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:

Business Idea

“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.

Business Plan

“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!

Financing

“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.

USP

“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.

Required Resources 

“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!

Valuable Connections

“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.

Managing Remote Teams: Challenges and Tips to Overcome Them

Remote work is no longer a matter of preference but a necessity. The reason behind its newfound prominence lies in the many advantages it offers both employers and employees. As such, managing remote teams has become an essential skill set employers must possess to thrive in this evolving business environment.

Leading companies were already gearing toward integrating long-term or even permanent options for remote work into their systems before Covid-19 accelerated the practice. According to a Buffers survey, approximately 97% of respondents aim for remote work opportunities throughout their career paths, attesting that embracing this paradigm shift is imperative.

That said, communication is one of the biggest obstacles to face when managing remote teams. The distance between team members often results in varying interpretations of information shared, translating into unwarranted delays or differing opinions among colleagues. Productivity tracking represents another issue, given that managers struggle with determining work progress and adherence to set timelines without physical observation of their staff’s activities.

To succeed in running efficient operations remotely, mastering management skills from afar becomes paramount – something in which RoveTek is an expert. Here is a series of helpful tips on best practices for achieving productivity and efficiency in remote work that RoveTek’s team of experienced professionals believe can guide you toward success in the sector.

4 Remote Work Benefits for Employees

It’s no secret that remote work has surged in popularity in recent times, and rightfully so. Working from home has several perks, including a few key benefits for employees:

1. Control over Work Schedules

Offering employees access to remote work gives them greater freedom to allocate time dedicated to completing assigned tasks. As per this research on remote work, professionals who carry out duties remotely experience an elevated level of workforce satisfaction, surpassing office-going staff by as much as 24%.

Much of this divergence stems from the increased flexibility of managing one’s schedule while engaged in a remote arrangement within a given organization. Engaged workers operating remotely can choose when they want to work and have optimal productivity periods for specific projects rather than being confined within traditional office settings. This freedom creates a healthier work-life balance, reduces job stress, and improves overall mental well-being.

2. Custom Workspace and Autonomy

Remote working enables individuals to tailor their workspace according to their preferences and needs for optimal productivity. Individuals can work from any location worldwide at will, unlike traditional offices where one has limited control over environmental factors, such as lighting, sanitation, or seating arrangement.

Remote workers may customize every aspect of their workspace — the type of desk, chair, and lighting, which significantly determines workflow efficacy.

The positive psychological effects of a pleasant workspace on employee well-being cannot be overemphasized. Comfortable surroundings translate into heightened job satisfaction levels and better work performance. Everyone benefits, as working remotely affords individuals unparalleled autonomy, allowing them to switch up the scenery whenever needed.

3. Health Improvement

Undoubtedly, remote work can positively influence an employee’s physical and mental state. Remote work does away with the need for daily commutes, which can cause concerns about high-stress levels, insufficient exercise opportunities, and even exposure to pollution.

Working remotely allows team members the flexibility to avoid all these challenges altogether. Besides, they can utilize extra time usually spent commuting on self-care-based activities such as exercising and supporting their mental health through meditation.

4. Cutting on Commuting Costs and Additional Expenses

Remote workers enjoy financial benefits that rarely come by with traditional office jobs. For starters, they don’t have to spend any cash traveling since there’s no need for it! No parking fees or gasoline bills either. Moreover, unlike traditional office-based workers who feel pressured into buying expensive suits or formal wear — remote workers don’t have those expenses either!

In response to the challenges posed by COVID-19, companies have had to pivot towards more flexible working arrangements, including remote work options designed with a focus on workers’ safety and well-being. The success of these measures has been demonstrated through key indicators like increased productivity levels, decreased costs, and improved employee morale.

Technological advancements have also played a significant role in enabling effective remote work operations. Technology makes it easier than ever before for employees to stay connected with their colleagues while working from wherever they are. Many employees have personally experienced the benefits of working remotely, with an increasing preference towards a long-term transition.

