JoAnne Chalom

Coral Springs, Florida

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Entrepreneurship Insights

Entrepreneurship can encompass many moments of exhilaration and some of utter exasperation. The initial excitement of owning your own business can be followed by the reality of learning how to maintain an income stream and how to plan for a ‘low or slow’ season. Some business practices can help mitigate those moments of exasperation. Strong considerations should be given to creating a plan, pacing growth that can be a guide path to achieve both long term and shorter ones. Reach out and access resources that are available locally, nationally and internationally. Experts in the field are there to help emergent and growing businesses.

Keep in mind that the daily roles needed to work in and on a business can be a bit like training for a 5K, 10K, and half-marathon. It takes time, commitment, fortitude and endurance. Setbacks will occur at all stages of entrepreneurship: emergent, growth, and established. Will attempts be made to resolve those hurdles, or will a means be found to propel the business over the obstacle?

Has thought been given to changing the trajectory of the company or changing the pace of growth? A slower pace might be more beneficial to reaching the finish line.

Some entrepreneurs and by default their companies are pushed beyond their comfort zone to achieve their goals. Focusing on marketing one day and networking another can be similar in thought to changing a training routine and focusing on aerobics one day and weightlifting the next.

Entrepreneurship can be similar to a marathon, a steady pace with bursts of energy or growth. Consider the process of growing a business as journey that will have many steps and missteps before reaching the destination.

15 Things to Know about Entrepreneurship

1. According to a report from the Global Entrepreneurship Monitor (GEM), twenty-seven million working-age Americans, or nearly fourteen percent, are starting or running a business.

2. According to the Annual Survey of Entrepreneurs (ASE) - Characteristics of Business Owners: In 2016 nearly seventy percent of business owners started or founded their business.

3. The (ASE) reports that twenty seven percent of business owners spend between forty-one- and fifty-nine hours a week working on or in their business.

4. The (ASE) reports that seventeen percent of business owners spend sixty or more hours a week working on or in their business.

5. Florida is second only to California to the number of Hispanic owned firms.

6. The U.S. Census reports that in Florida, nearly one hundred thousand business applications were submitted for each of the first three quarters of 2019. Nearly one-third of them were for corporations.

7. Know that about half of all startups are out of business within four years.

8. Strategies for entrepreneurs that can increase their chances for success: complete research to determine competition, strengths, weaknesses, opportunities, and threats.

9. Create a Business Model and business plan.

10. Explore all channels for revenue streams.

11. Know how to price a product or service.

12. Account for overhead, profits and losses.

13. Develop positive customer relationships and address concerns immediately.

14. When the market changes be prepared to change the course of the business.

15. Know the market and fluctuations in your potential client.
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