Subscribe to My Feed   Follow Me On Twitter   Join Me On LinkedIn   Friend Me On Facebook

The Challenges of Entrepreneurship

A recent article in Business on Main, 10 Solutions to Fix Young America and Rebuild the Economy, provided ways that we, as a society, can support those young Americans interested in building their business. Many of the ideas provided are of value to any age entrepreneur and provide some food for thought.
Entrepreneurship, however, comes with many challenges and we need to be sure that young entrepreneurs (and frankly entrepreneurs of any age!) are aware of and prepared for those challenges. Let’s discuss a few.

Risk taking is essential for successful entrepreneurship and often differentiates entrepreneurs from small business owners. However, risk taking must be thought out and well planned for success. Just jumping in with both feet and not considering the impact of the risk is where many entrepreneurs fail. The best entrepreneurs take calculated risks to increase their chances of success and make great impact in their business.

Which brings us to failure. Failing is acceptable and a great learning experience. It has been said we learn more from our failures than our successes, and I can tell you that is true from personal experience. As an entrepreneur, you cannot be afraid to fail. And you can’t give up when you do. You need to learn from your failures to succeed the next time around.

Know your limits. Often entrepreneurs are great with generating creative ideas but not with implementation. You can’t be successful on your own. The best entrepreneurs will team up with others who have complementary skills to be successful.

Entrepreneurship is very rewarding! Be prepared for the challenges ahead and you can be successful as an entrepreneur. Entrepreneurship does not mean you don’t plan and prepare. Do your research, develop your business plan and find the right partners to help you succeed.

Comments are closed.