Entrepreneurs are innovators who take their career into their own hands by opening a business or selling a product that only they control, and they are a very important piece of the business framework within the United States economy. They are responsible for a large amount of job growth across the country. The Global Entrepreneurship and Development Institute (GEDI) ranks the United States as the #1 market in the world for entrepreneurs.
National Entrepreneurship Month was established in 2011 by President Barack Obama to encourage consumers to support entrepreneurs & small businesses, as well as remind them of the impact that entrepreneurs have on our communities.
Entrepreneurs come from all different walks of life, and startup costs are a common barrier to entry. They take on significantly more financial risk in order to work for themselves. Planning is key; having a solid budget and a realistic business plan can help draw investors as well as get the business going on the right foot.
The United States Bureau of Labor Statistics found that of all businesses started in the year 2019, 79% made it to their 2nd year, and 68% made it to their 3rd year. This proves that despite the risks, most new small businesses recently started by entrepreneurs have succeeded. New business owners will inevitably have some struggles, but the correct planning and funding can help mitigate these issues when they arise.
Consider these tips if you are interested in becoming your own boss:
- Have a business plan and budget you believe in.
- A firm business plan and budget will go a long way towards minimizing potential risk.
- Put customers first.
- Without customers, your business can’t succeed. Their satisfaction is paramount, and their feedback can lead to helpful changes within the business.
- Invest in your employees.
- By training your employees, you are improving the quality of work they are putting out for your business. It also shows the employees that you care about their future as well as the company’s.
Looking to become an entrepreneur and start your own business? Visit First Bank’s Small Business Administration (SBA) lending page for more information on obtaining an SBA loan.