Being your own boss, making lots of money, and choosing what you do, sounds like the dream, right? Entrepreneurship is a trend that many people are jumping on as they want these things, but sometimes entrepreneurship isn’t for everybody.
- Failure
Many entrepreneurs fail by year 2; there will be times when you succeed and fail; the difference that sets aside entrepreneurs from other people is that they will turn any failure into a positive learning experience or a business opportunity. Many entrepreneurs have become so by creating products or tools that help people deal with failure and turn it into sometime positive. If you are the kind of person that struggles to deal with failure, then entrepreneurship isn’t for you. If you’re the kind of person that gives up easily, then it definitely isn’t for you.
- Funding
Many entrepreneurs fail because of funding; they don’t often source funding from the correct places and borrow too much money from their own personal accounts or family and friends. Borrowing from family and friends might seem a great idea, but it can form a distraction when they constantly ask how the company is going. When borrowing money, you understand the true amount of money you will need for your project, as many people often underestimate this and find themselves at a shortfall. It is important to stay professional when borrowing money; any lenders should be communicated professionally when discussing finances so the illness doesn’t become blurred.
- Visibility
Many people fail because they can’t part with their money or bear to spend so much of their budget on getting their product out there. There is no point in having a perfect business model when nobody can see your project or even know about it. Advertising and PR are important when you bring a new project to market, and often people overlook this. It is vital that you research the correct ways to make your product visible in the market and ensure that it is targeted towards the right audience. Advertising can be half of the battle as your product might sell very well; people don’t know about it. Smart entrepreneurs get their product know very early, by creating knowledge of the product before people can even purchase it gives people even more desire to have it. By creating interest in the product early on, you can see how sellable it really is and predict your sales when the product comes to market.
- Partners
You have to think about what will work when it comes to working in a partnership whilst it might feel like a good idea to work with a friend or family member, you have to ensure your personal relationship will not get in the way of business decisions. You also have to evaluate whether they will bring anything to the table to enhance the business.
