1. Identify a need- In order to become an entrepreneur, you need to identify a need that you can fill. Whether this is a product or a business, you must first find what is missing and needs to be filled.
2. Look at the market- Is there already something that fills this need? See what other companies are doing to try and address the need. Can you improve on your idea or are you simply trying to copy? The product will not sell unless it can better address the need or completely eliminate the need altogether.
3. Create an idea to fill the need- Now that you have looked at the market and seen that there is space for improvement, you need to create the actual product!
4. Test your product- Once you are past the development stage, now it is time to test your idea. Find a group of people to evaluate your product, and it would be especially helpful if these people are familiar/participate in the market you are trying to break into.
5. Make revisions if necessary- Your previous test should help you identify any issues with the product. Is it too expensive? Is it aesthetically pleasing? Did your testers find it useful?
6. Decide on the structure of your company- Once the product is ready, you need to have a solidified business plan that will explain how you will market your product, find your manpower, create more products, and continue to supply the capital needed to support a running company.
7. Find investors- Do your research and find people who can give you the capital in order to make your product available to the mass market. Take your market research, your test results, and any information about the revision process to different investment companies, banks, or people who would be interested in helping your company take off.
8. Implement your business plan- You have the product, you have the money, and you have a structured plan, so put it into action! This may be the scariest step, but you have put so much work into your initial idea and now it is time to launch it into the market.
Every business venture is a risk, no matter how much research and preparation you have done, but every entrepreneur has to take that step if they want to be a success.