Did you know that 75% of startups fail? In fact, after 5 years, the failure rate of all U.S. companies is well over 50% (Entrepreneur, 2017). Many entrepreneurs launch businesses feeling as if they’ve created a pioneering product but fail to understand the risks necessary to obtain the most optimal reward. To really grasp what it takes to become an impactful entrepreneur, evaluate what triumph means to you. Not all entrepreneurs will value the same success, but all successful entrepreneurs follow three main tips throughout their career path: Investing in yourself, understanding your market, and professional networking.
Investing in yourself is key on your journey to becoming an entrepreneur. Introspection, taking the time to assess who you are, is a great way to establish your values and goals. Jaclyn Woodruff, Founder of Woodruff’s Tutoring, advises rising entrepreneurs, “Get to know yourself. This encompasses knowing your strengths and weaknesses and understanding your priorities.” When you truly know yourself, you’ll have better judgment as to what type of impact you’re bound to make.
Understanding your market will allow you to make necessary adjustments to your business. Debbie Cortez, Business Coach at Sunrise, says “You must be patient, dedicated to your craft, and adaptable as markets do change and you will have to be prepared for your business to adapt to such changes.” Companies may fail to adapt to market changes due to an insufficiency in business modeling, technology, and/or referral to potential customers.
Networking is also critical. In fact, 55% of entrepreneurs find it difficult to access informal communities, and most market share comes from word-of-mouth clientele, highlighting the importance of networking (Guerrini, “Study: For 78% of Startups, Networking is Vital for Entrepreneurial Success”).
As time evolves, the world is becoming more industrialized with technological advancements. Entrepreneurs are in high demand and can help shape the economy tremendously. Everyone wants to be their own boss and talk the talk, but if you REALLY want to become a successful entrepreneur, remember the three main tips and ask yourself: Have I truly invested in myself? Do I understand my intended market? And who can help me scale this business?