Entering the world of entrepreneurship can be exciting and scary at the same time. It is filled with lots of stories of both success and failure. However, the stories of success come out of determination, perseverance, sacrifices, and commitment. On the other hand, those who could not succeed either gave up before the time or were in search of another shortcut. Perhaps, they looked for the miraculous or magical solution to achieve true entrepreneurial success without putting forth the required efforts and going through any aches and pains of labor.
The fact says there is no place for magic solutions or miracles in the success stories we have heard of so far. Every successful entrepreneur we hear about overcame the hurdles by dedicating themselves for their own business development. This development then blended into their free enterprise and they made efforts to earn success themselves. It also involves having a clear cut mission and objectives to pursue. In fact, starting a business without undefined goals to achieve has no worth. Obviously, you got to have a reason why you are choosing a comparatively harder life where you will be compromising your personal interest in order to do everything for your business success. There must be something at the end that will reward your hard work.
Challenges of Entrepreneurship
Entering the world of entrepreneurship can be exciting as it comes with a whole new lifestyle for those who are ready to grab it. However, this is not all about freedom and sunshine. Many business studies reveal that a third of small companies miss the mark in their first two years while more than half fail in their first five years of the setup. Unsurprisingly, the challenges of entrepreneurship are quite reverse of its advantages. Take a look at how it goes:
- Lacking proper time management skills can result in lost time when making own working schedule.
- If you still do not have required leadership qualities for directing others, you are likely to take a crash course once your hire staff or outsource others.
- You will need to narrow your new ideas down to the ones that are most likely to help you attain your desired business success.
- You need to maintain a professional appearance in person to sustain a positive reflection of your company.
- It is a must to understand all aspects of your business operations in order to make sure that everything is running smoothly.
- Doing a business always keeps you “on call” so you need to be ready for handling work-related crises even if you are traveling or on vacation.
- Sick days or vacations do not come with any paid rewards hence you need to decide how much these days off is worth to you.
- You have to complete all kind of tasks especially if you cannot afford to outsource.
- Hiring employees needs you to learn effective ways of conducting interviews, taking care of workers’ rights as well as organizing payroll matters.
- When doing a business, you will be the only one who can motivate you to reach to the desired height of business success.
Measuring Commitment Level of Entrepreneurship
Strong commitment and determination are the most important factors that inspire an entrepreneur. These qualities help entrepreneurial persons overcome incredible hurdles and compensate enormously for any weaknesses. As they start their business and seek to grow it, their life starts going through extreme and constant pressure for survival. Without any exceptions, their business becomes their top priority and requires the entrepreneur to devote their time, patience, emption, and loyalty to its success.
There are numerous ways to measure the level of commitment that successful entrepreneurs make. Usually, following human behaviors acknowledge that these individuals possess a higher level of commitment and determination to take their venture to success.
- They are ready to take a cut in pay since they will own a major part of business.
- They are willing to invest a substantial part of their net worth in the business.
- They have made big sacrifices in their family and day-to-day life circumstances.
The most critical distinction in successful entrepreneurship is that the desire to win will always be different from the willingness to never give up. Most entrepreneurs want to win but there are only few who have the determined persistence and constant doggedness to make it happen.
Qualities of Successful Entrepreneur
Individuals who successfully establish new business endeavor to overcome obstacles, solve problems, and complete the task. They tend to be disciplined, strong-minded, and determined. Successful entrepreneurs are capable of committing and recommitting quickly. They like to win and love to compete for almost everything. If tasks are not solvable, a realistic entrepreneur is most likely to be the first one who will give up. Even though they are very persistent, they believe in reality and better recognize what they can and cannot.
Benefits of Being an Entrepreneur
Normally, people who break free from traditional employment system and choose to achieve business success as entrepreneurs leverage many benefits from their journey. If we talk about some most common ones, they can be read as:
- They can make their own schedule.
- They do not need to ask employer’s permissions for traveling.
- They can enjoy vacations or take sick days whenever needed.
- They can outsource important tasks that they do not like or have time for.
- They can hire their own staff.
- They get the opportunity to learn ways to become a better employer which also goes handy for them to be a better employee.
- They can get opportunities to make their innovative ideas shinning unfettered.
- Unlike traditional jobs, they do not need a job security as they own their own venture.
- Their ambitions and goals always help them to drive to greater heights of business success.
Commitment and determination are two main things that drive a great entrepreneur. In order to know what make successful entrepreneurs, one has to understand what is behind entrepreneurial process. Mainly, this process encircles around the founder, the job seeker, the initiator, the creator, the problem-solver, the motivator, and the leader of clear vision and mission. If an individual lacks this energy and behavior, they cannot succeed in the greatest ideas no matter if they are backed by lots of resources and people.