Share, , Google Plus, Pinterest,

Posted in:

What does it mean to be an entrepreneur?

Article by Noble Prosperity

Being an entrepreneur means that you were either brave enough, or desperate enough to step out and step up. Entrepreneurs are most often born from spotting an opportunity, from necessity, or from a host of other reasons all of which culminate into a passion and drive to succeed.

For the most part, entrepreneurs believe this passion, drive, and creativity will be better served in their own business rather than in a corporate environment or for the benefit of someone else. They strive for a lifestyle that is not bound, or confined, in the mundane ‘9-to-5 rat race’ and it is the entrepreneurial willingness to learn and grow that results in unconventional and creative ideas.

Entrepreneurs are driven by the need to succeed, to change the world as they know it, and, preferably, control their destiny.

According to the GEM reports in 2017:

The ages of entrepreneurs were made up as follows:

  • 16 – 24 : 12%
  • 25 – 34  : 45%
  • 35 – 44 : 24%
  • 45 – 59  : 15%
  • 60+ : 4%

  • 37% of businesses had no employees, while 51% of businesses employed between 1 and 4 staff
  • 78% of the entrepreneurs needed less than 100k to fund their business, with only 5% requiring above R1m
  • The top 5 challenges experienced by these respondents were:
    • Finding clients or customers (47%)
    • Inability to raise funds (43%)
    • Lack of guidance (31%)
    • Wearing too many hats (30%)
    • Slow or lost sales (21%)

So, what then is the reality/risk of being an entrepreneur?

More often than not an entrepreneur will succeed in leaving the ‘9-to-5 rat race,’ an 8-hour day at an employer, to work 16-hour days in their own business, often working through most weekends in a month.

Many entrepreneurs often also suffer from emotional isolation making them feel lonely and with a feeling of it’s them against the world. For many a daily mantra of “I just need to get through this month” rings true.

So, what is the solution?

The 2017 GEM report tells us you are never too young, or too old to venture out and be an entrepreneur. Don’t let yourself be constrained by the thought of not having large sums of cash or capital to do so and have a proper and well-thought-out business plan. Focus on your skill set and core business, don’t be scared to outsource tasks that will distract from these activities.

It is important to know that you are not as alone as you may think. These days there are many institutions geared to assist and guide entrepreneurs. You can also network with, join, or start your own mastermind group with like-minded individuals to do so. Where possible I highly recommend enlisting the services of a coach or mentor.

Remember to stay informed within your focus industry. Make the time to continue to educate yourself using courses, virtual programs, research, webinars, etc.

“Information is what separates the good entrepreneur from the great ones”

For more information on coaches and mentors please read my previous article: COACHING VS MENTORING: WHICH WOULD SERVE YOU?

And above all, hold true to your passion and always focus on providing service and solutions.

Noble Prosperity is a proud member of the NSBC.