10 Little Known Facts About Entrepreneurship

entrepreneurship facts 2016

Being an entrepreneur sounds so wonderful and seems like such a desirable job. You get to be your own boss, you’re in charge of calling all the shots and you get to keep all the profits to yourself. What’s not to love about being an entrepreneur? In reality, entrepreneurship is so much more than just sitting behind a big desk, wearing a fancy suit and giving orders. There are many technical aspects to being an entrepreneur and every little or big decision counts. Deciding to become an entrepreneur is one thing but actually becoming a successful entrepreneur is a different matter altogether. Following are ten little known facts about entrepreneurship that you might want to know.

Entrepreneurship Facts

entrepreneurship facts 2016
Source: unctad.org

1) Entrepreneurship is about flexibility:

An entrepreneur must develop the ability to step out of their comfort zone and adjust to changing situations every day. A great entrepreneur welcomes a challenge and copes with different scenarios with assurance.

2) The business product/service can fall short or even fail:

One of the biggest challenges to an entrepreneur is to know exactly what their customers need. This requires extensive market research and development of a product/service that cater to the customers’ requirements.

3) An entrepreneur will make a lot of mistakes:

The key to running a successful business is to learn from your mistakes, evolve and come back stronger. The entrepreneur must remain tenacious, despite their every failure and remember why they started their business in the first place.

4) Being an entrepreneur requires good ‘listening’ skills:

A great entrepreneur pays attention to every little detail. This involves carefully listening and knowing exactly what the clients, customers, investors, employees and any other stakeholder requires.

5) Running a business is just as important as giving time to your family:

Family time is important for every businessman, but an entrepreneur must remain committed to their business and not mess around when it’s time for work. An entrepreneur must find that right balance between family time and work time.

Interesting Facts About Entrepreneurship
Source: heroeseconomy.com

6) Finding investors and clients is a difficult task:

In today’s competitive world, only the best survive. The cut throat competition means that investors and clients are not looking for mediocrity and an entrepreneur must convince their stakeholders that they have what it takes to be the best.   

7) Entrepreneurship will involve a lot of paperwork:

In order to succeed and minimize losses, an entrepreneur must pay attention to every single little detail. This involves looking at all the finances, statistics, reports, results, etc.

8) Reputation is everything:

An entrepreneur must conduct their business in the upmost professional manner. An entrepreneur must carry out their dealings efficiently and diligently, as a tarnished reputation seriously jeopardizes a business’s success.

9) An entrepreneur can’t do it all:

Running a successful business involves delegating and loosening the grip of control. Leave the smaller matters to lower level managers and concentrate on the strategic decisions.

10) An entrepreneur can lose everything with one bad decision call:

Business decisions need to be carefully evaluated and based on calculations, as an entrepreneur is always one bad judgment call away from losing everything they have worked so hard to build. That certainly is one of the most horrific fact about entrepreneurship.

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