An entrepreneur is a person who takes the initiative to set up a new business with new ideas and plans. Entrepreneurs can establish, administer, develop, and innovate a startup venture that might bring enormous success and fame in the future. Numerous entrepreneurial qualities like business management, analytical thinking, problem-solving, customer service, and other required skills boost their personality that helps in building trust among customers, clients, and employees.
The entrepreneurs are true innovation initiators who possess the ability to transform creative ideas into economically and commercially viable businesses. Despite financial risks, they work consistently to make their business plan better and improve targeting the potential customers. Converting a mental construct into a valuable resource can never be easy. Entrepreneurs face lots of challenges during their initial years of startup. According to the U.S. Bureau of Labor Statistics, almost 20% of startups fail during the first two years. Approximately 45% of business thrives during the first five years of startup. Entrepreneurs are ultimately responsible for the failure or success of the organization. Several challenges like failure in planning, lack in securing funds, lack of leadership, poor management, failure in recruiting talented employees, and ineffective marketing strategy can become major reasons for the downfall of the business. Entrepreneurs need to focus on building a framework to execute every necessary operation within the timeline.
Statistics have shown that around 33% of small businesses are started with less than $5,000. Most business owners use their money to bear financial expenses. Another data concluded that there are over 582 million entrepreneurs present worldwide. Now you can imagine the real struggles, challenges, and hardships of entrepreneurs in the competitive environment.
How To Be A Successful Entrepreneur?
Being an entrepreneur isn’t as easy as it may seem. Talking about a successful entrepreneur, Bardya Ziaian Toronto – based entrepreneur with a track record of founding successful companies and creating jobs in the fields of fintech, brokerage services, and financial systems. Currently, Bardya Ziaian Toronto is serving as the CEO & President of SITTU Group, Inc. You will need to develop entrepreneurship qualities in yourself that include self-motivation, decisiveness, risk tolerance, creativity, flexibility, and optimism boosting your personality. Read further to know how you can be a successful entrepreneur and sustain your business.
- Identify and Resolve Problems
Every entrepreneur must possess the problem-solving ability. You need to develop critical and strategic thinking. Persistency and flexibility will consistently help you to resolve problems successfully.
- Keep on Learning
You should keep on expanding your formal and informal education as it is an essential part of your career. Consistent learning enhances problem-solving and decision-making ability.
You don’t need to be overwhelmed as this business failure statistics doesn’t mean you will probably fail. If you are effective in planning, organizing, executing, and then implementing, you can avoid major pitfalls in your business career. All you need to do is educate yourself and refine the skills required to make your plans succeed. Any business gets success upon overcoming challenges like poor recruitment, and not managing the finances well.