Written by: Dianne McKim, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
I am inspired to write this article after watching a video of an entrepreneur who was having a rough week and really struggling with some business issues.
So many think being an entrepreneur would be the ideal career. They think you are your own boss, you get to work when you want, you get all the revenue, you basically can do what you want. Well, some of this may be true, but there is so much more to it than these overall ideas.
What is the actual definition of an entrepreneur? Google says an entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. That sums it up pretty well I think.
To be an entrepreneur, most of the time, is VERY HARD WORK. Many startups come and go. I found some very interesting statistics about startup failure rates in 2022 (https://review42.com/ resources/what-percentage-of-startups-fail/).
90% of new startups fail, with 20% failing in the first year and 20% closing in their first 2 years
75% of venture-backed startups fail.
Under 50% of businesses make it to their fifth year.
33% of startups make it to the 10-year mark.
Only 40% of startups actually turn a profit.
82% of businesses that fail do so because of cash flow problems. • The highest failure rate occurs in the information industry (63%).
Wow, these are some amazing statistics.
With statistics like these, why are there so many people who want to take this on as their career?
Well, there is typically a passion inside the entrepreneur. A passion for whatever their business will offer. It can start with a gap the person sees that needs to get filled. It can start with a measure of compassion or empathy the person has for others. It can start with a great idea. Whatever it is, there is a stirring inside that cannot be squelched.
The entrepreneur’s journey has so many components to know and to prepare for along the way. This journey is not for the faint of heart as there is a very great likelihood there will be great difficulties and disappointments to bear, as you see from the statistics.
Here are a few suggestions for those new to the world of entrepreneurship or for those considering this path.
Do your homework… FIRST
You need to know what you are getting into before you start. Some questions to consider:
What are the laws in your state or country for starting a business?
What are your legal obligations, do you need a license, certification, etc.?
What is the industry like in your area?
What kind of competition is there in your area?
Identify the business
What is the business… really?
Who does the business serve?
What is the purpose for the business?
Write a Business Plan
What is the mission and vision for the business?
Know the numbers
You need to understand the financial commitments required in your area of entrepreneurship.
How much money is needed to get the state or country required business permit or license?
How much money is needed for you to get licensed or certified?
How much money will you need to get your business started? Is there equipment you need or staff required?
What other items will you need: business cards, letterhead, brochures, promo material, safety items, furniture, etc.?
Getting known
No matter how great your business idea, you have to get know to be successful.
How will you get your business known out there in this big world?
What marketing or promoting will you have to do?
Where are your customers found and how do you engage them?
How much money will you need to market and promote your business?
Time
Work takes time. Whether it is working for another company or working for yourself, there is a time commitment.
How much time do you have to and are willing to dedicate to this business?
What are the obstacles that will get in the way?
What will you do to overcome the obstacles?
How much time is your family willing to sacrifice for you to work on the business?
If the business does not require you to have a staff and you will running it by yourself, you are a solopreneur. Let me tell you, running a business by yourself as a solopreneur definitely requires you to be clear on what you are doing and what you are willing to invest in the business. As a solopreneur, keep in mind, that EVERY part of the business is yours to handle… that means every part! Until you have the funds or ability to hire others, you are the one and only!
Just a personal note: As a solopreneur, I have learned so much. I love what I do and wouldn’t trade it for the world. As a Career/Leadership/Life Coach passion to help my clients has not wavered at all. The journey has been and I am sure will continue to present business decisions I will struggle to figure out. Some days I wish I had a staff to handle so many of the administrative and marketing parts of the business. The reality is, it’s not time for that.
I am excited for the journey ahead for my business and I hope as you begin your entrepreneur journey you will find exactly what you are looking for in your career. Reach out and let me know about your journey and what you are facing along the way.
To learn more about your transferable skills to shift career directions or how to hire the best for your open positions, reach out to me at Dianne@PreciousStonesCoaching.com.
Want to learn more from Dianne? Follow her on Facebook, Instagram, Linkedin and visit her website.
Dianne McKim, Executive Contributor Brainz Magazine
A Certified Career, Leadership, and Life Coach, Workshop Facilitator, Author, Speaker, and Guest Interviewee, Dianne McKim has the professional training, personal experiences, and knowledge to help clients successfully grow and thrive.
Dianne enjoyed a long and impactful career in Corporate America, successfully leading teams, influencing peers, mentoring team members, and interacting at all corporate levels (including C Levels). During that time, she developed strong relationships with executives, management, peers, and team members, allowing her to successfully spearhead major projects while negotiating, and navigating bureaucracy.
This wasn't always the way, however. Dianne is an abusive relationship survivor, who navigated through a long and difficult divorce, which resulted in her running a household, working full time the whole time, and raising children as a single mom for 14 years. She dealt with family issues, job losses and job searches, loss of relationships, a lack of confidence, and very low self-esteem.
Over time, Dianne rebuilt her life, rediscovering herself and strengthening her confidence. As she did, she learned how to stand strong in her abilities, understand her value and embrace her identity. As her confidence grew, she discovered how to have professional success, personal contentment, and spiritual fulfillment.
Dianne has taken all that she learned, along with her unparalleled ability and deep care and compassion for others and began Precious Stones Coaching. Her coaching style is inviting, understanding, and encouraging with just the right amount of leadership, guidance, and accountability to help her clients focus on their priorities and accomplish their goals. Dianne wholeheartedly commits to helping her clients achieve and fulfill their calling, purpose, and destiny.
