It is a dream of many people to be able to own and run their own business. You have the potential to make a living and support your family, and being an entrepreneur provides a certain amount of flexibility that an employee of a company would not necessarily have. This can be extremely attractive, and millions of people explore this opportunity in the United States.
According to a 2022 study by the Global Entrepreneurship Monitor, there are 31 million entrepreneurs in the U.S., which is about 16 percent of the adult workforce. Of that workforce, 35 percent of entrepreneurs and small business owners are between 50-59 years of age. [i]
Anybody can become an entrepreneur if they have an idea and are willing to do the work required to get their product or service out to the public. However, becoming an entrepreneur is extremely challenging, and most small business ventures still need to make it to the finish line. That should not deter you, though, from pursuing your dreams. Get a head start on your preparations by consulting with a financial professional to see where you stand.
How do you become an entrepreneur? There are a few steps you can take to get started.
- To be an entrepreneur, it helps to be an expert in your field. Build your knowledge base and skill set – Having a good foundation of knowledge in the field you are starting a business in can allow you to make better decisions, troubleshoot problems, and adapt to an ever-changing market and world
- Consult a financial professional – Guidance from a financial professional might offer you a supportive perspective to help you avoid unnecessary mistakes and develop a strategy for which steps you should take to get your company off the ground.
- Create a detailed business plan – Ensure you understand the costs and necessary machinery, supplies, production space, and resources required to run a business. What are the potential supply and demand requirements, the essential insurance coverage, licenses needed, etc., to avoid issues down the road that might create a problem for your business?
- Secure financing if needed – Do you have the money to launch your business? Have you spoken to a bank for a venture capitalist that may be able to help?
- Build your business – Once everything is in order, it is time to build your business. This will require a significant amount of your time and effort. If you follow the steps above, it should make it easier for you to establish and grow your company.
Find the right business for you. Engage your target audience that will inspire you to do the necessary work to pursue your goals. Learn the value and techniques of selling an idea and marketing your product or service. Why wait? Reach out to a financial professional today!
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
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