11 Pros of Becoming an Entrepreneur and Launch a Startup
According to Shopify, only 20 percent of the US businesses fail within their first year and 45 percent fail within five years. It means that more than half of startups succeed. If you’re determined to be successful, there’s a good chance that you will be in those 55 percent — and maybe even more than that!
If you’re thinking about becoming an entrepreneur, this guide is for you. It offers inspirational quotes and real-world advice on whether entrepreneurship is a smart career move.
What to Consider Before Launching a Business?
“The way to get started is to quit talking and begin doing.” — Walt Disney, Film producer, and Entrepreneur.
Before you quit your day job, it’s important to consider a few things. First — and most important — being an entrepreneur isn’t for everyone. If you’re not the type of person who is willing and able to work long hours on your own projects with no guarantee of success, then entrepreneurship may not be right for you.
But if you yearn to live a life of balance — one that brings as much meaning and satisfaction to your personal endeavors as it does financial stability — starting your own business might be just the right move.
Before becoming an entrepreneur, consider the following:
“When you find an idea that you just can’t stop thinking about, that’s probably a good one to pursue.” — Josh James, Omniture CEO and Co-Founder.
A business idea is the foundation of your business. Ensure that it is unique and different from other businesses. Your business idea should be something you are passionate about so that when times get tough, you will have enough energy and motivation to continue working hard at making it a success.
Market Research and Competitor Analysis
“A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.” — Nolan Bushnell, Entrepreneur.
Being an entrepreneur requires knowing your market, competitors, and customers. With this knowledge, you can focus on what works for your business — and make informed decisions about how to grow it.
A good place to start is by conducting market research into the current state of play within your industry. It could include researching:
- size or potential size of the market that you’re interested in serving;
- how fast it’s growing;
- what trends are driving its growth or decline;
- competitors that already have a presence there.
If you’re planning on launching a startup, then knowing who else has tried similar ideas before can be invaluable because they’ve probably ] made some mistakes that you can avoid.
“Ideas are easy. Implementation is hard.” — Guy Kawasaki, All Top Co-founder.
Business plans are often considered as something only large companies need. However, there are several reasons why having one will make all the difference when it comes to funding or marketing:
- you can use it as an outline for your business model so that everyone involved knows what needs to be done next and how long each step will take;
- it gives your potential investors a clearer understanding of what kind of return on investment they can expect;
- if someone asks why they should buy from you instead of your competitors, then you’ll have a document where you’ve already answered these questions.
A well-written business plan is what separates ideas from reality!
“People don’t take opportunities because the timing is bad, the financial side unsecured. Too many people are overanalyzing. Sometimes, you just have to go for it.” — Michelle Zatlyn, Co-founder, President, and COO of Cloudflare.
Financing remains important to startups because it allows entrepreneurs to grow their companies. It lets you hire new employees or purchase equipment that’s necessary for your company’s growth — but without financing, those things might not be possible. Financing your business can be done in multiple ways. The most popular ones are taking out a loan or finding investors.
“Wonder what your customer really wants? Ask. Don’t tell.” — Lisa Stone, BlogHer Co-Founder and CEO.
Your unique selling proposition (USP) is the reason why people should choose your company over all others. It’s what makes your business stand out from competitors, and it helps you attract new customers. It also can help ensure that people remember you when they need services like yours again.
Asking your customers what they want is a great way to find out what you should be offering. Don’t tell them, but ask them directly by conducting surveys or arranging focus groups. It can help you identify your USP.
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” — Steve Jobs, Co-Founder, Chairman and CEO of Apple.
There is no set formula for how much time and effort it takes to start a business. It can vary, depending on the type of business you are starting and the amount of experience you have in the field. There are many ways to reduce the amount of work needed while still growing at a steady pace. Don’t let concerns about time stop you from becoming an entrepreneur!
“The secret to successful hiring is this: look for the people who want to change the world.” — Marc Benioff, Salesforce CEO.
Your relationships with other people are central to your entrepreneurial success. The people you know are just as important as the skills and resources at hand when starting a business. Networking is crucial for entrepreneurs to find investors, clients, or employees.
There are many ways to build relationships and grow your network, including attending events like trade shows and conferences where other entrepreneurs gather together to share ideas, advice, and tips on how best to succeed in business. You could also try joining local networking groups like Business Network International (BNI).
Chances to Succeed/Fail
“You jump off a cliff, and you assemble an airplane on the way down.” — Reid Hoffman, LinkedIn Co-Founder.
It’s okay to make mistakes. Learning how to deal with failure is part of becoming a better person and business owner. Once you learn from your mistakes and setbacks, it is easier to pick yourself up after a failure.
As an entrepreneur, you will encounter many challenges and opportunities. Some of these may help your business grow, while others could set it back. Failure could help you improve upon your current business idea or product line by highlighting flaws in its design or function that may have previously gone unnoticed.
Becoming a Startup Owner: 11 Fors
“In the world of business, the people who are most successful are those who are doing what they love.” — Warren Buffett, Chairperson of Berkshire Hathaway.
Starting a business can be an exciting venture. You have the potential to make money, gain independence, and have some control over your schedule. There are many reasons why people choose this path:
1. You Can Give Life to Your Creative Ideas
“Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” — Oprah Winfrey, Harpo Productions, OWN founder.
Entrepreneurship means having the courage to follow your dreams and make them happen, no matter how crazy they might seem at first glance. It’s all about dreaming big and taking risks — but also overcoming obstacles along the way.
