What you need to know as an Entrepreneur - Smart Updates

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs. Successful entrepreneurs expand the size of the economic pie for everyone.

Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit.

As an entrepreneur, you need to know this;

It’s lonely at times:  Loneliness is an occupational hazard for entrepreneurs.

Until you grow your business to the point of bringing on other people, it’s going to be a one-person show. This means extended periods of time alone, and that can get to you. Even us introverts need a little human interaction every now and then.

You need to get out from time to time. It can be a coffee shop or co-working space, but go where people gather. That contact with others might seem distracting, but it will actually help you mentally. The energy of others can help stir creativity in you.

You’ll need unwavering focus: When you don’t have a boss or company tracking your progress, it’s easy to lose focus. Your freedom to do whatever you decide with your time will backfire if you don’t stick to a schedule and plan. Today, things like social media notifications can lead you down time-wasting rabbit holes.

Create clear goals and benchmarks in your business. Don’t give in to activities that will distract you. Your time and energy needs be spent on strategies that grow your business. That's where your focus should be.

The income can be sporadic: Entrepreneurship provides the opportunity to earn significant income, but that income can be inconsistent. You quickly learn the value of an emergency fund. It takes time to build a steady customer base. Until then, be prepared for the highs and lows.

Use your funds wisely. There are a lot of places that seem like they would be a good investment, but aren't. Testing with a small amount is the key to see what really works in your business. Just because someone else had success with a strategy, doesn't mean it will work for your business.

You have to steer clear of time-wasting activities: We live in the information age, which has brought on information overload for many entrepreneurs. We see something that works and we want to try it for our business. To make progress in your business, you have to focus your time on what will help your business where you are. As you grow, learn and then implement. Continuing to learn without taking action will hurt your business.

You can’t do it all alone: Running a business involves many moving parts. As you start out, you can manage them on your own. Eventually, there’s so much to manage that you can't focus on things that will help your business grow. Today virtual assistants and freelancers can take on some of the load so you can focus on growing your business. Trying to be the “jack-of-all-trades” only hurts your business in the long run.

You have to test what works for yourself: Every day we read blogs, listen to podcasts and watch videos that offer strategies to help our business. We see the success of some great entrepreneurs and we’re tempted to copy them. Smart entrepreneurs have figured out that copying isn’t enough. If you see something that works, testing is the only way to ensure it will work for your business. Testing gives you valuable feedback from customers, which helps you in creating products and services that generate income.

Never get complacent: Entrepreneurship can be the gateway to an amazing lifestyle. You can achieve freedom in your life and finances, and build a business that you pass down to your children. When achieve success, it’s easy to coast and stay complacent in your progress. Your goal should be to grow, and to set new goals and new levels of success.

Push beyond what you think is possible in your business. The "sky's the limit" is a cliché, but if you consistently set higher and higher goals, you can make it your reality.

Before you jump into the entrepreneurship journey, be sure you can handle these seven issues. If you’re reading this, I’m confident you can. If you’re already an entrepreneur, use these tips to help your business continue to grow.

Michelacci and Schivardi is a pair of researchers who believe that identifying and comparing the relationships between an entrepreneur's earnings and education level would determine the rate and level of success. Their study focused on two education levels, college degree and post-graduate degree. While Michelacci and Schivardi do not specifically determine characteristics or traits for successful entrepreneurs, they do believe that there is a direct relationship between education and success, noting that having a college knowledge does contribute to advancement in the workforce.

Michelacci and Schivardi state there has been a rise in the number of self-employed people with a baccalaureate degree. However, their findings also show that those who are self-employed and possess a graduate degree has remained consistent throughout time at about 33 percent. They briefly mention those famous entrepreneurs like Steve Jobs and Mark Zuckerberg who were college dropouts, but they call these cases all but exceptional as it is a pattern that many entrepreneurs view formal education as costly, mainly because of the time that needs to be spent on it. Michelacci and Schivardi believe that in order for an individual to reach the full success they need to have education beyond high school. Their research shows that the higher the education level the greater the success. The reason is that college gives people additional skills that can be used within their business and to operate on a higher level than someone who only "runs" it.

The recent academic research on entrepreneurship shows that, to promote entrepreneurship, government policy should focus on reforming basic institutions to create an environment in which creative individuals can flourish.