Becoming the captain of your own ship — and gaining the autonomy, mastery, and purpose that comes with it — is increasingly appealing.
But have you ever wanted to learn how to become an entrepreneur in the real world?
We might think that the idea of working 9-to-5 in an office is painful. We might know that our bosses are not noticing or empowering us to use our full potential.
And we might know that we’re meant for more.
But what? And how?
The good news is that you don’t have to figure it out all now or by yourself. You can start by knowing a little bit about what you do and don’t want.
That’s how it started for Entrepreneur and Entrepreneur-Builder, Jack Delosa.
Jack is the founder and CEO of The Entourage, Australia’s largest education institution for entrepreneurs, topping 350,000 members. Each year, thousands of people descend into Sydney to go to the “Unconvention,” which has been listed by Entrepreneur.com as one of the Top 3 Events for Entrepreneurs Worldwide.
But before Jack became such a success, he had made an “absolute mess of his first couple of businesses.”
So how did Jack go from failing his businesses to helping others learn and apply the art of entrepreneurship to create a successful business?
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In this article, we’ll cover:
- What do you have to do to become an entrepreneur?
- Do you need to go to college to be an entrepreneur?
- How do I become an entrepreneur with no money?
- How much does an entrepreneur make a year?
- 4 tips on how to become an entrepreneur
- Why should you reinvent yourself?
What Do You Have To Do To Become An Entrepreneur?
So, you want to be your own boss but don’t know where to begin?
The best place to start is here and now. Because all it takes to become an entrepreneur is a single powerful idea.
Whether that idea is creating a product, devising a solution, helping others, or gaining mastery over your own life, its the ideas that make the entrepreneur.
Along the way, you’ll discover the business strategies and practices that will augment your success.
But it all starts with the idea.
So, ask yourself: why do you want to become an entrepreneur?
What appeals to you about that work and lifestyle?
What impact do you want to have on the world around you?
Do you need to go to college to be an entrepreneur?
The simple answer is: no.
Some jobs require extensive post-secondary training. Doctors, lawyers, electricians, and teachers, to name a few.
But you don’t need a fancy degree from business school to be your own boss.
What you need is a willingness to learn from others and grace in failure — because if you want to learn how to be an entrepreneur, you’re going to have to be willing to fail. A lot.
How do I become an entrepreneur with no money?
Very rarely do startups have the business capital they need to thrive.
The bottom line is this: businesses need money. And new businesses, doubly so.
So, how do you become an entrepreneur with no money?
You look for funding.
Ask friends and family to invest. Apply for a grant or loan. Create a crowdfunding campaign. Or pitch to angel investors.
If you don’t have money, you’ll have to find creative ways to raise business capital.
But you may be surprised by how much support you receive. Lots of people like to root for small businesses in their startup phase.
How much does an entrepreneur make a year?
This is tricky to answer because the margins can vary quite a bit.
According to PayScale, the average small business owner’s salary is $71,627 a year. But can range from $30,000 to $151,000 a year.
Sounds pretty appetizing, doesn’t it?
Well, here’s the catch.
Most startups don’t turn a profit for the first two to three years.
Now, just because your business isn’t raking in the cash doesn’t mean you’re not successful. There are many different metrics of success when building a business from the ground up.
But in terms of making money, it may take your budding startup a few years to successfully balance the books.
4 Tips On How To Become An Entrepreneur
So, how did Jack Delosa make it happen? How did he go from a failing business owner to the founder and CEO of The Entourage?
Here are four of Jack’s most powerful tips on how to become an entrepreneur.
1. Don’t be afraid to discard OPRs
What are OPRs?
They are Jack’s term for Other People’s Rules, otherwise known as Brules, bullsh*t rules.
The world is made up of OPRs. And the vast majority of them don’t serve us, and therefore you’re better off developing independence of thought, to think for yourself, to make up your own mind about what works for you.
Some of the biggest OPRs out there right now include the ideas that:
- Your “solution” doesn’t need a problem
- You need investors
- Making a great product will build a great business
Now that we’ve learned what some of the biggest OPRs are, let’s quickly discard the myths.
Why your solution needs a problem
When Jack says that “a lot of people have a ‘build it and they will come’ mentality,'” he’s referring to the fact that a lot of entrepreneurs create a solution for something that’s not a problem in the first place.
Pursuing your passion is great, but making it profitable is another matter entirely.
