There’s so much opportunity these days to start your own business. More and more people are choosing to dive in and start a business for themselves, rather than work for someone else.
According to the Global Entrepreneur Monitor (GEM) there are 27 million Americans starting or running new businesses. That’s 14% of the population in the US! Over 50% of people believe that there’s significant opportunity to start a business. Entrepreneurs are on it!… of those who plan to start a new business, 80% actually do take the steps to start!
With 27 million people running businesses, comes more opportunity. Every one of those businesses will need services, supplies or information.
What Does it Take to Run a Business?
If you’re not already sure about being an entrepreneur, how do you know if its for you? I think for some people that question can be scary. Personally, I think anyone can start a business and be successful!
You need to be prepared to dedicate as much time and energy as necessary and learn how to focus, manage your time and be productive. You may have to make sacrifices in the beginning or change how your life currently functions to make time for your business.
Many successful entrepreneurs say that passion is a key to their success. Being passionate about your business makes working on it easy and enjoyable, you don’t get bored or frustrated and you’re excited to share your message!
The first trick to starting a business is choosing your industry and niche. You also need to consider your lifestyle and your personal goals.
Consider these questions to help find your entrepreneurial path:
- What are you passionate about?
- What are your hobbies? Can this be translated into a business?
- What are your talents, skills and abilities? Do you have anything specific that you can offer?
- Can you identify a gap in an industry that you could fill?
- What type of lifestyle do you want? Do you want to be able to travel and work? Work from home? Maybe you enjoy socializing with others?
- How much money do you want to make? This can be very important because it can determine what your business is or how you operate it?
The Benefits of Being an Entrepreneur
The benefits, if you can create a successful business, are enormous. Some people would say so are the risks but I’m an optimist, so I’d rather focus on the benefits. I love the fact that you can do anything you want with your own business, the sky really is the limit!
My favourite benefit to having your own business is the unlimited earning potential. You’re not stuck in a wage bracket or industry standard salary, instead you can make as much money as you want to make!
The freedom of choosing how you spend your time is a wonderful gift. Even though you may spend a lot of time on your business, you choose when and how. Plus, if you can learn to be more efficient and productive with your time you can learn how to work less and have more time for family, friends and fun.
You have the opportunity to create a legacy and future for your family, change your lifestyle, travel, learn, be a role model and teach others.
One of the best benefits in my opinion is having an influence on the world. Being in a position to give back or pay it forward to something bigger than yourself.
This is where the balance comes in for me. If I’m going to work hard to create a business and build revenue then I want my message and my brand to make a difference somehow. This is actually why my business is called Soul Profit Business. As women its a part of our dna to consider others in life, whether that be business, family, friends we’re just built to operate that way for the most part. So finding a balance between making money and doing positive, fulfilling, meaningful work can often be difficult. Some people struggle with the idea of making a lot of money or having the confidence to start a business or dedicating time to something that may not have personal meaning.
Just remember, you’ll have a platform to share your message, money to create a difference and you’ll grow and make a difference for others!
What are the traits of an entrepreneur?
I left this for last because while I think there are certain traits that instinctively lead some people to follow an entrepreneurial path naturally, I think there are many others who have the skills and traits but don’t even know it or end up learning them eventually.
I’ve always thought like an entrepreneur, ever since I was a kid. When I used to work 9-5 for other businesses I was promoted to General Manager and VP positions and left to run businesses and staff. It’s just what I do naturally, whether someone wants me to or not, I can’t really operate in a different way.
So what makes you an entrepreneur?
Who’s more likely to be an entrepreneur?
A study by the International Business & Economics Research Council found that entrepreneurs have a higher propensity to risk taking, they’re more innovative, they believe they can influence events and their incomes and they have more energy.
Additionally, a team of researchers found that entrepreneurs who have a more positive attitude tend to pursue more ambitious goals and felt greater fulfillment with their business results.
Researchers also found that entrepreneurs tend to be more open and receptive to new ideas and opportunities. They have grit and persistence but are also innovative and curious. However, having a tendency to be overly agreeable was reported as a trait specific to non-entrepreneurs.
If any of this sounds like you then you’re probably already on your way! If not, think about what you could benefit from hearing about these traits. I don’t think there’s a hard and fast blueprint to be an entrepreneur, I truly believe anyone can do anything they want! As long as you believe you can 🙂
So if you’re still on the fence, I say what do you have to loose!
Good luck and I’d love to hear in the comments what business you’re considering or have already started!