In the current dynamic work environment, an increasing number of individuals are opting to delve into the realm of entrepreneurship. This transition has been particularly conspicuous since the commencement of the pandemic, with more people opting to establish their own small businesses. Nonetheless, while the prospect of being one’s own boss may be alluring, it is imperative to realize that not everyone is suited for the entrepreneurial journey.
According to data from the Center for American Progress, there has been a noteworthy rise in new potential employer business applications in recent years, signifying a burgeoning interest in entrepreneurship. However, it is vital to acknowledge the obstacles associated with this path. The Bureau of Labor Statistics reports that 20% of small businesses fail within the first two years. Despite these statistics, successful entrepreneurs often attribute their accomplishments to sheer determination and perseverance.
Marlo Lyons, a seasoned career coach, underscores the pivotal role of mindset in determining an individual’s success as an entrepreneur. Nevertheless, she also underscores the importance of taking practical measures to enhance the likelihood of success. Drawing from her extensive expertise, Lyons shares three indispensable tips for individuals aspiring to venture into entrepreneurship.
Firstly, Lyons encourages individuals to commence their entrepreneurial journey by exploring a side hustle in a field where they already possess expertise or can reasonably develop it independently. Platforms such as Upwork and Fiverr offer exceptional opportunities to showcase and enhance one’s skills. Lyons recounts her own experience of initially charging minimal fees to gain the necessary experience and build a solid clientele, which ultimately led to valuable referrals and success in her coaching practice.
Secondly, once the entrepreneurial path is identified, it is essential to establish tangible goals for the business. Lyons emphasizes the importance of meticulous planning and organization, advocating for the use of a detailed planner to track progress. Breaking down goals into yearly, quarterly, and weekly targets enables a structured approach towards achieving success. Reflecting on accomplishments and addressing setbacks are integral parts of this process.
Lastly, Lyons highlights the significance of being comfortable with uncertainty and proactive in seeking solutions. The entrepreneurial journey is often fraught with challenges and ambiguities. She shares her own experience of overcoming obstacles while writing her first book, underscoring the value of persistence and a problem-solving mindset. Believing in one’s ability to surmount obstacles and consistently moving forward is crucial in the face of ambiguity.
In conclusion, venturing into the realm of entrepreneurship necessitates a blend of determination, strategic planning, and adaptability. By leveraging these pivotal tips from career coach Marlo Lyons, individuals can position themselves for success in the competitive world of entrepreneurship.