The way we work is changing. Paul Haarman says the traditional 9-to-5 job is being phased out, and the country is gradually transitioning to a new culture of entrepreneurship.
The famous economist Thomas Piketty believes that this trend will continue with an increased rate of change in the future, leading to nations of entrepreneurs where everyone starts their own company. Paul Haarman says though the times are changing, it’s still not easy to become your boss; you need excellent entrepreneurial skills. To help you get on your feet, here are six steps for being an entrepreneur in 2021:
Step 1 – Get Educated
We live in an age of non-stop information overload. It’s impossible to keep up with all the data that comes at us, and most people are likely to miss some crucial details.
Technology is changing faster than ever before, so make sure you know what the trends are. That’s why entrepreneurs need to upgrade their knowledge constantly. Depending on your industry, this may mean reading books (for example, how blockchain will revolutionize your field) or following key figures on social media (follow Elon Musk). The possibilities are endless; make sure you stay one step ahead of everyone else.
Step 2 – Build Ideas
Now that you’re educated, it’s time to start developing ideas. As every entrepreneur knows, ideas are nothing without execution. The first step is to write down as many ideas as you can and then innovate on them.
Try not to follow trends established by other successful businesses – this will ensure your venture won’t be bland and unoriginal. Instead, build on the best aspects of existing experiences and mix them up with something completely new. If others have had success with a particular idea or product, try re-imagining it in an innovative way that makes yours stand out from the rest.
Step 3 – Test Your Product
If you want your business to succeed, you need a product that people want to buy. To do this, focus on testing before anything else. Spend time considering what’s already been done by similar companies, and try to think of ways you can improve it.
Once you’ve come up with a viable product, make sure you test it before anything else. Turn to social media and your contacts to get feedback on what they think about the idea – will they buy into it? You’ll never know until you ask! If not, don’t be disheartened; continue thinking about how to improve it.
Step 4 – Read About Money
Now that you’ve got an idea and tested some products, turn your focus towards money. As any entrepreneur knows, running out of cash is one of the most common reasons for failure in business explains Paul Haarman. No matter how perfect your business appears on paper, if you don’t have enough money, things will go downhill fast.
There are many books and websites available which can help you become more financially literate. Make sure you consider what kind of pricing model works best for your product and how much money it will cost to get your business off the ground. There’s nothing worse than losing money right from the start, so make sure you plan everything! Once you’ve got this worked out, it’s time to move on to step 5.
Step 5 – Get A Bank Loan If You Can
Trying to bootstrap a company with no funding is always risky, but in 2021 it may seem downright impossible. Banks are less likely to offer loans due to fear of an impending market crash, inflation rates are at all-time highs, and the economy is in shambles.
However, there are still some organizations out there willing to help entrepreneurs with loans. Get your business credit-checked and make sure you can provide collateral; you’ll need this for when banks ask for a ‘background check.’ Understand all the costs involved and ensure you will be able to pay off your debts before they’re due. Hopefully, by 2021 major financial institutions such as Goldman Sachs will be more generous than ever, but you may have to rely on smaller lenders until then.
Step 6 – Start Doing Business
This is it! The moment has arrived: time to start trading! Make sure everything is set up correctly and that you’ve got all the tools necessary for running a company. Keep an eye on your competition, and don’t be afraid to switch up your business model if you see them doing something better.
Stay one step ahead of the game by being ready for any changes in the market – it’s often difficult to predict what will happen, but don’t let that discourage you! As long as you’ve followed these six steps, your company should be able to survive even the harshest financial crises. Good luck!