Advice to budding Entrepreneur

One more day passed, one more weekend went with little happening. Last night, I stumbled upon one more corporate employee who is aspiring to be Entrepreneur.

Just a quick statistic for you. There are around 582 million entrepreneurs in the World. Around 305 million startups were created in a year. 1.35million businesses out of those startups are tech-related.

They registered 775k new businesses in the US in the first quarter of 2019. There are around 250 million female entrepreneurs worldwide.

Entrepreneurship is the king of a passion, and this passion drives them to take a risk. Around 28% leave their corporate job to get on entrepreneurship. The reason for this is dissatisfaction at the corporate job.

The numbers are directly from Global Entrepreneurship Monitor (GEM).

My article might scare you or might put you in tremendous thinking, either way; it will help you to make the right decision for your life.

Random statistics on startups

• They estimate it 90% of startup fail. 20% startup fail in the first year, 34% shut in first 2 years, 50% make it to the fifth year of business and 25% survive till 15 year mark.
• Only 40% of startups turn into a profit-making firm, 30% of startup break even.
• Startup with more than 1 founder has nearly 3X user growth than with single entrepreneur
• The number one reason for startup failure is no market need for the product they made.
• Second is a breakup in founders, and next is no competence to handle business
• Good understanding of the market is a key factor behind startup success. The next is persistence, a characteristic that makes a firm successful.
• Successful startups anticipate competitors move and stand out from the crowd with a better offering.
• Successful startups also employ experienced executives
• One-third of start-ups in the US launch with less than $5k. 70% launch from home.
• Surprise for you; 57% are the age of 50 and over. There are very few Mark Zuckerberg or Byju Raveendran age group.

My idea of giving statistics is not to scare you, but to make sure that you understand what you getting in. You may feel entrepreneurship is a great way to make money, but you will end up hurt (probably) or you may even stand out as the next billionaire with your unicorn.

I share my experience based on my study on over 50 entrepreneurs and this might help you think right and make a great startup:

Lower your expectations. The happiest entrepreneurs are the ones that expect little.

• The best time to plan a start-up is three years before it comes out. Take a theoretical approach and master your concept, skill, market know-how, and everything it takes to start.
• Believing in yourself, being worth it, and ambitious is all fine. Be resource full and get a trick of every function of the business.
• Be in the network. The best way to stand out is being on social and communicating thoughts about your business.
• You have a horrible boss in 9 to 5 job, or you are self-sufficient, or you are a flamingo in a flock of pigeons, these all reasons are not for being an entrepreneur. Rather, the most important thing for an entrepreneur is being persistent. You need to go on and on till the time you hit the goal. Many entrepreneurs quit before they reach the launch pad.

The entrepreneur spirit remains very much alive and kicking, today graduate schools help their students to start a business or even incubate. The idea of being an entrepreneur is growing, and people are being more known of their choice.

Be known, about what you choose.