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What are the unspoken challenges of becoming an entrepreneur?
I'm interested in entering the business/finance field, even though I am aware of amount of effort that is required. I'm very driven and eager to learn, however I'm not sure where to start or even what specific area of the fields to go into. Could anyone who works under these fields explain their experience?
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david’s Answer
Hi, Angie,
There are few, if any, 'unspoken' challenges for being an entrepreneur. Your biggest challenges is securing funding. Even if you develop something to solve world hunger, you still need to have investors (generally called 'venture capitalists') to provide the funding for the initiative. RIsks are very high, but also are the rewards. I located these two websites that provide a basic overview:
https://www.investopedia.com/terms/e/entrepreneur.asp
https://www.commerceinstitute.com/business-failure-rate/
In becoming an entrepreneur, I encourage you to first establish credibility in your abilities. That might be done by having exceptional college grades, excellent performance in a job that relates to your desired plan, or by having significant funds of your own to invest along with that of other investors. I wish you well.
There are few, if any, 'unspoken' challenges for being an entrepreneur. Your biggest challenges is securing funding. Even if you develop something to solve world hunger, you still need to have investors (generally called 'venture capitalists') to provide the funding for the initiative. RIsks are very high, but also are the rewards. I located these two websites that provide a basic overview:
https://www.investopedia.com/terms/e/entrepreneur.asp
https://www.commerceinstitute.com/business-failure-rate/
In becoming an entrepreneur, I encourage you to first establish credibility in your abilities. That might be done by having exceptional college grades, excellent performance in a job that relates to your desired plan, or by having significant funds of your own to invest along with that of other investors. I wish you well.
Thank you for the advice, david.
angie
Updated
Terrie’s Answer
Hi Angie, there are a few challenges with being an entrepreneur. One of them is securing proper funding, and the other is getting good help. Both can be challenging but doable if you just keep staying persistent and not giving up!
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Peter’s Answer
Getting funding and having good ideas for ventures. And finding a good initial team.
Updated
George’s Answer
Connect with your local business development center - Google "Small Business Administration".
Find a mentor!!! Job shadow. Apprentice under a business owner. Take every business class you can find; accounting, writing, speech, marketing, web development, etc. .... Take classes at the local community college.
Contrary to other advice - be VERY CAREFUL with proper funding /venture capital ( DEBT ).
There are plenty of challenges!
READ! Truly successful business leaders are avid readers - a minimum of 1 hour per day, every day on something "substantial". So many good books to learn from the experiences and expertise of the authors. One suggestion off the top of my head is, "The E Myth" by Michael Gerber. Not braggin', but I'm recognized as kind of a big deal trusted, and respected - very successful in my career field. I'm completely self-taught in my specialty. I read A LOT. Most of my reading came from local thrift stores for a few dollars a copy. Others bought the books new, and may, or may not have read them. Later they gave them away. At the public library books will only cost your time and effort.
Find a mentor!!! Job shadow. Apprentice under a business owner. Take every business class you can find; accounting, writing, speech, marketing, web development, etc. .... Take classes at the local community college.
Contrary to other advice - be VERY CAREFUL with proper funding /venture capital ( DEBT ).
There are plenty of challenges!
READ! Truly successful business leaders are avid readers - a minimum of 1 hour per day, every day on something "substantial". So many good books to learn from the experiences and expertise of the authors. One suggestion off the top of my head is, "The E Myth" by Michael Gerber. Not braggin', but I'm recognized as kind of a big deal trusted, and respected - very successful in my career field. I'm completely self-taught in my specialty. I read A LOT. Most of my reading came from local thrift stores for a few dollars a copy. Others bought the books new, and may, or may not have read them. Later they gave them away. At the public library books will only cost your time and effort.
Updated
Andrew’s Answer
Embarking on the journey of entrepreneurship indeed presents a variety of hurdles. It's true that certain innovative ideas may require substantial funding to kickstart. This financial backing could come in various forms such as loans, venture capital, customer funding, and more. Each business is a unique entity, and there is no universal solution for securing the necessary funds to launch your idea. However, numerous concepts, particularly in the technology sector, can be developed with minimal initial capital. Once you've gained some momentum and crafted a solution that addresses a problem, you can then seek additional funding to expand that product.
The path of entrepreneurship is not without its risks, including the possibility of failure. It can also put a strain on personal relationships due to the significant time commitment required for the business. Initial income may be limited, potentially leading to financial stress. The execution of the idea, facing competition, and assembling a team are other potential challenges. However, remember that every challenge is an opportunity for growth and learning. Embrace these hurdles as stepping stones on your path to success.
The path of entrepreneurship is not without its risks, including the possibility of failure. It can also put a strain on personal relationships due to the significant time commitment required for the business. Initial income may be limited, potentially leading to financial stress. The execution of the idea, facing competition, and assembling a team are other potential challenges. However, remember that every challenge is an opportunity for growth and learning. Embrace these hurdles as stepping stones on your path to success.