Entrepreneur
HOW TO BECOME AN ENTREPRENEUR
Entrepreneur: The word is on everyone's lips. Nowadays, more and more employees dream of running their own business. Of course, before starting a business, you need to come up with an innovative idea that will make it prosper.
What is entrepreneurship?
In 2018, 691,000 businesses were created in France, according to the French statistics institute INSEE. This represents a 17% increase over the previous year. Strongly boosted by micro-businesses which range in size from one to ten employees, this increase shows both that entrepreneurship is a common career choice in France and that there is plenty of competition.
Entrepreneurship spans a multitude of fields. It can affect any type of good or service produced in France. However, entrepreneurs all share certain common traits which help define the characteristics of this demanding and exciting career. Entrepreneurship is a competitive universe based on self-transcendence, which implies a willingness to devote countless hours to one’s job, regardless of the industry.
More specifically, when it comes to entrepreneurship in the sports industry, a few points should be emphasized. First of all, the sports business field is a developing market which is highly conducive to entrepreneurial spirit, both freelance and corporate (French SARL, SAS, auto-entrepreneur status, etc.). Second, the rise in new sports and leisure (indoor and outdoor) practices, products or services—such as communication, business, e-commerce, the virtual universe and connected devices—opens a whole new field of exploration for ambitious and inventive entrepreneurs!
Candidates
to success in this area should cultivate the start-up spirit and the values that go with it. Sports entrepreneurs must be willing to take risks to develop the projects in which they believe.
What are the duties of an entrepreneur?
Typically, entrepreneurs are people who create a business activity. They are business owners who possess sufficient skills and motivation to start a business and in fine create jobs. Entrepreneurs who are strongly committed to their project, with personal and material investment, will become leaders. Personal commitment is in fact the key to the success of their venture, and entrepreneurs must behave as managers at all times.
Entrepreneurs personally engage in the creation of a product or service they wish to put on the market. For this reason, they seek to ensure the future of their company before focusing on maximizing their business.
Generally speaking, the role of an entrepreneur is to start a business or develop a project. As such, they are both architects and supervisors. Companies sometimes look for entrepreneurs, to take over an existing company or business franchise. An entrepreneur’s role in a takeover will be to revitalize the company, to bring a fresh outlook on the project. An entrepreneur can also be self-employed and create their own micro-business. There are several corporate social security options for business founders.
To set up their own business, potential entrepreneurs must first carry out a market study with a business plan and be both self-reliant and able to collect advice from seasoned entrepreneurs. They must define the scope of their business and closely monitor the competition. They must have a strong entrepreneurial culture.
Entrepreneurs must complete all the necessary paperwork prior to launching their business, such as registering the company, defining the proper tax system, the company’s legal structure and status (in partnership with the co-founder), social security for employees, defining the business model, choosing support networks and opening a bank account.
It is vital that business owners accept that they must not “cut corners”. They should be ready to accept unsuccessful attempts, as these contribute to experience and mastery of the project.
In addition to managing their business,
entrepreneurs may be required to perform other tasks such as communication, accounting, human resources or team management.
Typically, the smaller the company, the more entrepreneurs will multitask and take on different roles.
In sports business, personal development and digitalization have affected the conventional sports economy, uses and equipment, thereby fostering new business and job creations. Consistent effort and proceeding step-by-step will ensure greater success in building a long-lasting business.
Entrepreneurs must know how to efficiently manage costs and expenditures. They must take employee social security contributions and expenses into account, know their business’s break-even point, be aware of VAT exemptions, increaser annual sales and reduce administrative costs.
What are the required skills to become an entrepreneur?
Every project, regardless of size, should be driven by the quest for success. This is a positive means of identification for business owners and their company. As a result, potential entrepreneurs should demonstrate a taste for organization, engaging people to build a community around themselves and the project.
Wielding entrepreneurial power, requires a taste for freedom and the capacity to build independence to develop leadership and influence. Core competencies include delivering on commitments, efficiency and quality. Performance monitoring and network development help consolidate and broaden the foundations of the business. Self-confidence drives the urge to succeed.