7 Main Challenges of Remote Work

Remote work has become a viable option for professionals seeking an alternative approach to traditional office-based roles. As such, here are the most significant challenges caused by the widespread adoption of remote working and the recommendations on how best they can be addressed proactively.

1. Gradual Decrease in Productivity

As remote working becomes more commonplace, one significant hurdle organizations face is decreasing productivity among their team members. This is due to some at-home responsibilities like childcare or family-oriented activities that interfere with accomplishing tasks assigned by managers or colleagues.

Furthermore, although technology has helped overcome physical distance — through video conferencing or email communication methods — it cannot synchronize personal connections between team members. This results in feelings of loneliness, ultimately affecting an individual’s productivity output.

Clear expectations & guidelines need to be established for those unaccustomed to home-based working structures. Workers should also be provided with helpful tools such as project management software or virtual task boards, ensuring effective feedback & support opportunities.

2. Lack of Engagement

Remote work isn’t always smooth sailing. It has its own set of challenges that can impact employee engagement levels negatively. This is especially true when co-workers feel detached from the organization’s identity or team rapport due to physical distance factors at play between them or technical issues such as a poor internet connection or lack thereof. To mitigate these setbacks, an employer must emphasize effective communication channels that enable seamless collaborations between different divisions within the organization.

Setting up regular meetings where progress updates occur periodically via video conferences helps bolster camaraderie and boost morale. Also, including virtual events like icebreakers or trivia quizzes themed per department goes a long way in motivating and uniting remote staff.

3. Bad Communication

Working remotely can be great for flexible schedules and less time commuting, but it’s not always easy for employees regarding communication. For example, having a solid working relationship or getting quick answers to questions is difficult without regular face-to-face chats with coworkers. Some even miss important details if co-workers forget to add them in emails or other communication tools.

Managers can create clear policies on when people should be available online (and what channels they prefer) and could arrange virtual meetings using video conferencing tools. Companies can thrive with some assistance from training sessions focusing on how best to interact in remote work.

4. No Team Building Activities

The secret to creating a thriving work environment includes excellent teamwork skills within the workspace. Carrying out such an activity remotely proves problematic since there needs to be direct human contact among coworkers. This might hinder the development of confidence and companionship between one another while at work.

Organizations may look into prioritizing engagements through online platforms where employees could have such opportunities. These include engaging in fun-filled gaming sessions and group video chat rooms. Such activities facilitate bonding experiences while working from home.

5. Social Isolation

Remote work presents one fundamental challenge — social isolation. Remote employees may feel disconnected from their colleagues & corporate environment causing loneliness or feelings of isolation. This sense of disconnection leads them down an unhealthy path, affecting their physical & emotional well-being and decreasing productivity & job satisfaction.

Employers must prioritize connecting their remote employees through regular check-ins, virtual team-building activities, and encouraging informal communication. The balance between work & life also plays a vital role in supporting mental wellness by preventing burnout.

 6. Insufficient Access to Information

Employees may struggle with obtaining crucial information or resources to perform their duties effectively when working remotely. Instead of having quick face-to-face interactions with coworkers or easy access to shared files, remote workers face potential barriers that lead to excessive delays and growing frustration.

Employers must give remote staff members access to tools and other necessary resources for efficient collaboration.

7. Different Schedules and Timezones

Managing different time zones can be a nightmare when you’re part of a globally dispersed team that needs frequent communication. For example, imagine that your team members are based in New York, London, and Sydney. At 9:00 AM in New York, it’s already noon for your colleagues based in London, while those in Sydney are already in bed since it’s almost midnight.

Such conflicting schedules can disrupt effective communication, leading to decision-making delays. Moreover, having no one available from the opposite side of the globe during your workday could cause unwanted lags that ultimately impact productivity.

Extended periods spent working outside normal hours could lead to stress and burnout exacerbated by the demands of dealing with various time zones. For remote teams to operate successfully, precise communication protocols must be established when collaborating across different time zones. Integrating project management tools that facilitate immediate collaboration is vital in keeping the workflow consistent and efficient. A shared calendar displaying each teammate’s availability (per their local timezone) can also contribute towards avoiding scheduling conflicts.

