designing, launching and running a new business, which is often initially a
small business. The people who create these businesses are called
entrepreneurs. Successful entrepreneurs expand the size of the economic pie for
as the “capacity and willingness to develop, organize and manage a
business venture along with any of its risks to make a profit.
need to know this;
occupational hazard for entrepreneurs.
point of bringing on other people, it’s going to be a one-person show. This
means extended periods of time alone, and that can get to you. Even us
introverts need a little human interaction every now and then.
time. It can be a coffee shop or co-working space, but go where people gather.
That contact with others might seem distracting, but it will actually help you
mentally. The energy of others can help stir creativity in you.
it’s easy to lose focus. Your freedom to do whatever you decide with your time
will backfire if you don’t stick to a schedule and plan. Today, things like
social media notifications can lead you down time-wasting rabbit holes.
your business. Don’t give in to activities that will distract you. Your time
and energy needs be spent on strategies that grow your business. That’s where
your focus should be.
income, but that income can be inconsistent. You quickly learn the value of an
emergency fund. It takes time to build a steady customer base. Until then, be
prepared for the highs and lows.
lot of places that seem like they would be a good investment, but aren’t. Testing
with a small amount is the key to see what really works in your business. Just
because someone else had success with a strategy, doesn’t mean it will work for
time-wasting activities: We live in the
information age, which has brought on information overload for many
entrepreneurs. We see something that works and we want to try it for our
business. To make progress in your business, you have to focus your time on
what will help your business where you are. As you grow, learn and then
implement. Continuing to learn without taking action will hurt your business.
out, you can manage them on your own. Eventually, there’s so much to manage
that you can’t focus on things that will help your business grow. Today virtual
assistants and freelancers can take on some of the load so you can focus on
growing your business. Trying to be the “jack-of-all-trades” only hurts your
business in the long run.
yourself: Every day we read blogs,
listen to podcasts and watch videos that offer strategies to help our business.
We see the success of some great entrepreneurs and we’re tempted to copy them.
Smart entrepreneurs have figured out that copying isn’t enough. If you see
something that works, testing is the only way to ensure it will work for your
business. Testing gives you valuable feedback from customers, which helps you
in creating products and services that generate income.
You can achieve freedom in your life and finances, and build a business that
you pass down to your children. When achieve success, it’s easy to coast and
stay complacent in your progress. Your goal should be to grow, and to set new
goals and new levels of success.
possible in your business. The “sky’s the limit” is a cliché, but if
you consistently set higher and higher goals, you can make it your reality.
entrepreneurship journey, be sure you can handle these seven issues. If you’re
reading this, I’m confident you can. If you’re already an entrepreneur, use
these tips to help your business continue to grow.
of researchers who believe that identifying and comparing the relationships
between an entrepreneur’s earnings and education level would determine the rate
and level of success. Their study focused on two education levels, college
degree and post-graduate degree. While Michelacci and Schivardi do not
specifically determine characteristics or traits for successful entrepreneurs,
they do believe that there is a direct relationship between education and
success, noting that having a college knowledge does contribute to advancement
in the workforce.
has been a rise in the number of self-employed people with a baccalaureate
degree. However, their findings also show that those who are self-employed and
possess a graduate degree has remained consistent throughout time at about 33
percent. They briefly mention those famous entrepreneurs like Steve Jobs and
Mark Zuckerberg who were college dropouts, but they call these cases all but
exceptional as it is a pattern that many entrepreneurs view formal education as
costly, mainly because of the time that needs to be spent on it. Michelacci and
Schivardi believe that in order for an individual to reach the full success
they need to have education beyond high school. Their research shows that the
higher the education level the greater the success. The reason is that college
gives people additional skills that can be used within their business and to
operate on a higher level than someone who only “runs” it.
entrepreneurship shows that, to promote entrepreneurship, government policy
should focus on reforming basic institutions to create an environment in which
creative individuals can flourish.