It is a path well-traveled, but not without peril. Being an entrepreneur is risky business and the odds are stacked against you. You’ve seen the statistics, 50% to 75% of all new business starts fail within the first 3-5 years.
So, why do so many people choose entrepreneurship as the path to prosperity?
The reasons ‘why’ are numerous and whether entrepreneurship was thrust upon you due to a job loss, or born out of a desire for change, we all share a common goal. All of us are seeking a better life and to build something special that we can take pride in.
Although the path to prosperity can’t be assured, here are some things to keep in front of you that will help you reach your destination.
- The journey can be lonely, but you are not alone.
- Play to your strengths and outsource everything else.
- “Think Global, Act Local” in your planning and execution.
- Put yourself on the payroll and maintain a sense of urgency.
- Network and be visible to build your brand/market identity.
- Know your customers, your value and the problem(s) you solve.
- Cultivate ‘win-win’ partnerships vital to growth and profits.
- Keep it fresh – your mission, content, marketing, offers, etc.
- Seek expert advice and counsel, when and where needed.
- Pay it forward through mentoring and being a resource to others.
- Never stop learning, growing and improving.
Remember too, there is no secret formula for success. It takes hard work, determination and staying power to become a successful entrepreneur and achieve prosperity. Be sure you are well prepared for those bumps on the path ahead. This will make future successes that much more rewarding.
Enjoy the journey!
COPYRIGHT © 2014 John Carroll