The 4 Stages of Entrepreneur Development

By Pat Owings | Small Business

Entrepreneurship Uncovered

The 4 Stages of Entrepreneur Development image small 7466072046The 4 Stages of Entrepreneur DevelopmentFor many entrepreneurs, the impetus for their motivation  to innovate and create was a single idea, built from any number of influences. Maybe it was their passion for service or their weariness with punching a time clock. Perhaps it was steadily growing itch to be their own boss and become the change they longed to see in the world. Whatever their starting point, one thing remains true: entrepreneurship takes a lot of soul searching, bravery, confidence and ultimately, resolve. Stepping out into unfamiliar territory with nothing but your idea and some tentative plans will always stir some nerves and cause some sleepless nights.

But how does an entrepreneur go from the beginning stages of an idea to the construction of something real, functioning and beneficial? How do you weather the inevitable trials of entrepreneurship and hold steadfast to the potential of your dream? Here are some of the most important stages in entrepreneur development.

Identify Your Desire

The first step in the development of your entrepreneurial dreams is to recognize your passion and develop an idea which that passion feeds. If you know you’re unhappy in your current job, have always entertained a desire to step out on your own, but have never narrowed down the industry or project you’d like to initiate, the time to do so is now. Really figure out, down to the specifics, what it is you’d like to accomplish and what your ultimate end goal looks like.

The Honest Assessment

Before anything formative can truly begin, you must sit down with your idea, and create documentation of its trappings from beginning to end. Who does your idea benefit? How will you market these benefits? How will you create an effective brand to accompany your idea and build something recognizable in the marketplace? Do you stand a chance among industry competitors? Can your idea can be profitable?

Considering the tough aspects of the economy, competition, branding and funding is the first step you must complete in your development as an entrepreneur.

Look For Inspiration in Other Successes

Although your journey towards entrepreneurial success will be ultimately unique, there’s a lot to be gained from looking at the success of other startups, taking note of their processes and key moments in their journeys. Look at successful leadership practices, how they built their company culture, how they found funding and especially the measures that they took to keep going when times got tough. Knowing that you’re going to face serious challenges along your path is sobering, but necessary. Face down the inevitability of hard times, and begin formulating plans to keep your company resilient. The first step towards doing this is to look at the best practices of fellow entrepreneurs.

Consider Your Options for Funding

The 4 Stages of Entrepreneur Development image crowdfundingThe 4 Stages of Entrepreneur Development

Once you’ve determined the value of your idea in the marketplace, you must determine how much money you’ll need up front to get your idea off the ground. There are many options for getting some dough to help bring your dream to fruition, and in modern times, none of them is more heartened or effective than crowdfunding. What is crowdfunding, you ask? It’s simply the practice of using the internet to attract thousands of small sponsors, rather than one large one. That’s right: the miracle of the Internet has allowed entrepreneurs everywhere the opportunity to communicate the value of their idea and possibly attract fellow believers who are willing to fund the project.

Once you’ve decided to give crowdfunding a try, choosing your site can certainly be a challenge.  But rest easy: because there are so many great crownfunding sites, the likelihood that you find one perfect for you is pretty high.

Becoming an entrepreneur has it challenges at every stage of the process; from narrowing down your dream to assessing your chances for success to formulating a plan to get funded, the fear involved with stepping out on your own is real. But preparation and honest planning are the keys to a resilient journey, one that ends in success and satisfaction.

photo credit: SalFalko via photopin cc The 4 Stages of Entrepreneur Development image f1402c53 090f 4532 b02f 881f4c24dbde21The 4 Stages of Entrepreneur Development

This article was syndicated from Business 2 Community: The 4 Stages of Entrepreneur Development

More Business articles from Business 2 Community:

Subscribe to our mailing list
* indicates required
Small Business Services