Entrepreneurship is the career dream of many individuals, especially for U.S. citizens. It confers a significant amount of social capital and is well respected. Additionally, it can be very rewarding, in spite of all the difficulties it entails – becoming an entrepreneur is incredibly tough.
Becoming an Entrepreneur
The first steps toward entrepreneurship are to understand what it involves and be committed to making it work. The business life of a real entrepreneur is often inseparable from personal affairs. A self-starter works as frequently as possible and will not quit until he or she has made it.
You need 100% dedication to the project, in order to succeed. Anything less will result in failure. Above all, every ambitious business person needs to have a vision or goal for inspiration. The target keeps the person motivated at all times.
The Partners Who See You Through
A comprehensive study of 3,200 high-growth tech startups identified that businesses with one technical and one business founder fared far better than startups with sole founders. One set of skills complements the other.
If you are just starting, you will multiply your efforts if you have a good network of business associates or a trustworthy partner. The network is also why family-run businesses can be effective. There are always going to be times when you get ill or are not functioning at your best. During these intervals, you can rely on a partner or group of people to continue the project.
The fact is that you need friends to succeed. Be careful to select partners who are as committed to the business as you are.
Entrepreneur Organizational Mindset
To have a higher chance of success, you will need to be as organized as possible. While passion and a vision are very important, they are not substitutes for organized execution.
You will need to review both short-term and long-term goals regularly. Manage and account for marketing, accounting, finance, sales, taxes, legal issues, hiring, training, insurance, permits, annual reports, and personal affairs as efficiently as possible.