All Articles / Business and Management
All Articles / Business and Management

How to become an entrepreneur

For many people, the idea of being an entrepreneur is both exciting and daunting. Entrepreneurship often appeals to people because it can offer freedom, flexibility and the opportunity to be your own boss.

Australia offers a world of opportunity for those with an entrepreneurial mind and the skills to turn their great idea into a successful business. But being an entrepreneur is by no means easy. You’ll need dedication and drive amongst other things to succeed in creating a thriving business.

Small to medium businesses account for a massive 97.3 percent of all businesses in Australia. But an estimated 20 percent of new small businesses in Australia will fail in their first year, and up to 60 per cent of start-up businesses will not survive beyond five years.

Having a great idea is just the start. Getting the skills, information and knowledge to create a successful business is the best way to avoid becoming a business statistic. Before deciding to start your own business, it’s a good idea to find out what you’ll need to become a successful entrepreneur. Let’s take a look in more detail.

What is an entrepreneur?

An entrepreneur is someone who creates a new business and takes on all the responsibility, risks and rewards. They’re generally people who are willing to take a risk to implement an idea for a business venture or innovation. Motivation and confidence are needed to turn an idea into a functioning business.

Entrepreneurs are often innovators who have the capacity to change or disrupt their industry. Their ideas will often lead their industry to evolve and find solutions for new customers.

Skills you need to be an entrepreneur

It’s one thing to have a great business idea, but another thing to make that idea come to fruition. Ultimately you’ll be running a business so you need some skills to help you make your business dream come true.

The specific skills you need to become a successful entrepreneur will likely depend on the type of business you plan to create. Below are some key skills that will set you on the right path to business success:

  • Time management – As a new business owner, you’ll soon have a to-do list as long as your arm. Having strong time management and organisational skills will help you plan, prioritise and dedicate the time you need to specific tasks. Without being overwhelmed. Remember work-life balance is something you’ll probably need to schedule too.
  • Marketing – Knowing how to market your brand is an important part of creating a successful business. Especially if you have a new brand that needs exposure to get off the ground. Many business courses are available to provide you with key marketing skills and to understand the best ways to market your particular product or service.
  • Money matters – Let’s face it, as an entrepreneur, you’ll likely be putting some money on the line to get started (either yours or an investor’s). Having sound financial skills to understand your business income and expenses is essential so you can keep track of how the business is performing. You’ll also have financial obligations to meet for tax and business operations, so the more you learn the better off you’ll be
  • Customer service and communication – Customers are your lifeblood so understanding what they want and need is essential. You might also need to work with partners or stakeholders. Developing your customer service skills can be a good way to ensure you know how to connect with your customers. Interacting with your customers is the best way to understand if they’re happy with what you’re doing. And they’re a great source of information for what changes you might need to make to your business.
  • Commitment, dedication and motivation – When you’re your own boss, it’s up to you to keep the ship sailing. Planning, goal setting and reflection can help you stay on track and motivated to achieve the goals you set for the business.

Courses to help you become an entrepreneur

Although not essential, completing a course is a smart way to fast track your skill acquisition to help you become an entrepreneur. The Diploma of Entrepreneurship and Innovation at Monarch Institute was designed for passionate thinkers, makers and doers who want to go from ideas to launching real solutions ASAP.

Entrepreneurship can seem like a massive challenge, but this course has been developed by entrepreneurs and executives who’ve already been there. The result is a course with all the things you need, and none of the extras you don’t.

  • Business planning essentials
  • Defining and validating product ideas
  • Securing start-up and growth funding
  • Thinking critically and innovatively as a team

This diploma isn’t just about getting your business paperwork sorted. Although that’s covered in the course too. You’ll learn critical thinking skills to develop and keep improving your products so you’re always one step ahead of the game. Knowing how to thrive in a close-knit team and in a high-pressure environment are great skills to learn to help you create a thriving business.

Start early with a VET course in Queensland

Queensland high school students have a great advantage of the inclusion of Monarch Institute’s Diploma of Entrepreneurship and Innovation, wherein Year 11 students are able to start the course as part of the Vocational Education and Training (VET) program.

VET is a learning pathway available for senior secondary students. It gives them the chance to study higher education while still at school, which will set them up for employment or further study.

One of the best parts about the inclusion of this course in the program is students are studying nationally recognised qualifications that will get them closer to their business goals, sooner.

Become an entrepreneur with no experience

Gaining a qualification in entrepreneurship and innovation is the best way to turn your great business idea into reality. The skills you learn from Monarch Institute’s Diploma of Entrepreneurship and Innovation are designed specifically for people wanting to be their own boss and get their great idea off the ground. Skills that will give your new business the best chance of success.

Take the first step toward a career in entrepreneurship and enrol today.

Any questions? Ask away!