Importantly, future entrepreneurs should have a versatile profile and know how to build a strong entourage to set up their own business.
Business and financial management skills are a prerequisite for running a company. Entrepreneurs must have sound marketing, communication and sales skills. They should know how to spot market and product opportunities, requests and how to cater to them. They are able to bounce back after a setback.
They must be able to mobilize innate skills, such as dynamism, perseverance, show a good sense of responsibility and accept flexible working hours.
Business owners know how to leverage their managing skills to successfully run their company and teams. They must also demonstrate a sense of diplomacy, active listening skills, good interpersonal skills, good organizational skills and a strong resistance to stress. To keep up their motivation and boost their team, they must show empathy and understand other people’s emotions. Other key assets for true business leaders include good verbal skills; natural negotiation, persuasion and proactive skills.
Finally, as decision-makers, they typically play an important role in company strategy. They must think strategically and demonstrate strong analytical skills. They will be successful if they are able to anticipate, demonstrate creative skills and have innovative ideas.
Salary range and career prospects
It is not possible to provide an entrepreneur’s average salary, as this varies according to the type of business, sector, experience, and company seniority. However, when starting a career running their own business, entrepreneurs will pay themselves according to the company’s profits (which are usually quite low). The longer they work in a stable business, the higher their salary will be. In the long run, the business owner is the highest-paid staff member of a company.
After an entrepreneurial career, it is possible to progress in the same sector, i.e., in business administration, communication, entrepreneurial consulting, sales registry or chamber of commerce management, managing a startup incubator or any other professional activity related to entrepreneurship. After successfully completing and entrepreneurial career, professionals may wish to work as employees with interesting responsibilities, working for a large sports organization, for example!
What qualifications are required to become an entrepreneur?
There are several ways to become an entrepreneur, the first being to start your own business and learn through experience. However, this is a high-risk solution: with no previous experience in entrepreneurship, the chances are high you will make beginner’s mistakes and lose lots of money, time and credibility.
It is usually preferable to attend a business or management school beforehand and follow a course in entrepreneurship to acquire as many skills as possible in a variety of fields.
If you wish to work in the sports industry, attending a specialized school will help you develop all the knowledge you need. This will help future entrepreneurs master a wider range of subjects that will be very useful they launch their business.
In 2018, 691,000 businesses were created in France, according to the French statistics institute INSEE. This represents a 17% increase over the previous year. Strongly boosted by micro-businesses which range in size from one to ten employees, this increase shows both that entrepreneurship is a common career choice in France and that there is plenty of competition.
Entrepreneurship spans a multitude of fields. It can affect any type of good or service produced in France. However, entrepreneurs all share certain common traits which help define the characteristics of this demanding and exciting career. Entrepreneurship is a competitive universe based on self-transcendence, which implies a willingness to devote countless hours to one’s job, regardless of the industry.
More specifically, when it comes to entrepreneurship in the sports industry, a few points should be emphasized. First of all, the sports business field is a developing market which is highly conducive to entrepreneurial spirit, both freelance and corporate (French SARL, SAS, auto-entrepreneur status, etc.). Second, the rise in new sports and leisure (indoor and outdoor) practices, products or services—such as communication, business, e-commerce, the virtual universe and connected devices—opens a whole new field of exploration for ambitious and inventive entrepreneurs!
Candidates
to success in this area should cultivate the start-up spirit and the values that go with it. Sports entrepreneurs must be willing to take risks to develop the projects in which they believe.
Typically, entrepreneurs are people who create a business activity. They are business owners who possess sufficient skills and motivation to start a business and in fine create jobs. Entrepreneurs who are strongly committed to their project, with personal and material investment, will become leaders. Personal commitment is in fact the key to the success of their venture, and entrepreneurs must behave as managers at all times.
Entrepreneurs personally engage in the creation of a product or service they wish to put on the market. For this reason, they seek to ensure the future of their company before focusing on maximizing their business.
