Entrepreneurship is the option for people wholike the idea of being their own boss and getting to call all the shots. Running their own business, toiling daily, and watching their business prosper
is a dream for many.

Needless to say, outstanding achievements come atthe price of great sacrifices. The amount of hustle and setbacks that await aspiring entrepreneurs is evident from the stats that report the failure of 90% of startups.

Yet despite these stats, Entrepreneurship isbeing hailed as the most liberating and profitable path, and for all the right reasons. The opportunity to overcome new challenges, innovate a way out of them and manage to reach the target is a satisfying course of action indeed. For people who view risk as an exciting challenge in life, becoming an entrepreneur is the most fulfilling trajectory. After all the rewards in this field are not to be overlooked, some of the most famous and wealthy figures such as Jeff Bezos, Bill Gates, Walt Disney, and J.K. Rowling were entrepreneurs.

If all this sounds exciting to you then we are here to help you familiarise yourself with the various aspects of entrepreneurship to help you get started in your journey towards becoming an entrepreneur. This article will help you with relatable and top multibagger ideas and strategies to ingnite the stride.

Becoming an Entrepreneur

Every startup starts with the aim of launchingsomething that is beneficial to people. To get to that there needs to be an idea for a product. It is good if you already have one but in case you happen to find yourself at a loss for one you can start out by figuring out a product service. There are several ways through which you can deduce the right idea, we have listed some of them below to help you out:

● Enquire your acquaintances about what frustrates them.

● Identify growing trends and study futurology.

● Observe emerging startups andtheir approaches.

● Pick on gaps in the market andfind solutions to them.

● Make a better version of an existing product.

Acquiring Entrepreneurship Experience:

There aremany aspects one needs to consider when it comes to gaining experience, as you develop the new business you progress through things you’ve never done before, which counts as your personal experience. On the other hand, you can also hire people who have relevant valuable knowledge and will use that to steer you in the right direction.

1. Ways to acquire personal experience include: 

● Networking with other professionals.

● Utilizing entrepreneurial courses.

● Run independent research.

2. When it comes to hiring for experience, you can consider: 

● Working with a business coach.

● Casting experienced individuals to the team.

Ensure Funding for the Business : 

When all is set and done, funding comes in as themajor concern. This can potentially be the deciding factor in the case of many startups, therefore it is necessary to tackle it appropriately. One should figure out as many as possible ways to obtain funding in order to ensure the smooth execution of their business plans. Some of the most beneficial sources are mentioned below:

● Get financial help from family andfriends for initial investment.

● Make use of government policiessupporting small businesses.

● Utilize a crowdfunding platform.

● Start pitching your business ideato angel investors.

Consider Incorporation :  

There comes a time when the head had to decidewhether they wish to incorporate their business or not. What incorporation does is that it separates your business from you unlike what it was in the past, and
thus you will no longer be liable for the actions of the business. On the other hand, incorporation will also create an additional tax burden to clear which you will have to pay periodically.

In conclusion, the choice is personal and can only bemade by you considering your situation. We suggest you conduct detailed research regarding incorporation while relating your condition to arrive at a
reasonable decision.