The internet has not only opened up millions of new niches for entrepreneurs to start their small businesses, but it has also made it possible to connect with other small company owners, learn from their failures, and utilize their successful decisions as a roadmap for your own journey as an entrepreneur.
1. Be your own boss
Rather than hitting your head against a brick wall every time your employer makes a mistake, take charge of your own decisions and hold yourself accountable.
It's natural to want to avoid taking risks, but as Nora Denzel, the former CEO of Outerwall, put it, "If you don't take risks, you'll always work for someone who does."
If just thinking about it makes you nervous, it's time to start preparing your path to becoming an entrepreneur.
Here are a few advantages to being your own boss:
- More control
- More flexibility in hours
- More learning opportunities
2. Profit from your passion
It's entirely up to you to choose a business field, construct your own professional network, and create a distinctive office culture. When things get rough, it's crucial to remember why you're doing it in the first place.
According to statistics, around two-thirds of small enterprises survive for two years, half of all businesses survive for five years, and one-third survive for ten.
It's obvious that the first few years of beginning a business are the most difficult, which is why, if you don't have enthusiasm from the start, you're unlikely to succeed in the long run.
- It's a private matter.
- Self-actualization
- Keep an eye on it as it develops
3. Earn more money
Maybe your present job doesn't pay as well as you'd like, or maybe you have a sideline passion project that may turn into a lucrative full-time job.
"Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week," says Lori Greiner, a US entrepreneur. Is it, however, profitable to be an entrepreneur?
Starting a business is difficult, and you may face financial difficulties at first, but take inspiration from these legendary entrepreneurs who began with pennies and converted them into billions:
- Jan Koum, WhatsApp's CEO and Co-Founder: From food stamps to a net worth of $6.8 billion.
- Why Do Wan Chang, Founder of Forever 21, rise from janitor to $5 billion in net worth.
- Shahid Khan, Fulham Football Club Owner: From dishwashing to a net worth of $3.8 billion, Khan has come a long way.
4. Create jobs for others
Small firms have created over 65 percent of net new jobs in the last 20 years.
When you start a new firm, you have the opportunity to hire and train people who may not have had previous employment opportunities. It also means you'll have the opportunity to make a significant contribution to society.
Three entrepreneurs who have used their entrepreneurial prowess to achieve well in the world are listed below:
- Jimmy Wales, Co-Founder of Wikipedia: Jimmy Wales is the co-founder of Wikipedia, the world's largest non-profit encyclopedia.
- Bridget Hilton, the founder of Jack's Soap, fights disease by providing one free soap to the underprivileged for every five sold.
- Rachel Cohen, the founder of the Hand2Paw Foundation, established an organization that encourages homeless teenagers to assist in animal shelters.
5. Become an expert
Create your own opportunity rather than waiting for someone to offer you a chance to be the best at something you're passionate about.
"Do one thing and do it well," as the saying goes, rather than wasting your time and money on a slew of unproven ideas.
"Your time is finite, so don't waste it living someone else's life," said Steve Jobs. Don't get caught up in dogma — live with the outcomes of other people's thinking. Allowing the loudness of other people's ideas to drown out your own inner voice is a mistake. Above all, have the courage to listen to your heart and instincts."
- Identify your interest and become an expert in one area.
- Setting aside time for it
- Taking use of every chance
