Are you in some stage of a startup? Are you wondering what you’ve gotten yourself into but KNOW you have an amazing idea? Regardless of age, experience, or industry, deep down, entrepreneurs are the same. They possess a desire to solve a problem and believe that their invention, the products or services offered by their business, is the solution. Oh, and entrepreneurs usually have an eye fixed on profits!
There is no magic combination that can be followed time and again to ensure a successful entrepreneurial journey. The best approach is to pursue your vision and prepare yourself for any and all challenges that might develop along the way. These are just a few of the realities of being an entrepreneur – let’s look at some more!
REALITIES OF ENTREPRENEURSHIP
Entrepreneurs Create and Invent
While investing in franchise opportunities or purchasing preexisting businesses is an approach more likely to deliver success, they are only so when an entrepreneur can shut down and cut off her entrepreneurial spirit. Those so-called “safer” business approaches don’t allow for the creation of new practices or invention of new products. The imagination and ceaseless drive that each entrepreneur brings to her own unique business can’t exist in a business created and formatted by someone else. Avoid disappointment – do it your way, start to finish.
Entrepreneurs Measure Success by Growth
The more quickly a business grows, the more successful the creation. Slow growth or no growth is a death knell to an entrepreneur. Entrepreneurs know that the survival of a business isn’t enough. It needs to thrive, it needs to grow, or it needs to go. More than one entrepreneur has gone back to the drawing board when a startup has failed! Failures are a learning opportunity so treat them as such.
Entrepreneurs Aren’t Like the Other Kids
Not everyone is an inventor who can conceive of an amazing idea for a new business. Not everyone has the courage (and, sometimes, madness) required to take the plunge into the unknown, both feet. Not everyone has the patience needed to fully develop an explosive idea detail by detail. While entrepreneurs by no means have a corner on the creativity market, they possess an insatiable desire to share their creativity with the world AND they take the steps required to allow them to share it.
Entrepreneurs Don’t Believe in Non-Work Hours
Entrepreneurs work until the work is done. And, sometimes, the work is never done. An employee with clearly defined responsibilities and carefully outlined work hours is on the opposite end of the spectrum from an entrepreneur. Entrepreneurs not only wake up at 2 am with thoughts about their business, but they also get out of bed and do something with those thoughts. Wearing multitudes of hats means entrepreneurs don’t define their work hours as work – they define them as times of inspiration, perspiration, and dedication.
Entrepreneurs Aren’t Paid Hourly.
In the world of startups, work done today may not pay off right away. It might take days, weeks, or months for work efforts to bring in revenue. Entrepreneurs understand the ebb and flow of finances as compared to the time they invest in their business. They are looking further ahead than an hourly employee who is simply counting hours and multiplying by a nice, safe, hourly wage. Entrepreneurs will perpetually invest their time and efforts knowing the monetary benefit will be realized at some point in the future.
Entrepreneurs Can’t Pass the Buck…Ever.
Entrepreneurs don’t just make large-scale business decisions. It isn’t all strategy and planning. Among the multiple hats worn by an entrepreneur will be one of a telemarketer, a bill collector, a customer service expert, and on and on. Clients expect entrepreneurs to deliver on all aspects of their business. Entrepreneurs need to manage each of their roles accordingly and have to responsibly wear each hat until they have grown the business to accommodate staff members to handle some of those demanding positions.
Entrepreneurs are Ready to Spend Money to Make Money
Successful entrepreneurship may lead to fabulous profits but it rarely starts out that way. There is no guaranteed return on an entrepreneurial investment and, as we mentioned above, it very often takes time to realize any sort of return. Entrepreneurs know that the path they have chosen is not only an investment of time, but also an investment of money to cover startup costs, unforeseen complications, and more. However, entrepreneurs also know that the more they plan, efficiently execute their plans, and learn from the successes and challenges, the more likely they are to see a return on their financial investments.
Every Entrepreneur Has Wanted to Quit – It’s Part of the Process
Entrepreneurs expect to hit the proverbial brick walls multiple times during their entrepreneurial journey. The good news is, once you’ve learned to roll with the punches of entrepreneurship, the less you think about quitting and the more you think about fighting your way to success.
Embracing the reality that you don’t get sick days or vacation time is an important component of being a successful entrepreneur. Realizing the loneliness of your path and purposefully creating opportunities to engage with other, like-minded folks is another important strategy for entrepreneurial success.
Entrepreneurs understand the value of taking a pause, for collecting themselves, for regrouping and re-approaching, but quitting isn’t an option.
WHY IS ENTREPRENEURSHIP IMPORTANT?
Entrepreneurs can change the way we live and work. If successful, their innovations may improve our standard of living, and, in addition to creating wealth with their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society.
No pressure, right? But seriously, there are some amazing benefits that entrepreneurs provide:
1. Entrepreneurs Create New Businesses
New products and services offered by entrepreneurs result in employment opportunities that can have a cascading effect on the economy. Relevant business sectors are stimulated by these new ventures which only serves to further economic development.
2. Entrepreneurs Add to National Income
While existing businesses are often confined to the scope of existing markets, entrepreneurial ventures generate new wealth. New products, technologies, and services from startups allow the development of new markets, creating new wealth. The resulting increased employment and higher earnings have a positive impact on national income in regards to higher tax revenue.
3. Entrepreneurs Also Create Social Change
Improved quality of life and greater economic freedom are found through the unique offerings of new goods and services provided by entrepreneurs. There is also reduced dependence on outdated technologies and systems. In addition, the globalization of technology levels the playing field for entrepreneurs in underdeveloped countries. With the same access to technology but a lower cost of living, an entrepreneur from a lesser developed country has an equal opportunity to financial success as his counterpart from a more developed country.
4. Community Development
Entrepreneurs tend to invest in local efforts such as community projects, local fundraising work, and local charities. They also are known to support other like-minded people and will nurture the entrepreneurial ventures of others, enabling further development beyond their own efforts.
The team members at Strategy Driven Marketing have never been like the other kids. We understand the realities of entrepreneurs because we live them! We thrive on the excitement of the unknown and love to help others realize their business dreams and are here to help you realize your dreams. Contact us today – let’s get started!