There are so many success stories of young entrepreneurs going around social media that it is hard not to be impacted by the inspirational potentials. Nowadays, it seems that lots of people are trying to launch their brand. After all, it is simpler to start a business at home than it has ever been before. For one, everyone has more spare time on their hands because of the global lockdown situation. Starting a business during the pandemic has some great benefits, in case it is an online business. Secondly, many excellent online platforms make setting up your store incredibly simple. A great place to start would be Shopify. The first two weeks are completely free, so you could theoretically start an online business and make sales without even having to invest. That being said, it is not all candy and peaches in the world of online business. Sure, many websites are thriving because of their hard work and great amount of bonuses such as free spins, but the fact that it is easier than ever to start a business idea also means that there is a lot of competition out there. You have to be well-prepped for the grind to stand out before you enter the world of business. We want to encourage you by outlining the key points that you should know before starting. You have to start with a business idea, and getting your head in the right place before everything else can be vital for getting through the ups and downs along the way. Starting a business can be an exciting adventure, but it also comes with some risks. One of the first things that entrepreneurs should ask themselves before taking on this challenge is what they are willing to assume for their company's success. As an entrepreneur, you will be making decisions that affect the lives of your employees and customers. You will need to balance long-term goals with short-term needs, maintain a professional appearance at all times, and manage your time wisely. To help you through this process, we have created a checklist for what every entrepreneur should consider before starting their business.
Let's go and Let's Answer: What Must an Entrepreneur Assume When Starting a Business
1. Failing is part of the process
There is no denying that failure is a huge part of the entrepreneurial journey. It's something that you have to accept and learn to deal with if you want to be successful. But why is it such an important part of entrepreneurship?Well, for one thing, it's through failure that we learn and grow. Every time we fail, we learn what doesn't work and we can apply that knowledge to future endeavours. We also become more resilient, which is essential for anyone who wants to be an entrepreneur.
Failure can also be a great motivator. When we experience failure, we are often driven to try harder and do better next time. This can help us to achieve great things in the future.
As a business owner or entrepreneur, you must assume that you'll struggle, fail, and doubt yourself as you try to grow your business. There is a saying – hope for the best, but prepare for the worst. That is very true for being an entrepreneur. Do not get fooled by overnight success stories, as often they have been years in the making, or they were incredibly lucky. Surely, luck and hard work are both factors to how well you might do. Still, it is very likely that you will fail somewhere down the road. According to reports, the fail rate of eCommerce businesses is a hefty 80%. Don't let that discourage you completely because many starters jump boat on the first tiny nosedive. Making mistakes can give you valuable insight into what works and what does not. Failing causes many to quit before their time, but that weeds out the weaker bunch. Sometimes it is not your first venture that blows through the roof, but perhaps the third, or even seventh. It is not how many times you fall, but how many times you keep standing up, as they say. However, there is always the chance you will be among those lucky ones who succeed with their first business. That is the thrill of the game.
2. Save up more funds than you think you will need
Going bankrupt is pretty much every business owners' nightmare, so make sure you have a plan in place to avoid it and necessary funds (Or apply for bank loans) upfront in case things don't go as planned. Even if you think you have a foolproof business plan, things will change along the way. According to Forbes, 75% of all businesses survive their first year. That does not mean they are necessarily profitable. Realistically, it may take you around 18-24 months to start earning money from your venture. It could even be more, as you have to factor in that you may need the profits to start covering your startup costs. That is especially true if you are starting a business on credit. Depending on your particular field, the running costs can add up quickly. That is why having a precise business plan is vital. You want to know exactly how much money you will need to stay afloat, and then add another 30% of that as your emergency fund. This is what one should do in the ideal scenario. We understand that not everyone has such funds available to them. When wanting to start a business, support can come in many forms. Make sure to check out the various grant programs in your area. If you are in the US, there are plenty of options to apply for. When starting a business, government help can be of tremendous benefit. If you secure a good grant, it could be a deciding factor in whether you could keep things up and running for years to come.Making sure that you have more money than you spend can be achieved in more ways, aside from securing government benefits. There are loads of private investors who are always on the lookout to help people get off the ground if they have no money. Starting a business with the help of investors requires having a well-thought-out idea to sell. You will have to pitch it and hope that investors catch on. In turn, an investor will ask for a percentage of shares of your company or that you pay back interest over time. The conditions are negotiable, but remember that giving up some shares is much better than having no opportunity. Aside from investors, you could also raise the money yourself. Online gaming has come a long way in paying out its users, and platforms are a viable way to make quick cash over the Internet.
3. Brace yourself for criticisms
Keeping on the subject of entrepreneurship, one could argue that criticism is not something new to founders, but it becomes more relevant when their companies are becoming bigger and bring them closer to investors or consumers.It does not matter what type of business you run, you will not be able to control the opinions coming towards you. Not everyone is going to cheer you on. One might think fondly of all humans, but it only takes a glance at the comment section of popular news outlets, or social media posts, to see that negativity is still all too common. In that regard, there isn’t any way to shield yourself apart from deleting comments. That could, however, work against you as you compromise transparency, and it could just backfire. That is not a solution. Starting a business means that you open yourself up to the scrutiny of the public. You will get praise, but you will likely also have to face harsh criticisms. Some customers feel entitled to voice their angry opinion, however rude it may be. It is easy to get hung up on that one bad review, even though you have twenty positive ones surrounding it. You have to keep a cool head to weigh whether the criticism is coming from someone who has a personal agenda, or whether there is truth to it. If it points out something you should be improving, then you should be thankful for it. Constructive criticism enables you to understand new perspectives and apply the insight to improve your company. All in all, the customer is always king. Dealing with undesirable comments or overbearing customers requires a strong psychological stance. Remember to work on yourself to withstand such potential stress factors and maneuver through them tastefully.
