How to become an entrepreneur: the ultimate beginner’s guide

Wondering how to become an entrepreneur and succeed in business?

This guide explains what entrepreneurship is, the essential skills and characteristics of successful entrepreneurs and the 4 main types of entrepreneurs. You’ll also learn the difference between entrepreneurs and intrapreneurs and the practical steps to kickstart your entrepreneurial journey.

What is an entrepreneur?

An entrepreneur is someone who starts and grows a business to solve real problems. Entrepreneurs come from diverse backgrounds including arts, accounting, engineering and technology, and they use their unique experiences to inform their ideas and ventures.

Entrepreneurship involves taking risks for the chance of great rewards. Every successful business entrepreneur works hard, learns from mistakes and adapts to change.

5 essential skills and characteristics of an entrepreneur

Successful entrepreneurs share these key skills and characteristics:

1. Initiative
   Entrepreneurs are self-starters who improve business models, products and services through innovation.
2. Diligence
   Hard work and perseverance are essential. You’ll face setbacks and repetitive tasks, but resilience will keep you moving towards your goals.
3. Resourcefulness
   Being resourceful allows you to leverage what you already have rather than waiting for ideal conditions and to move forward despite constraints.
4. Flexibility
   The business world changes quickly. Stay agile, adjusting your strategy as circumstances shift, and thrive in uncertainty.
5. Leadership
   Inspire your team and network. Strong communication and a focus on developing others will help you achieve your vision.

4 types of entrepreneurs 

Understanding your entrepreneurial style can help you achieve your goals. Here are 4 common types of entrepreneurs:

1. Small business entrepreneur
   Invests personal capital to launch a business, with no plans to expand into a franchise, chain or corporation.
2. Scalable startup entrepreneur
   Starts small and aims for rapid growth, often attracting outside investment. Many Silicon Valley technology companies begin this way.
3. Large company intrapreneur
   Innovates within an established business, introducing new products or services to expand the company’s reach and enter new markets.
4. Social entrepreneur
   Uses commercial strategies to address community, social and environmental challenges, focusing on positive change over profit.

Intrapreneur vs entrepreneur: what’s the difference? 

Both intrapreneurs and entrepreneurs drive business innovation, but there are key differences:

Intrapreneurs 

• innovate within an existing company
• benefit from organisational support and lower execution risk 
• have access to company resources but less autonomy. 

Entrepreneurs 

• build a new business independently
• have more freedom to explore innovative ideas, but higher risk
• are responsible for funding (including sourcing investors) and execution. 

Many people who start as intrapreneurs use their innovation skills and experience to later transition into entrepreneurship. 

How to become an entrepreneur: 3 practical tips 

Starting your entrepreneurial journey can be challenging but rewarding. Here’s how to begin: 

1. Identify a problem and brainstorm solutions
   Research the market to find gaps and opportunities. Your business idea should solve a genuine problem and meet real demand.
2. Keep learning
   Enhance your entrepreneurial knowledge and skills by studying a formal qualification. Higher education can expose you to new ideas and valuable connections.
3. Build a network
   Networking is crucial for entrepreneurial success. Build relationships across industries to collaborate, break into new markets, meet potential investors and access valuable resources.

Ready to start your entrepreneurial journey?

Postgraduate programs like UQ’s Master of Entrepreneurship and Innovation can accelerate your success as an entrepreneur. Broaden your knowledge, capabilities and experience in a supportive environment while connecting with like-minded peers. Test new ideas and learn how to drive business growth through innovation, with access to connections and resources including UQ Ventures.

Learn more about UQ’s Master of Entrepreneurship and Innovation