Entrepreneurship is on the rise. More and more people are starting their own businesses, and for good reason! It can be a very rewarding experience. But before you take the plunge and become your own boss, there are a few important questions to ask yourself. Plus, I've added a handful of helpful tips to help you start your own business! Are you ready to take the leap?
Why entrepreneurship is on the rise
There is a growing trend of people wanting to be their own boss. From folks right out of college to new moms to people looking to add a side hustle they are passionate about. It's now easier than ever to connect with like-minded people, get inspiration, and learn about starting your own business. There's also a growing realization that you don't need to have a traditional job to be successful. You can be your own boss and make your own hours, which is appealing to a lot of people.
Another reason for the rise in entrepreneurship is the recession. When there are fewer jobs available, more people turn to entrepreneurship as a way to make a living. It can be tough to start a business during tough economic times, but many people see it as a necessary risk.
Finally, there's been a shift in societal norms when it comes to work. In the past, work was seen as something you did to make money. We trade most of our awake hours working instead of spending it with people we love or doing things that we love. Now, work is seen as something that should add value to your life and make you happy. This change in mindset has made entrepreneurship more attractive to people who want something different than what they have.
The benefits of entrepreneurship
As an entrepreneur, you get to enjoy so many benefits that those in traditional employment roles don't. For one, you have the opportunity to set your own hours and define your tasks. You also have the potential to earn a much higher income than you would as an employee working for someone else. Additionally, entrepreneurship provides you with the opportunity to live a more flexible lifestyle, as you are not tied to a specific location or schedule.
Another major benefit of entrepreneurship is that you have the chance to make a positive impact on society. As an entrepreneur, you might see a gap in what is out there and you can develop products or services that improve people's lives. And once you are established, you also have the opportunity to create jobs and support the local economy, choosing to pay above a living wage and providing great work perks. Additionally, entrepreneurship provides you with the chance to be a role model for others and inspire them to pursue their own dreams.
The hardships of entrepreneurship
When most people think of entrepreneurship, they think of the glamorous lifestyle of being your own boss, making your own hours, and having a successful business. However, what they don't see is the other side of entrepreneurship: the long hours, the stress, the financial risks, and the constant worry that your business will fail. Not to mention, the accountability and willpower that is needed.
For those who choose to become entrepreneurs, they do so knowing that it is not going to be an easy road. They are prepared for the long hours and the stress that comes with trying to make their business a success. They know that they will have to put in countless hours of work and that there is always a risk that their business could fail.
That said, I want to reframe this thought of failure. If your business isn't profitable and you need to close the doors (or perhaps you just aren't enjoying it anymore and want to close the doors), is that really a FAILURE? No! You already went out there and tried. You made an impact. You learned. So, yes, most small businesses don't last beyond 5 years. But if you don't start, well, then you will always ask yourself "what if I had really tried?"
Despite all of the hardships, entrepreneurship is still a rewarding experience. It allows you to be in control of your own destiny and to create something that you are passionate about. It is a risk worth taking for those who have the drive and determination to make their dreams a reality.
Important questions to ask yourself when considering starting your own business:
What experience do I have?
What does my experience offer others. Why am I the one that can best do this? What can I contribute to the world/market?
What am I passionate about?
Follow your passion, because you will be working every day on it. A truly good business idea is where you love what you are doing, are good at it, can be paid for it, and fulfilling something the world or a client needs.
What problem can you solve?
Your customers are hurting. How can you make their life better? How will your product help them? The bigger problem you solve, the more potential your business has.
What is your desired lifestyle?
Choose a business model that supports your work-life balance. Don't be afraid to step away from the pack and do your own thing.
How much start up capital do you need?
What type of expenses will you have? Do you have start up costs? How can you use current steady income to assist you as you build your business? Yes, I'm not a proponent of quitting your day to day job to start a business without a plan or a financial runway! Dream, but be smart about it.
What ideas can you test easily?
You will want to prove or disprove your hypothesis that your business has legs early on. Feel free to test out a few ideas and have fun! Being an entrepreneur is both scary and exhilarating!