One of the best things about being an entrepreneur is that you can choose to work on something that matters to you. You are not driven by money or prestige — you have a clear idea of what kind of career path makes sense for your financial and personal goals.
2. You Can Be a Leader
“If your actions inspire others to dream more, learn more, do more, and become more, you are a leader.” — Simon Sinek, Author.
Leadership is about inspiring people to do more than they thought possible for themselves. It can be done by helping them develop their skills or by giving them opportunities that they wouldn’t have otherwise had access to. As an entrepreneur, you need to be a leader not only because it will help build your business, but also because it helps others succeed!
You can practice leadership skills by working with other people, volunteering where there might be some sort of board position available, taking classes on how leaders think and communicate, and reading books on leadership like Simon Sinek’s New York bestseller “Start With Why.”
3. You Can Gather Like-Minded People
“It’s stunning to me what kind of an impact even one person can have if they have the right passion, perspective, and are able to align the interest of a great team.” — Steve Case, CEO and Chairman of America Online.
It’s wise to seek out people who are more experienced and knowledgeable than you so that they can offer guidance as you make decisions about your new venture. It’s important to build a network of friends and colleagues who support you, listen to your concerns, and share in your successes.
4. You Can Turn It into a Family Business
“Instilling in the next generation the family values and a sense of collective pride in the mission of the business is fundamental to future engagement.” — Omar Al Handal, Managing Director at Al Handal International Group.
In family businesses, the ownership and operation are controlled by family members, but not necessarily passed down from one generation to another. One of the benefits of starting your own family business is that you can teach your children how to run their companies someday.
5. Your Ideas Are Unconventional
“Risk more than others think is safe. Dream more than others think is practical.” — Howard Schultz, Starbucks CEO.
In the business world, it can be difficult to find a job that suits your skills and interests. Unconventional ideas are often considered too risky for businesses to take on. So if you have an idea that you think will work, it can be hard to convince people to let you try it. However, starting your own business gives you the freedom to explore these ideas without compromising anyone else’s expectations.
6. You Don’t Fit a Corporate Environment
“If you’re passionate about something, and you work hard, then I think you will be successful.” — Pierre Omidyar, eBay Founder, and Chairman.
When you’re an entrepreneur, you get to work on your terms. You can set your hours and choose the projects that interest you most. If there is something else going on in your life that making it difficult for you to attend a meeting or conference call at a specific time, then it’s up to you whether those meetings are worth attending.
Having the freedom to do what you want is priceless — and it’s something that many people crave in their careers, but rarely get offered by traditional companies.
7. You Can Share Your Wisdom and Teach Others
“As a leader, it’s a major responsibility on your shoulders to practice the behavior you want others to follow.” — Himanshu Bhatia, Founder and CEO of Ricovr Healthcare.
One of the best ways to learn is by teaching. If you’re an entrepreneur, you can share your experience and teach others about your field of expertise, business, or industry.
You may have noticed that some teachers can explain complex concepts in simple words — even if those concepts are completely new to the student. Good teachers know how important it is for their students not only to absorb new information but also to make sense of it, so they can apply what they’ve learned in real life.
8. You Can Make Your Own Rules
“Don’t be afraid to assert yourself, have confidence in your abilities, and don’t let the bastards get you down.” — Michael Bloomberg, Bloomberg L.P. Founder.
As an entrepreneur, you get to do things your way. You can work at your own pace and in the most comfortable environment for you. If you want to take a break from work and go for a walk around town or spend time with friends and family, there’s no one telling you that this is a bad idea.
Even though being an entrepreneur means working hard every day, or maybe even 24/7, it also means setting your own goals.
9. You Can Support the Local Economy
“Success comes from the inside out. To change what is on the outside, you must first change what is on the inside.” — Idowu Koyenikan, Author.
By being an entrepreneur, you can help create jobs and bring money into your community. When people are employed and earning money, they will spend more at local businesses instead of going elsewhere for their needs. The bottom line is that entrepreneurs can help their communities thrive by investing money into them through their businesses — and this helps everyone involved!
10. Your Salary Is Uncapped
“Chase the vision, not the money; the money will end up following you.” — Tony Hsieh, Zappos CEO.
In a traditional job, your salary is capped. Even if you make $100,000 per year, no matter how hard you work, or how well your boss feels about the quality of your performance — you won’t be able to earn more than that unless someone gives it to you in the form of a raise or promotion.
With entrepreneurship, however, there’s no limit to how much money you can earn. Many entrepreneurs end up earning far more than they ever would have as employees. Every person featured in Forbes 100 has started their business at some point.
11. You Will Never Stop Learning
“Embrace what you don’t know, especially in the beginning, because what you don’t know can become your greatest asset. It ensures that you will absolutely be doing things differently from everybody else.” — Sara Blakely, SPANX Founder.
As a business person, you’re always engaged in learning and growing — you’ll never have time to rest on your laurels because there are always new opportunities and pitfalls that could help or hurt your company. The most successful companies will always be those who can constantly adapt and adjust to new technologies, marketing strategies, and customer service practices.
An Entrepreneur — a Job or a Lifestyle?
Entrepreneurship is a lifestyle choice. Starting your own business requires more than just physical labor — it demands the willingness to sacrifice time, energy, and money. If this sounds like something that you would like to do, then great!
Let’s discuss your idea and start your journey of building your business with RoveTek.