Entrepreneurship is the act of creating a business while building and scaling it to generate profits. However, as a basic entrepreneurship definition, it’s a bit limited. The more modern entrepreneurship definition is also about transforming the world by solving big problems like initiating social change, creating an innovative product or presenting a new life-changing solution.
It can even help lower unemployment rates through job creation to help reduce poverty. Entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction of their own choice. It’s about building a life on your own terms. No bosses. No restricting schedules. And no one is holding you back. Entrepreneurs are able to take the first step into making the world a better place, for everyone in it.
The reality for most small business owners is very different. In fact, roughly 90 percent of all startups ultimately fail. One explanation for this high failure rate is that many entrepreneurs are attracted to business for the wrong reasons. They fall victim to common myths, and grossly underestimate the difficulty involved with launching a start-up.
3 hidden truths about starting your entrepreneurial journey
- You Don’t Need a Lot of Money to Get Started
Many of the entrepreneurs’ opinion think that you need a bank loans and venture capital so that you can survive in your businesses. Yet, it’s possible to launch a successful business on a lean, shoestring budget. This can be reality if you focus on developing that minimum viable product and you just invest only in the tools you need.
- You Can Keep Your Day Job
To start a small business isn’t easy. You have to spend more and more time in the early stage. Even you have to scarify your rest time to ensure that your business run perfectly. In fact, many successful entrepreneurs start by working evenings, weekends, and the occasional lunch break. But once your sale starting to increase your may back to working part-time. You quit the day jobs once the business becomes truly sustainable.
- You Don’t Need Special Training
Nowadays, business development has become modern compare to the past. If you don’t know how to code, not a great writer and clueless about business fundamentals, don’t worry because there are huge market of freelancers who can help you with every skill under the sun. From graphic design to copywriting to web development such as Guru.com and Upwork.com let you easily and affordably outsource your needs on a case-by-case basis.
3 factors to entrepreneurial success
- See the Big Picture
Many new business owners get caught up in the present. They are focused on navigating the problems that arise each day. However, successful business owners focus on the future. It is key to see the big picture and remain on a path that keeps a company meeting long-term goals. The market moves quickly, so it is essential to stay true to your vision and map out a road that gets the job done for tomorrow and beyond.
- Have a Competitive Spirit
A strong business owner usually has a competitive spirit and enjoys winning. Since starting a business is a big challenge, it is the perfect way to harness this energy. A competitive spirit is essential to win customers and increase market share.
- Experience Failure and Move On
Failure is an inevitable part of life. However, the way a person handles setbacks can have a profound effect on their business. A successful business owner works to understand the reason for the setback and understand how to avoid similar setbacks in the future so that when the next opportunity pops up the business will be well-positioned to achieve a positive outcome.