Starting a business requires time and dedication, but determined entrepreneurs can turn a simple idea into a successful venture. A well-known example is Facebook. In early 2004, Mark Zuckerberg started a dorm room project that allowed Harvard students to share photos and personal details. What began as a hobby is now the largest social media platform in the world.
Those interested in entrepreneurship need to develop the skills necessary to turn an idea into a business. Pursuing a relevant degree, like an online Bachelor of Science in Business Administration, can give students the knowledge they need to start their entrepreneurial journey.
What is an Entrepreneur?
Entrepreneurs are people who see opportunities to meet a need or improve life and turn those ideas into profitable businesses. For instance, in 1975, Bill Gates and his childhood friend Paul Allen co-founded Microsoft, starting their venture by developing software for early personal computers. Microsoft is often seen as a prime example of a company born from humble beginnings.
Similarly, in 1994, Jeff Bezos saw the potential of the internet for new business opportunities. He quit his job, moved to Seattle, and began an online bookstore out of his garage. Today, Amazon is worth over $160 billion.
In 2009, Uber’s co-founders, Travis Kalanick and Garrett Camp, were in Paris for a conference. When they couldn’t find a cab, they came up with the idea of creating a service where people could order rides using a smartphone app.
Many entrepreneurs have turned to online platforms like Etsy and Shopify to sell their products. For example, crafters use Etsy to reach customers all over the world, and according to a recent article in Fast Company, approximately 1 billion businesses have set up online stores on Shopify. Between 2016 and 2018, Shopify contributed over $183 billion to the global economy.
But entrepreneurship isn’t just about coming up with an idea. Entrepreneurs also need to understand the importance of factors like economic conditions and funding. For instance, securing venture capital can help a business succeed. Venture capital (VC) funds invest in startups with high growth potential. This is one reason why so many startups are located in areas like Seattle and Silicon Valley, where there are many VC firms.
Key Traits of Successful Entrepreneurs
Successful entrepreneurs often share certain qualities, such as strong analytical skills and adaptability, which help them launch and grow their businesses.
Analytical Skills: Entrepreneurs can spot gaps in the market and create products or services to fill those needs. For instance, GrubHub and UberEats solved the problem of restaurants wanting to offer delivery without hiring full-time drivers. Understanding market needs and conditions is essential to creating a successful business.
Versatility: Entrepreneurs who can take on multiple roles are more likely to succeed. For example, a computer programmer with a great idea for an app must also be able to write a business plan, design appealing graphics, and market the app to investors and customers.
Passion and Work Ethic: Even the best ideas need an entrepreneur who is committed to seeing them through. Entrepreneurs must be passionate enough to push past obstacles and inspire others to believe in their idea or product.
Self-Motivation and Discipline: Following through is key in a startup. Entrepreneurs need to be self-driven and disciplined, especially when facing tasks they may find difficult or uninteresting.
Overcoming Challenges
Starting and running a small business can be challenging. Entrepreneurs often face hurdles such as securing funding, motivating employees, and avoiding burnout.
Funding: Securing startup funding is often one of the biggest challenges. Entrepreneurs who can’t self-fund may need to seek money from friends, family, or venture capital firms. Some also turn to crowdfunding or angel investors for financial backing.
Inspiring Employees: As a business grows, finding employees who share the company’s vision and are willing to work hard can be difficult. Entrepreneurs need strong communication skills to inspire and motivate their team.
Burnout: It’s common for entrepreneurs to be fully immersed in their business, but this can lead to burnout. Learning to manage time and incorporating self-care, like exercise and relaxation, into their routines can help prevent burnout.
