Top 10 Ways to Become an Entrepreneur

By Business & Finance Last updated Wednesday, May/15/2024

There are a wide variety of opportunities for entrepreneurs.clothing store image by Gina Smith from Fotolia.com

Entrepreneurship is a great way to make a living; it gives you the freedom to choose what you want to do and how you will do it. According to Sean Silverthorne, the best thing to do is jump into a business and get started. Many people are interested in becoming an entrepreneur, but don't know where to begin. Luckily there are many ways to become an entrepreneur.

Purchasing a Franchise

Franchises offer the security of owning a business that has an established track record with methods of operating that have been shown to be successful. On the downside, you will not have total control and will have to pay licensing fees even if you do not turn a profit.

One of the most secure ways to become an entrepreneur is by becoming a partner in a professional firm. If you have a profession, such as being a lawyer or accountant, this is the easiest and most reliable form of entrepreneurship.

Sometimes the best way to start a business is by simply having it fall into your hands. People who inherit businesses have the advantage of owning a business with a history and often they have had experience working for it in the past.

Buying an established business, or a turn-key operation, is a quick way to get into business. You can either buy a successful business that can provide reliable income or you can buy an under-performing business at a discounted rate and implement changes to make it into a profitable business.

Consultancy is a great way to securely leave your job and move into the realm of entrepreneurship. Consultants work in pretty much every field imaginable, such security, strategy, information technology and human resources. If you are a knowledge worker, you have a good opportunity to succeed as a consultant.

Running a home business is a way to start out as an entrepreneur. Home-based businesses do not have the risk of investing in real estate and they can be established on a part-time basis until they become successful enough to expand.

If you have been working for a company in a senior position and the owner is looking to retire or sell the business, this is an excellent entrepreneurial opportunity for you. You know the ins and outs of the business and can smoothly enter entrepreneurship.

Joining a cooperative business can be a good way to start a business because you can split costs such as office space and staff between other cooperative members. This can be a good way for professionals to become entrepreneurs.

If you are interested in being an entrepreneur but not in managing the everyday affairs of a business, buying a minority share in a business is right for you. This will allow you to be an entrepreneur while leaving the responsibility of running the business to others.

If you have a spare room, a basement apartment in your home or a second home or cottage, you can become an entrepreneur by renting out your property. If you are successful you can always invest in other properties and expand your business.