Is Becoming An Entrepreneur Still Worth It After The Rise in Applications for New Businesses?
Research shows that new businesses’ failure rate has declined by 30% since 1977. The main reason for small business failure is because there is no market need for what they are selling. The entrepreneurship route might be more competitive than ever today, but that should not put you off wanting to become an entrepreneur. Still, the high number of new businesses will not lead to fewer chances of being a successful business person.
For instance, there is a huge market for online casino games today; but that should not stop you from creating your game show themed live casino games. If you have a business idea and need it in the market, you are off to a great start.
The Benefits of Entrepreneurship Today
Do not let your dreams of being your own boss be overshadowed by the many new business applications. When starting a new business, chances are, your idea won’t be entirely new. However, there must be something unique about it, and most importantly, a market need for it. Thus, you will eventually reap the benefits of what you have started. Here are some of the reasons why you should go ahead with that business idea:
- There are over 582 million successful businesses in the world. Yes, you will be one amongst the many; the fact that they have been successfully established should give you hope that yours will too.
- You become your own boss, which gives you time to make mistakes then finally figure out what works for you. You can design your schedule and decide which parts of your business you can’t control on your own. You make decisions without the pressure of pleasing your superior, like in a traditional work setting. This could result in less stress and better health for you.
- Have you ever wondered how much the company you work for makes because of you? When you are a self-employed entrepreneur, you get to know how much your business makes and earn a salary higher than when you were working for someone else.
Reasons Small Businesses Fail Today
Unfortunately, many small businesses fail. Most successful entrepreneurs have failed a couple of times before making it into the business world. Remember that starting your own business is a risk l. According to research, 20% of new businesses fail within the first year. This should not discourage you from turning your idea into reality. However, do your research and check out some things that can demolish the entity you have started.
Covid-19 was a challenge for many small businesses mainly due to lack of capital, time management, recruitment and retention and getting your company recognized.
It can be hard to get funds when you only have a business idea and plan. Therefore, most entrepreneurs use cash from their own pockets, friends or family to start their businesses.
Another challenge is finding the right employees. Not everyone who wants to start their own business studied entrepreneurship or any course related to that. It may be hard to know how to get a good accountant, especially when you have just started and are interviewing candidates independently.
We sometimes look at CEOs or business owners of the companies we work for and wonder how much they make. When you embark on the journey of being an entrepreneur, you can secure a spot right on top of the food chain. Many challenges can result in the failure of establishing your entity.
These include inevitable and unforeseen circumstances such as pandemics, inability to find an investor and lack of capital. However, your business idea will not be at risk of failing because there are already many business applications. Yes, there may be many with the same or similar idea, therefore, yours needs to be unique in some way and, most importantly, satisfy the needs of your target audience.