Generally speaking, the role of an entrepreneur is to start a business or develop a project. As such, they are both architects and supervisors. Companies sometimes look for entrepreneurs, to take over an existing company or business franchise. An entrepreneur’s role in a takeover will be to revitalize the company, to bring a fresh outlook on the project. An entrepreneur can also be self-employed and create their own micro-business. There are several corporate social security options for business founders.
To set up their own business, potential entrepreneurs must first carry out a market study with a business plan and be both self-reliant and able to collect advice from seasoned entrepreneurs. They must define the scope of their business and closely monitor the competition. They must have a strong entrepreneurial culture.
Entrepreneurs must complete all the necessary paperwork prior to launching their business, such as registering the company, defining the proper tax system, the company’s legal structure and status (in partnership with the co-founder), social security for employees, defining the business model, choosing support networks and opening a bank account.
It is vital that business owners accept that they must not “cut corners”. They should be ready to accept unsuccessful attempts, as these contribute to experience and mastery of the project.
In addition to managing their business,
entrepreneurs may be required to perform other tasks such as communication, accounting, human resources or team management.
Typically, the smaller the company, the more entrepreneurs will multitask and take on different roles.
In sports business, personal development and digitalization have affected the conventional sports economy, uses and equipment, thereby fostering new business and job creations. Consistent effort and proceeding step-by-step will ensure greater success in building a long-lasting business.
Entrepreneurs must know how to efficiently manage costs and expenditures. They must take employee social security contributions and expenses into account, know their business’s break-even point, be aware of VAT exemptions, increaser annual sales and reduce administrative costs.
Every project, regardless of size, should be driven by the quest for success. This is a positive means of identification for business owners and their company. As a result, potential entrepreneurs should demonstrate a taste for organization, engaging people to build a community around themselves and the project.
Wielding entrepreneurial power, requires a taste for freedom and the capacity to build independence to develop leadership and influence. Core competencies include delivering on commitments, efficiency and quality. Performance monitoring and network development help consolidate and broaden the foundations of the business. Self-confidence drives the urge to succeed.
Importantly, future entrepreneurs should have a versatile profile and know how to build a strong entourage to set up their own business.
Business and financial management skills are a prerequisite for running a company. Entrepreneurs must have sound marketing, communication and sales skills. They should know how to spot market and product opportunities, requests and how to cater to them. They are able to bounce back after a setback.
They must be able to mobilize innate skills, such as dynamism, perseverance, show a good sense of responsibility and accept flexible working hours.
Business owners know how to leverage their managing skills to successfully run their company and teams. They must also demonstrate a sense of diplomacy, active listening skills, good interpersonal skills, good organizational skills and a strong resistance to stress. To keep up their motivation and boost their team, they must show empathy and understand other people’s emotions. Other key assets for true business leaders include good verbal skills; natural negotiation, persuasion and proactive skills.
Finally, as decision-makers, they typically play an important role in company strategy. They must think strategically and demonstrate strong analytical skills. They will be successful if they are able to anticipate, demonstrate creative skills and have innovative ideas.
It is not possible to provide an entrepreneur’s average salary, as this varies according to the type of business, sector, experience, and company seniority. However, when starting a career running their own business, entrepreneurs will pay themselves according to the company’s profits (which are usually quite low). The longer they work in a stable business, the higher their salary will be. In the long run, the business owner is the highest-paid staff member of a company.
After an entrepreneurial career, it is possible to progress in the same sector, i.e., in business administration, communication, entrepreneurial consulting, sales registry or chamber of commerce management, managing a startup incubator or any other professional activity related to entrepreneurship. After successfully completing and entrepreneurial career, professionals may wish to work as employees with interesting responsibilities, working for a large sports organization, for example!
There are several ways to become an entrepreneur, the first being to start your own business and learn through experience. However, this is a high-risk solution: with no previous experience in entrepreneurship, the chances are high you will make beginner’s mistakes and lose lots of money, time and credibility.
It is usually preferable to attend a business or management school beforehand and follow a course in entrepreneurship to acquire as many skills as possible in a variety of fields.
If you wish to work in the sports industry, attending a specialized school will help you develop all the knowledge you need. This will help future entrepreneurs master a wider range of subjects that will be very useful they launch their business.
