Entrepreneurship Development Is Essential To The Successful Start-up Business
The job market is at its lowest point in decades with prospects for many people looking for employment dismal
. Millions have lost their jobs with a large percentage of those unable to find jobs comparable in income to the jobs they lost, if they have found new full-time employment at all. This is creating a new class of entrepreneurs by necessity as people must find new ways to support themselves and their families.
Many have professional skills that have commercial value that can be marketed successfully to create new profitable businesses. Many have interests that may have been hobbies before that can be translated into successful companies. Entrepreneurial opportunities are essentially limitless, beginning with simple ideas that are creatively promoted to their niche markets. But as most new entrepreneurs quickly discover, it takes much more than a great idea and desire to build a successful enterprise.
According to the Small Business Administration, over 50% of new businesses fail within their first five years. They share common reasons for their failures that can be essentially summed up as a lack of information and business knowledge. In the zeal to begin promoting that great new idea, basics can be overlooked without the entrepreneur training needed to anticipate problems and obstacles they will be facing. Discouragement that results when the business fails to perform as quickly as hoped can cause the new entrepreneur to simply give up.
A lack of planning is one of the reasons many businesses fail. That includes being unaware of competition in the market and plans to set the business apart in order to successfully compete. It includes failure to plan a comprehensive business marketing strategy that addresses demographic penetration with a profitable return on the advertising investment. For instance, an expensive television ad campaign may result in sales, but was their enough profit in those sales to justify the cost of the expensive campaign?
One of the primary reasons for small business failure is lack of capital and financing options that can limit a successful start-up or growth potential of a new enterprise. A successful entrepreneur knows how and where to find that capital. It requires a well thought out and written business plan that will convince the lender of the viability of the company along with the expertise and capability of the entrepreneur.
The successful entrepreneur understands the power of networking and continuously learning from the successes and mistakes of others. Entrepreneurship development is an essential part of the package that, in addition to that great idea can create that new opportunity for a lifetime of success.
by: Art Gib
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