Each year, the number of people who enters the entrepreneurial industry is growing. We are talking about in millions here! Why do they enter this industry? They enter because they are inspired by the rewards a successful entrepreneur enjoys in society. These people want to achieve financial freedom in a short span of time, they want to spend more time with their loved ones. They want to work for themselves rather than for someone else.
This may sound easy and very achievable, but the catch is if you want to be a successful entrepreneur and live a financially independent life, spending time with your loved ones, then be ready to spend some money and be ready to stay up for long hours away from your family time. Because once you step on the gas of entrepreneurship, you can’t take off your leg, you have to keep at it and steer your way until you reach your goals.
But once you sacrificed in the beginning, and become successful the rewards are great and worth it.
Now, who is an entrepreneur? Well, typically entrepreneur is anyone who starts a business. But in reality, not all those people who start a business are considered entrepreneurs. A person may start a website or YouTube channel with little to no investment and then basically do nothing to improve his business. This is not an entrepreneur. You become an entrepreneur when you start a business and you constantly work towards your business goals.
Research reveals the statistics that 4 out of every 10 businesses makes a profit. This also means 6 out of 10 businesses cost the whole investment or made a loss for the entrepreneurs. But the good news is some people are making a lot of money, and if you have the skills and the right stuff, you can be very well in that 4 out of 10 businesses stats.
On average, it would take 5 years to tell if a business is successful or a failure, but this very well depends on the business model and the business size.
So for you to be successful, you need to have clear goals and an action plan for those 5 years. Because what you do in this period determines your success or failure, not the money you invested, not the product, not the customer. It is you, how much you are working hard to make your idea a successful business. If you survive this period, then you can scale your business up and this is what makes you an entrepreneur.
Let’s us know the struggles that you have come across as an entrepreneur in the comments.