It might sound out of place to talk about becoming an entrepreneur at a time like this besieged with problems.  However, one important aspect to look at is needs have not disappeared or have not become more manageable.  Many people could be losing their livelihood because of the pandemic.  Even if there are safety nets, they might not stretch passed the basics.  In a situation like that, people might not have much better choices other than assessing the reality they are in, and see if there is something they can do that can improve their particular situation, showing that the time might be appropriate to become an entrepreneur.

An entrepreneur is someone who is willing to take a risk and try to do something beneficial for others while hoping to be compensated through the process.  The compensation aspect could go both ways, where an entrepreneur could make or lose money.  When losing money, it means that whatever venture had been started had failed.  Failed, however, is a general term that does not exactly depict why a venture should fail in the first place.  The reasons could be many, yet if something had been done the wrong way or some of the assumptions made had been wrong, it would mean that there is a need to do some corrections. What could be missing could be an informed preparation from the outset. Consequently, what should come first might be making oneself familiar with what it really takes to become an entrepreneur.

One good place to start might be by debunking myths such as it takes very special individuals who are very smart to become successful entrepreneurs.  This kind of myth could hold many people back because without even trying, individuals could say they are not cut out to become entrepreneurs.  The reality, however, is almost all successful entrepreneurs made it there because they had the will, and the dedication to become entrepreneurs. Also, they were not scared to take a risk.  They were also ready to make the required sacrifices and to discipline themselves accordingly. In addition, they should have made themselves familiar with the required safeguards, such as taking precautions when investing money, especially when the venture is the very first one.  It is not advisable to invest a lot of money, whether the source of the money might be one’s own, investment, or a loan.

The other important aspect is skill because it makes a difference. Definitely, individuals have to start by taking inventory, and what should be on top of the list is skill. The good thing about skill is it is possible to learn the required skill to become a certain kind of an entrepreneur.  In the age of the internet, there might not be a need to go to school, nor to fork out a lot of money, and to spend a lot of time that could interfere with what individuals could be doing such as their livelihood.  Since there are infinite numbers of fields, dedicated individuals can get started with any field that appeals to them, and it is up to the individuals to find out what kind of skill they will require.

Then what could come next is doing a research about what is exactly happening in the general business environment and especially in the particular field or sector individuals want to get started in. When someone wants to start a business, there is always a need to sell a product or a service.  If what is being brought into the market is absolutely new, talk about inventing, such individuals will definitely be winners provided that they do it properly. New startups should know what kind of competition there is out there. Without that knowledge, they would not know how much to charge nor if they are going into a very saturated sector where making a profit will be very difficult.  Not knowing what is taking place would mean they could end up charging a lot, but since there could be many others who could be selling at a much lower price, whatever they are trying to bring into the market, no one will buy from them.

They cannot also charge lower than the cost they are incurring because they will be working at a loss. At times, individuals might be forced to abandon, and change their plan simply because the venture they want to go into might not be profitable, which could be the outcome of not conducting the required research.  Because of that, conducting research is important before spending time and money on a given venture.  Also, if individuals are serious about becoming entrepreneurs, they will be much better off if they consult professionals because they can give them professional advice.

Having some kind of a blueprint is also recommended because it can help individuals to stay on course, which means, once they decided to do certain things, there should be something that will tell them if they had been following the course they intended to follow on the outset.  Because if a few vital aspects go missing, they could derail the whole effort.