4. Being an entrepreneur is a lifestyle
As an entrepreneur, you can take the franchise route, start businesses from scratch or acquire startups or existing businesses. No matter which path you choose, there are many reasons why being an entrepreneur is a lifestyle. The most important one is that it's a way of life. It's not just a job, it's a way to make money while doing something you love. It's also a way to be in control of your own destiny. You're not at the mercy of someone else telling you what to do. You're in charge of your own business and you can make your own decisions.Being an entrepreneur is also a way to be your own boss. You don't have to answer to anyone else (Except users of course and sometimes investors), you can make your own hours, and you can work from home if you want to.
Once you have your checklist for starting the business down, you have to understand you are subscribing to a new lifestyle. The upside is that you will be in full creative control, have full responsibility, and you will reap all the rewards. You will be able to work whenever you want, and from wherever, once things are up and running. The downside is that in the first few years, perhaps more, it is not going to be a shift-based job. You will have to deal with issues constantly unless you outsource your management system. Even in that case, you should always know what is happening. Leaving your business in the hands of someone else is not something you should do unless you are extremely confident in their capabilities.
5. Dare to be different
There is no one solution to starting a business that will work in all cases. If you start your business today, it might take a whole different trajectory to success than someone who started last year. Social media and eCommerce are constantly evolving, and adapting to the new tides requires creative thinking. An open-minded approach in marketing can be very valuable, especially considering that we live in a culture where one viral post is enough to build a career. If you have an inkling to do things differently, chances are that it will be much to your advantage. Dare to stand out from the competition. It is something worth striving for, and experts agree on that notion wholeheartedly. Being an entrepreneur requires constant brainstorming as to how you can improve your business. That mental responsibility will rest upon your shoulders all day, every day. You will have to embrace the sleepless nights if you want to succeed. Still, working overtime on the project that is dear to you will be super fulfilling once you see progress. If your business starts to become successful, the payoff may be that you will barely have to work ever again. On top of that, you will be able to say that you did it on your watch. Imagine how phenomenal that can feel. Once you start the business, document your journey. Journaling can keep you centered, it can be a place to vent, and it will help you to stay on top of things. There are many reasons why you should dare to be different as an entrepreneur. First of all, it can help you to stand out from the competition. If you can find a way to differentiate your business from others in your industry, you will be more likely to attract customers and succeed in the long run. Secondly, being different can also make you more creative and innovative.When you’re not afraid to try new things, it can lead to some great ideas that can help your business grow. Finally, embracing your uniqueness can help you to stay motivated and passionate about your work. When you feel like you’re doing something that truly matters, it’s easier to push through the challenging times and achieve success. So don’t be afraid to embrace your uniqueness, it can help you in the long run. But, no matter what happens, you need to work hard. The get rich schemes don't work. Don't be fooled by those. Stay positive and know that the harder you work, the luckier you get. In fact, this is not really luck but rather thanks to the experience you've gathered.
Closing Throughs about What Must an Entrepreneur Assume when Starting a Business
Starting a business is an exciting opportunity for you to bring your idea into the world. But it also brings with it some serious challenges, so remember these key points as you move forward on this journey of entrepreneurship. First off, failing can be part of the process and should not discourage or stop you from starting something new. Secondly, if possible save more funds than what you think are necessary for any unforeseen circumstances that could potentially arise during your startup phase; there’s no way to predict everything that will happen in advance!Thirdly - brace yourself for criticism because people will judge every little thing about what you do when they first hear about your company. Fourth point- being an entrepreneur is a lifestyle choice rather than just having one job. Finally, stand out from the crowd and dare to be different. Don't be bland.
Entrepreneurship is a bold and risky endeavor, but the rewards often far outweigh the risks. However, it can be difficult to launch a business without understanding all of the responsibilities that an entrepreneur must assume.
At the early stage of a venture, most business owners are trying to figure out what their business journey will be like. Starting a business for free is easier than ever nowadays, thanks to platforms such as Shopify. You can test the waters without much trouble. After the trial is over, you will have to invest your own money, and you should have more than you think you will need. Being an entrepreneur requires thick skin right from the start. Never take things personally by learning to keep a cool head. You will have to be ok with the fact that your business will need a lot of attention during the initial period. If you succeed, the payoff could be life-changing. It may take a while, but it is sure worth the effort to try. We wish you the best of success in your business venture. Also, we would love to know if you have any personal insight on how to start a business from scratch. What worked for you? Please leave your comments below! I hope this blog post has been helpful to you as you contemplate starting your own business and how to become an unstoppable entrepreneur. If it is not, feel free to reach out and we can discuss how our team of experts might be able to help with a plan that suits your needs better. We look forward to hearing from you! Growth Hackers is a digital marketing and growth hacking agency that helps businesses increase their websites' traffic, generate more leads, improve their conversions and increase revenue. Connect with Growth Hackers today if you want to get loyal customers and get sustainable and scalable growth for your business.
Jeremy Ambrose
I am a successful entrepreneur from Idaho, USA. I launched three startups in the past decade, and now I enjoy my boss duties from a distance. I learned a lot while creating my companies, and I made it my priority to share that knowledge with those hesitant to get started. You can find more of my work on the blog “The Entrepreneur’s Road”. Currently, I also work at Assignyourwriter as a content creator.
