Freelancers, gig workers, franchise owners, or small business owners — no matter what they call themselves, these individuals are entrepreneurs. From freelance writing services and Airbnb hosts to small grocery stores and tech startups, entrepreneurs power much of the U.S. economy and have done so for decades. Even that lemonade stand on the corner of your block is run by an ambitious entrepreneur who is only ten years old. Some of today’s most successful businesses, such as McDonald’s, Starbucks, Amazon, and Facebook, were started by entrepreneurs. Although there are many entrepreneurial success stories, many business ideas also fail. Any entrepreneur runs the risk of financial struggle, but there are things you can do to reduce that risk while pursuing entrepreneurship. There is no reason your age, gender, or background should stop you from achieving your dream of being your own boss. Passion, an innovative idea, hard work, and resilience can all power a future successful business. However, there are also many other steps aspiring entrepreneurs need to take in order to become a successful business owner. Defining an entrepreneur What these people share in common is a desire to create a career on their own terms. They’re willing to take on the risk of earning money the hard way, instead of opting for the more traditional route of a guaranteed paycheck by working for others. Becoming an entrepreneur is also about creating a legacy by building something that can sustain the entrepreneur now and in the future. Truly successful entrepreneurs may even help sustain their descendants. Many outdated definitions of the types of entrepreneurship omit freelancers and gig workers. However, these business owners share many of the same characteristics of those traditional entrepreneurs who run a startup or a small business. In today’s work environment, freelancers generate income by being their own bosses and should be considered entrepreneurs in their own right. Determining if entrepreneurship is for you Before diving into starting a new business, make sure that being your own boss is a good fit. If you feel confident and disciplined enough to work for yourself and put in the necessary work and time, then entrepreneurship may be for you. The entrepreneurial mindset approaches risk with confidence. It includes accepting the idea that you may not get a paycheck for a while and that it may take time to convince others to buy your product or service. As 2020 illustrated, staring down risk means being able to handle the unexpected while staying flexible enough to pivot. In my case, I hired an expensive coach some years back to help me plan out and execute my freelance business. The price tag scared me, but I felt confident enough that, with the help of the coach, I could attract enough new clients to pay her fees and more. I took the risk and ended up thriving. If you think you can overcome the fear of failure like that, then read on to learn more about starting your entrepreneurial journey. The […]
