  • Above average hours for full-time workers: Between 16 – 95 hours per week, it’s up to you how much time you put in to your business
  • Entrepreneurs salary (average) $82,000* per year (Source: indeed.com) *salaries vary hugely between industries, number of hours worked, skills and experience, and the success of your business
  • Future career growth: Strong (Source: joboutlook.gov.au)
  • As an Entrepreneur you’ll most likely have to work outside 9-5 hours, including over weekends and holidays. You’ll need to be able to shoulder the burden of responsibility regarding business success, debt repayment and employment of others. There are many positives to consider too, but you’ll need to heavily invest in your business in order to help it to succeed.

 

Entrepreneurs are most in demand in these locations:

There are opportunities Australia wide and even internationally for Entrepreneurs.

You could work remotely from home, travel, or base yourself in an office or other work environment. You could be working in one of the country’s biggest cities or in a rural location.

 

How to become an Entrepreneur in Australia

 

There’s no single course that will qualify you to be an Entrepreneur and many have no formal qualifications at all. If you have the ideas, the passion and drive, then you could find a way to achieve your goals. Being relatively knowledgeable about business could be very useful though.

 

Step 1 – Paying attention at school could really give you a head start:

Maths – could help you to get to grips with the finances behind every business

English – Communicating your ideas accurately and eloquently will help you to avoid potentially costly mistakes and look more professional

Other courses that could be helpful might include:

Business studies, economics, accounting, marketing and IT.

 

Step 2 – Keep a note of all your ideas, discuss them with friends, family, and mentors, start researching them. If you feel confident enough start up your own business now while you’re still at high school. (Looking for inspiration? Read this blog).

 

Step 3 – Complete relevant tertiary qualifications e.g.:

Certificate III in Business

Certificate IV in Entrepreneurship and New Business

Diploma of Business Administration

 

A degree in a related field could put you ahead of the competition, prepare you for the world of business, and provide you with other career options to consider. E.g.:

Bachelor of Business (Entrepreneurship)

Bachelor of Business Innovation

 

Or you could consider taking short courses and micro credentials:

Business Entrepreneurship – 13 weeks and 100% online

Leadership Development Program

 

Step 4 – Find a mentor, get a job and start learning while you wait for your project to take off, put yourself out there, network, pursue or create opportunities

 

Find out more here –

https://www.ayea.org.au/

https://www.eonetwork.org/

https://smallbusinessassociation.com.au/

 

Similar Careers to Entrepreneur

 

Social Media Manager

Public Relations

Marketing Officer

Salesperson

Business Development

Designer

Manager

Find out more about alternative careers.

 

Frequently Asked Questions (FAQ’s)

 

  • What do Entrepreneurs do?

Describing what Entrepreneurs do is tricky because their roles are unique and varied across industries and depending on the products or services they’re selling, as well as the business model they choose to operate.

Basically though, they usually design, develop, produce, market, and eventually sell businesses with the end goal of making a financial profit. They own and operate all kinds of businesses from small craft stalls to multinational tech companies.

 

  • How long does it take to become an Entrepreneur? 

There are no hard and fast rules. Some Entrepreneurs run successful and profitable businesses from their first attempt, others may try for years and start up multiple businesses before hitting the jack pot. On average most small businesses take at least 2 to 3 years to become profitable, but it takes around 7-10 years hard work to become truly successful.

 

  • Do I need to go to university to become an Entrepreneur?

No, you don’t need to go to university. Many Entrepreneurs have no qualifications at all, whilst others have qualifications that aren’t business focused.

What matters more than anything is your ability to think creatively and strategically, passion, focus and drive, as well as lots of resilience.

However, having a degree could improve your knowledge, give you more time to work on your ideas and help you to network with useful contacts.

 

  • What are 3 things I can do right now to work help me become an Entrepreneur?

If you’re at high school and you’d like to find out if a career as an Entrepreneur is right for you and start learning skills and gaining experience, here’s a few things you could try:

  1. Identify your passion.

Tip: it’s not what your parents hope you’ll be good at, it’s not the subject that your teachers think you perform best in, it’s not even what your friends think you’re into.

  1. Learn to put yourself out there and get out of your comfort zone and be ok with failure. These are great skills that you’ll need to become a successful Entrepreneur.
  2. Look for problems around your home, school, or community. Flex your creative thinking brain and think about solutions and the businesses that could solve those problems, research them and read about them. File away your ideas if you don’t want to act on them yet. Find a mentor who’ll provide constructive feedback and advice about your ideas.
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