How To Become An Entrepreneur With No Money And Experience
Learn how to become an entrepreneur with no money or business experience and get entrepreneur inspiration and the steps to becoming an entrepreneur.
Do you wonder “How can I become an entrepreneur?” In this article, you’ll learn how to become an entrepreneur with no money or business experience, as well as the steps to becoming an entrepreneur.
“It's not always about the destination, it's about the journey.”
This is the ethos upon which every entrepreneur’s dreams are based. From Vandana Luthra (VLCC) to Suchi Mukherjee (Limeroad), these businesswomen have overcome countless struggles to make it big.
What Is An Entrepreneur?
An entrepreneur is a person who takes a risk to win financial gains. The aim is to create a business that is disruptive and changes people’s lives. The business is usually characterized by innovative products, services or operational processes.
So what do you need to become an entrepreneur, what makes an entrepreneur become successful, and do I have what it takes to be a successful entrepreneur?
A business owner is just not a manager but a risk-taker as well. An entrepreneur should have leadership capabilities, the capacity to think about the big picture and scale the business.
Being an entrepreneur requires self-discipline, confidence, and a winner mindset - the keywords of the entrepreneurship model. Being a successful entrepreneur takes passion and hard work – these are the pillars of a successful entrepreneur.
The willingness to work long hours, learn new things, and network with potential investors and mentors are the essential skills you need to succeed in your business endeavour.
I have witnessed my sister’s entrepreneurial pursuits firsthand. When she wanted to start her own business, the family was quite apprehensive. She had plans, ideas, strategies and a passion to make something of herself. And, she didn't stop there.
She stuck to her idea and started planning her way to the top. It took her a lot of time to sort things out and to get the business up and running. I believe that it's that drive inside her that helped her make her business into what it is today. After all, a vision is what makes an entrepreneur.
Also read: 10 Secrets Of Successful SHECO Entrepreneurs
What Should I Study To Be An Entrepreneur?
Not every entrepreneur who made it big has graduated from Ivy League universities. In fact, many entrepreneurs started without a degree and today there are many young people who have even learned how to become an entrepreneur at 18.
However, being an entrepreneur means that you have to be able to understand the risks, the factors that go into starting and building a business, and the laws of business. So how does one become an entrepreneur?
In order to learn how to become a successful businesswoman, it might be a good idea to thoroughly study your niche before stepping into the business arena. It is not mandatory to have an MBA or a business degree to be an entrepreneur, but even an online diploma can help you learn basic business skills.
You can learn how to become a successful entrepreneur and business owner. Here are some steps to become an entrepreneur:
#1. Know Your Industry Well
The first step is to know your industry well. Understand what sells and what doesn’t. The seed of an idea that is now germinating in your mind needs nurturing to grow into a successful business.
It is important to learn as much as possible about the industry you are planning to enter or disrupt. If there are any online courses available on the subject, doing them can increase your chance of success.
#2. Financial Literacy Is Essential
Basic education in finance and accounting does help in the long run as you need these skills to understand your profit and loss statements.
Any business needs a strong hand to guide its finances, so you should also get a qualified accountant to help you with the financial wizardry is required to start, scale your business, attract investment, and pace the business.
Digital marketing, advertising, and other allied courses may also be beneficial. The right knowledge and knowing how to apply it is the way to success.
#3. Take a Business Course Online
There are many innovative courses available to learn the basics of entrepreneurship. It’s a good idea to sign up with a reputed institution and you can even do entrepreneurial courses free online from many world-class institutions.
Having a degree or diploma from a well-known institution adds some credibility to your entrepreneurial dreams. It can also impress your business partners and give you the knowledge of the skills you need to hone to be successful.
#4. Find a Business Mentor
It is always helpful to have a business mentor who can help you avoid the pitfalls of starting and growing a business and learn how to become a successful entrepreneur.
Business mentors are usually people who have achieved some measure of success in starting and growing multiple businesses and they are often willing to provide advice and guidance to help a young person get started.
One of the best ways to find a business mentor is to join an organisation such as TiECON and attend their meetings. It will help you build your network of influential advisors and get access to funding, should you require it.
How To Be An Entrepreneur With No Money
So how do you become an entrepreneur with no money or experience? Coming from a family with an entrepreneur, this is a journey I can connect to.
When my sister started her catering business, she was cooking out of her studio apartment. She didn't have the sort of investment she needed. Yet, she gathered a couple of her friends, raised funds and breathed life into her business.
Many young entrepreneurs like her have the passion and willingness to work but not enough money to invest.
Here’s how you can fund your way up the business ladder:
- Ask Your Friends & Family
Ask your friends or family to seed fund your venture. You can get a loan without interest or even offer a small stake in your business.
- Find a Co-Founder
Find a co-founder who is able to invest time, skills and money. This can be a good move when you are ready to scale too. Investors are less wary of business models run by more than one person in charge.
- Bootstrap Your Business
Bootstrap your way towards growth. Keep your costs pared and look for revenue growth to fund your idea. Growth may be slower but you can retain a large chunk of the business.
- Crowdfund Your Business
Crowdfunding can be a good source of the initial investment. Platforms like Kickstarter, GoFundMe, and others can create capital, brand awareness and equity for your business. The process of market survey and feedback appraisal can also be simplified.
- Find an Angel Investor
Angel investors have been known to buy into a good story and can seed fund a good disruptive idea. Typically they look at companies that can generate 10 times the return on investment in a few years.
Prepare a solid pitch and woo the moolah! You will also gain a lot of knowledge and experienced advice on how to trim your processes and scale up your business.
- Apply For a Business Loan
The last but not the least important way to get funds for your initiative is to try and get a business loan or use a credit card for the initial funding. But do be warned that this may be a big risk as the interest rate may be humongous.
These tips will show you how to become an entrepreneur without money or experience by leveraging other people’s money and experience to start and grow your business.
Also read: What Zero-Investment Business Ideas For Housewives Can I Start From Home?
How Much Does An Entrepreneur Make In A Year?
When my sister started her business, she had trouble to keep things afloat and run things at home. It wasn't until later that the business broke even and profits started rolling in.
The much-coveted entrepreneurial journey requires a lot of patience and it can take quite a while for the business to make a good profit. So, when the going gets tough, it’s good to stay focused on what inspired you to become an entrepreneur.
There is no fixed remuneration for an entrepreneur. For a small business, the take-home pay can be just expenses and a small amount in the beginning. Set the pay for yourself as a percentage of the profits to make it accountable.
Yes, being an entrepreneur is hard, and there are times you may wonder, is being an entrepreneur worth it.
But don’t forget that Mukesh Ambani takes home a salary of over 15 crores per annum as an entrepreneur - that’s FAR from where he started!
Need some entrepreneur inspiration? Check out these stories of the 10 most successful women entrepreneurs in India.
Join the Women In Business Community to connect and interact with aspiring as well as established female entrepreneurs and get the entrepreneur inspiration you need to start your new business venture.
You can read about inspiring women entrepreneurs and post your queries to get answers and clear your doubts regarding your new venture. See you there!
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20 Jun 2018 -
9 Jul 2018