6 Tips to Manage a Remote Team Like a Pro

RoveTek has significant experience managing remote teams and has gathered essential tips to help you efficiently manage a remote team. Here are 6 tips to help you create an effective remote team that achieves your goals with the right approach.

1. Arrange Regular Trainings and Zoom Conferences on Remote Work Specifics

Lack of knowledge and training on remote work specifics can cause significant difficulties for remote teams. To ensure your team members possess the skills and knowledge necessary to work remotely, scheduling regular training and Zoom conferences is crucial. The training should cover the tools and platforms you use for communication and collaboration and guidelines for remote work.

At RoveTek, we provide our team members with plenty of guidance on how we plan to work remotely while discussing the tools to use for management purposes.

2. Provide Efficient Communication Channels

When managing remote teams successfully, open communication ensures everyone stays on the same page. The right technology is essential for efficient communication channels and collaboration among team members. Popular options include Slack, Zoom, Microsoft Teams, and Google Meet.

Another helpful strategy is conducting daily stand-ups since they encourage accountability by demanding employees showcase daily results. Still, it’s wise to stay moderate with monitoring since too much surveillance can reduce productivity when working remotely.

3. Don’t Neglect Remote Bonding

Remote working can often lead to feelings of disconnection, which is why cultivating a shared sense of purpose within your team is vital. To achieve this objective, employers should consider implementing remote bonding activities such as online Christmas celebrations or organizing pizza parties for their staff living far away.

Small gestures like sending thoughtful presents also go a long way towards fostering community regardless of the distance. These gestures create an atmosphere that inspires greater collaboration.

4. Leverage the Best Technology Tools

Managing a remote team is no cakewalk on its own, but thankfully, technological advancements have made this process less cumbersome. Project management tools like Trello, Asana, and Jira help with task allocation and progress tracking.

The best part? Development-related projects also have suitable tools, such as Kunban, offering an organized approach to handling them effortlessly. At RoveTek, we adopt the Scrum methodology, dividing projects into “sprints” lasting for a week or two. These sprints are then managed through our efficient management system, allowing easy progress tracking.

By integrating technology tools into your team management process, you’ll see a visible boost in productivity and output quality — making work effortless!

5. Set Rules for Reporting

Successful management of remote teams relies heavily on maintaining consistent communication channels. Establishing clear protocols for regular reporting can strengthen accountability among team members while promoting transparency throughout the project cycle.

Setting up routine daily reports and periodic weekly summaries is also vital. It ensures individuals remain engaged in their responsibilities while offering insight into larger-scale advancements the entire remote team network makes.

6. Have 1-on-1 Video Calls with Employees

Creating a strong sense of cohesion within remote teams depends significantly on establishing routine feedback exchanges between managers and personnel. Engaging in periodic private video calls provides valuable opportunities to assess performance and provide guidance on areas that require improvement.

Demonstrating empathy by being receptive to any issues or ideas shared can go a long way toward nurturing positive relationships with staff members.

Competent Remote Team Management for Your Development Teams

Effective team management strategies have become important as we move inexorably towards a future where remote work is increasingly common. Remote teams can maintain high productivity levels and achieve corporate objectives while being physically dispersed across different geographic locations and time zones.

Thanks to the COVID-19 pandemic, remote workers are seeing a new era of promise. Businesses have discovered positive benefits to working remotely, which opens up more opportunities for employees who enjoy this arrangement. As such, you can anticipate an increase in full-time and freelance roles entirely online.

To make this shift successful, businesses must adapt by investing resources into communication tools and developing new processes to ensure everything runs smoothly. Employees will need help with training to understand how best practices apply when working from home. The company culture needs shifting, too, if they hope to embrace the possibilities offered by flexible working hours. Clearly, if all these elements come together correctly, then the future of remote work holds much promise.