Your guide to becoming an entrepreneur

If you’ve ever found yourself gazing out the window, picturing a life where you're the master of your own destiny, you've likely felt the stirring of the entrepreneurial spirit. The world of business entrepreneurship is both thrilling and challenging. It also can be an incredibly rewarding journey.

People build careers as entrepreneurs based on hard work, resilience, innovation and a constant willingness to learn. For those who embrace the challenge, the rewards – financial and personal – can be huge.

What does it really mean to be an entrepreneur?

An entrepreneur is someone who identifies a problem or an unmet need and creates a solution. It often takes the form f a new product or service. They are innovators and risk-takers.  

Think about some of the world's most successful entrepreneurs: Steve Jobs, Oprah Winfrey, Mark Cuban, Martha Stewart or Mark Zuckerberg. What do these folks have in common? They started with an idea and a staunch belief in their vision. They weren't afraid to challenge the status quo. They weren’t scared to make some mistakes.

The entrepreneurial mindset: Cultivating your inner innovator

It's crucial to understand that entrepreneurship is as much about mindset as it is about skill. Here are some key traits to cultivate:

• Passion and purpose: What excites you? What problem are you passionate about solving? Your passion will be your fuel during challenging times.
• Resilience: There will be setbacks. There will be failures. The ability to bounce back and learn from mistakes is non-negotiable.
• Creativity: Entrepreneurs are looking for new ways to do things.
• Adaptability: The business world is constantly evolving, so be prepared to adjust and learn new skills.
• Risk tolerance: Entrepreneurship involves risks. Understanding and managing these risks is important.
• Self-motivation: You're your own boss, which means you need to be highly disciplined to stay on track.
• Continuous learner: The world of business entrepreneurship is dynamic. Embrace lifelong learning.

The educational path to entrepreneurship

While some successful entrepreneurs are self-taught, formal education can provide a foundation and accelerate your journey. There are several avenues to consider:

• College degree: For those who seek a structured education, an entrepreneurship degree like a Bachelor of Business Administration with a concentration in entrepreneurship, can be beneficial. These programs teach business strategy, financial management, market analysis, venture creation and leadership. They often include opportunities for internships and real-world project development, connecting you with valuable networks and resources.
• Entrepreneurship courses: If you do not feel ready to commit to a college degree, an entrepreneurship course can be an excellent starting point. These courses often cover topics like business planning, marketing, finance and legal aspects. Many universities – like Central Michigan University – offer such programs with a focus on practical application. Earning a certificate in entrepreneurship can be a great way to test the waters and gain valuable insights without a long-term commitment.
• Entrepreneurship development program: Many organizations and universities offer entrepreneurship development programs. These programs usually are designed for specific industries and can provide targeted training, mentorship, access to funding opportunities and networking events. They can be particularly useful for those looking for hands-on guidance and a supportive community.
• Organizations like the U.S. Association for Small Business and Entrepreneurship offer their members resources and support for startup ideas. There also are many Entrepreneurial Support Organizations (ESOs) that offer programming, resources, funding and community.

Practical steps to becoming an entrepreneur

Education is important, but true learning happens by doing. There is a general process entrepreneurs follow to be successful:

1. Identify your passion and niche: What problem do you want to solve? What skills do you have that can create value? Research markets and identify a niche where you can make an impact. Don't just chase trends; find something that resonates with you and for which there's a real need.
2. Market research and validation: Once you have an idea, don't just assume people will buy it. Talk to potential customers. Conduct surveys. Analyze your competitors. Validate your idea to ensure there's a genuine demand for what you're offering.
3. Develop a solid business plan: This is your roadmap. A comprehensive business plan outlines your vision, mission, target market, marketing strategy, operational plan, financial projections and management team. It's a living document that will evolve as your business grows, and it's essential if you plan to seek funding.
4. Secure funding, if you need it. There are various funding options:
   • Self-funding or “bootstrapping”: Using your own savings.
   • Friends and family: Often a good starting point for early-stage capital.
   • Angel Investors: Individuals who invest their own money in promising startups.
   • Venture capital firms: Companies that invest in high-growth potential businesses.
   • Bank loans: Traditional financing options.
   • Crowdfunding: Raising small amounts of money from many people.
   • Grants: Non-repayable funds often available for specific types of businesses or initiatives.
5. Build your team: You can't do it all alone. Surround yourself with talented and trustworthy people who complement your skills. This could be co-founders, early employees or even advisors and mentors.
6. Legalities and registrations: Register your business, obtain necessary licenses and permits and understand your legal obligations. This varies by location and industry, so seek professional advice if needed.
7. Develop your product or service: Create a minimum viable product (MVP) – a version with just enough features to satisfy early customers and provide feedback for future development. Get it out there quickly and adjust based on user feedback.
8. Marketing and sales: No matter how great your product, if no one knows about it, you won't succeed. Develop a strong marketing strategy to reach your target audience and a sales plan to convert leads into customers.
9. Launch and iterate: There will never be a "perfect" time to launch. Get your product or service to market, gather feedback, and continuously refine and improve. The entrepreneurial journey is an ongoing process of learning and adaptation.

Entrepreneurship employment opportunities and beyond

While many see entrepreneur careers as starting their own company from scratch, it's worth noting that the skills honed through entrepreneurial training are highly valued in a wide range of employment opportunities. Companies of all sizes are increasingly seeking individuals with an entrepreneurial mindset – those who can identify problems, propose solutions, and drive projects forward with initiative and resilience.

You might find yourself in roles such as:

• Innovation manager: Leading new product or service development within an existing company.
• Business development manager: Identifying new markets and partnerships.
• Product manager: Guiding the development and strategy of a specific product.
• Intrapreneur: An entrepreneur operating within a large organization, driving internal innovation.
• Consultant: Advising other businesses on strategy, growth and problem-solving.

Even if your initial venture doesn't succeed in the way you wanted, the skills you gain – problem-solving, strategic thinking, leadership, financial management, marketing and resilience – are very transferable and valuable in any professional setting.

The entrepreneurial journey

Choosing the right university can go a long way toward helping aspiring entrepreneurs succeed. At Central Michigan University, entrepreneurship faculty are helping students see the full spectrum of entrepreneurial paths. Yes, it includes starting your own business. But it also includes taking over the family company, innovating within a corporation or launching mission-driven ventures that create a social impact.

CMU’s Entrepreneurship Department was the first of its kind in Michigan, and offers a major and minor in entrepreneurship. They also offer an undergraduate entrepreneurial studies certificate to help prepare students for success.

As a CMU student in any major, there are opportunities to explore entrepreneurial ideas. The Isabella Bank Institute for Entrepreneurship at CMU focuses on the entrepreneurial mindset by promoting inter-disciplinary collaboration and provides support for the development of business ideas. The institute also hosts New Venture Challenge, a premier venture funding competition awarding over $100,000 each year to students with a start-up idea.

Entrepreneurs forge their own path in life. They don’t like following the crowd. If you have a mind for business, ideas you are passionate about, determination and are comfortable taking a risk or two, it may be time to start down your own path as an entrepreneur.