Starting a business | Last updated: 2. January 2025

Entrepreneur—how to become your own boss

Do you want to be your own boss? An entrepreneur is someone who goes all in and invests money and time to bring their idea to life.

An entrepreneur is someone who has launched or invested in one or several businesses.

Entrepreneurs are seen as innovators, and as sources of inspiration; When talking about entrepreneurs, we often talk about individuals that have found a gap in the market or a new solution to an existing problem.

Everyone can become an entrepreneur as long as they set their mind to it. But you have to be willing to spend both time and money to get your business off the ground.

How to become an entrepreneur

If you have a good idea and you’ve gathered information about the market you’re going to operate in, you’ve already come a long way. It’s a good idea to do market analysis and make a business plan before starting a business.

A great tip is to use the business model canvas method, also called a one-page business plan. The business model canvas is a strategic management template used for developing new business models, and it’s useful because it gives an overview of what your startup will look like, both for your benefit and the benefit of potential investors.

Choose what type of business you want to run as an entrepreneur

When you start a business you need to select what type of business you want to register. The two most common types are sole proprietorship and limited liability company (LLC). These types of companies can have different names in different countries, but the main difference is that sole proprietorships or similar is a business type used for small companies, usually just yourself as a contractor or freelancer, while an LLC is better if you’re planning to grow, hire and purchase expensive equipment.

Know your audience

The more you know about the audience you want to sell to, the better equipped you are to make good business decisions. It’s also easier to find your niche when you know the market well.

It’s a good idea to take a look at what your competitors are doing, and what you can do to stand out in the crowd. Consider how you want to brand your business and what pricing strategy you think will work. It’s all about satisfying a need in the market and offering a service that can compete with existing businesses.

Learn to pitch

As an entrepreneur you should learn how to pitch your business. If you have investors on board from the go, it’ll give you a head start. To secure investors you have to be able to sell your idea and your business plan. The same goes for selling your service or product to clients.

Know who you are pitching to and what they would be interested in hearing about, and be conscious of how you present both yourself and your idea. Practice makes perfect!

The best pitches have a story to tell. Convince the listener that you can solve a problem or a challenge, while expressing your passion for your business.

Get the required capital

Make sure you have the necessary capital to launch your business. What do you need to purchase before you can get started? Does your business need an office space? A car? These are things you have to consider. If you don’t have enough money to do it by yourself, you should look for investors.

It might take some time before you start making a profit; It’s not common for a new business to make a profit in the first few months.

Use your network

Do you know people with specialised expertise, or people who can help in other ways? Part of being an entrepreneur is knowing when to rely on other people’s expertise, whether it’s an acquaintance or a service provider.

Set up a budget

During the startup period, your expenses will often exceed your income. A startup budget will help you ensure that you have the necessary finds to cover expenses and help you ensure that you’re on your way tto become profitable in the long run.

Download our free budget template to see how your costs and your income match up.

You should also set up a profit budget, also called operating budget, and a liquidity budget, in order to make the business better equipped to handle the ups and downs, and provide predictability in day-to-day operations.

Use an invoice software

Unless you have a cash register system or take payment directly from clients or even upfront, you need an an invoice software. With an online invoice software you can easily create invoices and send them to your clients in order to get paid.

An invoice software ensures that all your invoices look professional and comply with best practices as well as rules and regulations. All invoices are stored in the software, letting you easily follow up on overdue invoices

Start sending invoices for free

Know your limits

Being an entrepreneur can be quite insense, and you might end up working many late nights. When you’re young, this might be fine, but you’ll be better off in the long run if you set some ground rules. If you overwork youself it won’t benefit you, your business or the people around you.

Take care of your health and try to establish a good work-life balance—although it can be challenging when you’re your own boss.

Good luck as an entrepreneur!