The first step to becoming an entrepreneur ready for the real world starts with listening to what the world really needs.
Only then can you solve problems that will help enough people to make an impact and a profit.
Why you don’t need investors
When it comes to learning how to be an entrepreneur, you might think investors are your best bet in getting your business off the ground.
But in this day and age, you really don’t need investors for most businesses.
Yes, you might not immediately be able to bring in the money like Amazon or Google do, but frankly, that’s usually a good thing.
While it’s understandable and necessary as a business owner to be concerned about cash flow, in the long term learning to work with what you’ve got will give you a competitive advantage on most companies.
You will learn how to manage your money responsibly and effectively.
Most companies with huge payrolls working off of Venture Capitalist money cannot say the same.
Why great products don’t build great businesses
Jack views the ability to create a great product as the first 10% of any business.
But it’s just the first 10%.
A lot of us pride ourselves in being experts or inventors, on having great services and products, but that does not a business make.
Jack says that’s when you need to build up the skills and capabilities it takes to actually build and scale a business.
That’s where the next 3 skills come in handy.
2. Know your business will grow as you grow
It’s all about attitude and habits. The life we create, the people we become, and the businesses we grow, are all offshoots of that.
It’s no wonder that all of the top entrepreneurs in the world are as interested in personal growth as they are in the growth of their businesses: Steve Jobs, Arianna Huffington, Tim Ferris, Oprah, Magic Johnson.
They’re obsessed with optimizing themselves, and you should be, too.
According to Jack,
Any entrepreneur needs to understand that they are the creator of their world. They are the creator of their business. And therefore, they need to understand that their business will grow as a reflection of their personal growth.
The world’s greatest entrepreneurs know and apply a secret most people struggle to understand: It is so much easier to be successful in one area of your life when you take care of yourself in all areas of your life.
Vishen says this is because entrepreneurship is a function of your ability to shape the world. And your ability to shape the world comes from you being really solid in your mental and physical properties.
3. Build the machine
To learn how to become an entrepreneur, you’ll first need to build the machine.
What’s the machine?
The machine consists of the principles and mechanics of your business.
When we start our own enterprise, we’re mostly concerned with our own productivity. We’re concerned with our one-on-one interactions with customers, with every product we personally create, with maximizing our productivity each day.
But what do you do when your business starts to grow?
You can’t do everything yourself, and you shouldn’t try.
Jack believes that there’s a time when “entrepreneurs’ mindsets need to shift from ‘How much can I do today?’ to ‘How do I enable my team to do their lives’ best work every day?'”
The frame of focus needs to go from the personal to the collective.
That means figuring out how to be a leader, who steers the principles of the company, and the manager, who guides the team through mechanics.
If you want to learn more about the exact 5 things every company does and every company must do well, check out Jack’s episode on the Mindvalley Podcast.
4. Think big and reinvent yourself
Not everybody has the same dreams — so if the following is an OPR for you, feel free to follow your intuition.
However, if you want to seriously scale your business and change the world, then it’s absolutely necessary to think big and reinvent yourself.
So, why should you think big?
Typically, our limitations are self-imposed limitations. That ceiling you keep hitting your head on? There’s a very good chance that you created it in the first place.
That ceiling is built and supported by your self-doubts, misgivings, and fears.
But when you think big and ask yourself ridiculous questions, you are giving yourself permission to solve bigger problems and create bigger ideas.
The quality of the life we live usually reflects the quality of the questions we ask.
So if you ask yourself, “How do I build this bakery to survive every year?” you’ll most likely get very different results than if you had asked, “How do I build this bakery to be incredibly successful and meaningful in my community and for my family?”
And it’s not a secret why.
Asking the question in a certain way will influence how you answer it. It will influence how you make daily decisions that build up and become your long-term strategy.
And it will change your results.
Why should you reinvent yourself?
This goes back to what we said earlier about personal growth.
If you think of yourself as a master athlete, you’ll start to realize that you have to do more than practice for the one sport you’re trying to master.
You have to be willing to reinvent yourself in the middle of a game you’re losing (or winning, for that matter). You have to adapt when the rules change (and they’re guaranteed to change).
You can take reinvention one step further by not just responding to current events but listening to your instinct and anticipating what to do next.
And the mark of a real-world entrepreneur?
When the voice inside of you is louder than the voices outside of you, that’s when you’ve begun to master your life.
So, what problem are you trying to solve as an entrepreneur? Share in the comments below.