Becoming a self-made entrepreneur like Nihar Gala is a dream for almost everyone. People loving their 9 to 5 jobs will be fewer and you can find at least one business idea with all of them. However, most people will never move in the entrepreneurial direction because of the risks associated with it. The primary risk is abandoning their monthly salary until they reach a decent point in their businesses. Although the initial few days would be tricky in a business, a proper plan and execution will help in the long run. First, you should know the basic steps of becoming an entrepreneur. Let us discuss these steps in brief.
Idea generation
Without ideas, you can never think of starting a business. Your idea should be fresh to the market. Also, it should solve the immediate needs of people. If you can come up with such an idea, you can start other processes in the entrepreneurial journey. You should brainstorm and research well to get this idea.
Market research
Whatever idea comes to your mind, you will think of it as an awesome piece. However, you should not conclude anything without doing market research. You should analyze your competitors or the market needs well. If you see some potential for your idea, you can proceed.
Plan your business
You cannot start doing fieldwork right after getting your idea. You should spend some time and plan your actions perfectly.
Raise funds
If you have enough money to run the business, you can start right away. Else, you should find ways of raising money to start it.
Hire a team
As you cannot single-handedly run the business, you should hire some quality minds whom you think can take your business to the next level.
Execute
The next step is to execute your plans and market your business.