Nowadays, people are constantly trying to explore ways to put up their own business as their consistent source of income.
However, entrepreneurship is not as easy as people make it seem to be. There is a lot more to business than just supply and demand, the relationship between consumers and sellers, etc.
Moreover, you need to have the aspects of a good entrepreneur if you wish to have a successful business.
If you are planning to start a business, you should know these 10 facts about entrepreneurship to give you a brief background of what to expect.
Entrepreneurs Should Be Persistent
There are a lot of challenges an entrepreneur goes through and the biggest one is raising seed capital because many entrepreneurs fails here. It’s not easy to achieve one accomplishment and another. It is also something that you must endure in the long run if you want to attain success.
You will face countless failures and you must somehow find a way to get back on track. This is why a good entrepreneur must have the quality of being exceptionally persistent, as well as discipline and determination.
Be Ready to Sacrifice The Thought of Convenience
An entrepreneur must be ready to let go of their luxuries in exchange for the convenience of their target customers. Consumers always take the top priority in an entrepreneur’s life.
All businessmen always start at the bottom. They have worked all their way up to the top sacrificing their comfort and devoting their everything for the sake of their business.
Thus, if you decide to take a step in entrepreneurship, forget living a life full of luxury and comfort and start living simply.
Overtime Is Normal In Entrepreneurship
In the world of entrepreneurship, one is expected to be exceptionally diligent and persistent. To make something work, especially when starting from the bottom, you need to spend a significant amount of time working.
To support this claim, there is a survey conducted on successful entrepreneurs. 19% of the businessmen who participated in the survey worked more than 60 hours every week.
33% worked for 40 to 49 hours a week, 30% worked 50 to 59 hours, and 13% worked for 30 to 39 hours every week. Only 5% of the entrepreneurs worked less than 30 hours a week.
To that study and survey alone, one of the key recipes in attaining a successful business is working diligently, and that means working for hours with exceptional dedication.
In Entrepreneurship, Planning Is The Key
Planning is the most crucial part of entrepreneurship. It will determine the future of a business and only entrepreneurs can carve a successful path through thorough planning.
Entrepreneurship planning includes budgeting both your time and money, how much you will invest in your business, who your target consumers are, and more things to note for planning.
You need to make plans and decisions in advance so that you will be able to follow the flow of the progress of your business.
A Right-Off-The-Bat Success In Entrepreneurship Is Impossible
Entrepreneurship happens in the long run. It takes years and endless hard work to be successful. You will be setting goals here and there while taking small and slow but consistent steps towards these goals.
Weaknesses Do Not Have A Place In Entrepreneurship
Some people focus too much on their weaknesses in hopes that they might be able to discard them or strengthen them.
That is fine, however, if you put too much emphasis on your weaknesses, it will greatly affect your progress and development in entrepreneurship. Most likely, it will bring your morale down thinking that this and that are your weaknesses.
Instead, solidify and make use of your strengths to the fullest to achieve success. You can still take note of your weaknesses for future decision-making but never spend too much attention on them. This will make you successful.
Power And Money Is Prevalent
When you have power and money, and you intend to start a journey in entrepreneurship, these resources will be very useful. Authority is one of the most powerful forms of social power. It will come with influence and great resources from different people.
If you have these, and you also have the perfect qualities of an entrepreneur such as persistence, diligence, dedication, power and money will be a great addition to your chances of success.
Entrepreneurship Is All About Choosing The Right Resources
You can’t run a business all by yourself. You will need a bunch of resources to start a business.
Your supplies also serve as one of your resources. Choose what your business will all be about wisely and properly.
Making excellent choices and decisions will help you maintain consistently or even rise in progress during your journey in entrepreneurship.
Entrepreneurship Will Help You Reflect On Many Aspects In Your Life
Taking a journey in entrepreneurship will hone your qualities both as a normal person and entrepreneur.
Remember, you are striving hard to persist against failures and challenges. You spend 99% of your time working and you have a sense of dedication and responsibility as you go on with the journey.
After making all these efforts, you’ll find that all you’ve done is worth it and reflect on your journey. This will give you self actualization which is very important as a person.
Entrepreneurship Is A Competition
Choosing the path of entrepreneurship means that you are entering a competition. You will be competing with different entrepreneurs who might be potential threats to your business.
It is a harsh competition in this world and you must have what it takes to take on the challenges awaiting you.