Dr. Jay Feldman In sandbox

Dr. Jay Feldman

7 Steps to Becoming an Entrepreneur by Dr. Jay Feldman

Find The Right Business For You

Entrepreneurship is broad, and you can be an entrepreneur in just about any area. However, you must pick a field to work in and a business to start. Find a company that won't only be successful but is something you are passionate about. Entrepreneurship is hard work, so you want to focus on something you care about.

Determine if You Should Get An Education

You don't need a formal education to be an entrepreneur, but that doesn't mean you should ignore instruction entirely. If you want to start a tech company, experience in business, computer programming, and marketing could all be valuable. Also, some industries, such as you’re accounting or law firm, will likely require some education – says Dr. Jay Feldman

Plan Your Business

Before you begin your business, you need to have a business plan. A business plan lays out any objectives you have as well as your strategy for achieving those objectives. This plan is essential for getting investors on board and measuring your business's success.

Find Your Target Group/Audience.

Not every business appeal to everyone. The age, gender, income, race, and culture of your target group will play a significant role in determining where you open up shop. If you even need a physical address for business—research which group fits your business model best and gear everything to attract that demographic.

Network

Dr. Jay Feldman says networking is essential in all fields, it may be most important for entrepreneurs. Networking is how you meet other people that might have skills you can use in your business. You can also find potential investors through networking to help get your business model off the ground. Your network can also support your business once you open, helping send new customers your way.

Sell Your Idea

Consumers want products but don't always know which product to pick. Your job as an entrepreneur is to convince people that whatever you sell is the best option. You'll have to find out what makes your product unique and then sell it based on the value it adds.

Market

You should be focused on marketing before, during, and after you start your business. You may have the best restaurant in the city, but nobody will visit if they don't know it exists. Marketing is tricky, but you should be able to focus your marketing efforts on your target audience. For example, millennials may be likelier to see an ad on social media than on a billboard downtown.

 

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