cartoon successful business man

What does it take to become a successful entrepreneur?

The new digital age has brought infinite opportunities to become an entrepreneur. In the past, starting a business would mean being hundred of thousands of dollars in upfront cost for physical space, labor, and inventory. Now, you can create an online store without writing a line of code with services likes Shopify and Squarespace.

              With an easier barrier to entry, entrepreneurship has become more desirable, especially for the millennial. A study conducted by America’s SBDC shows that 49% of millennials plan to start a business in the next 3 years. What’s most shocking about this study is that 61% of millennials believe that the best job security comes from owning your own business.

If you want to become an entrepreneur, here are some facts you should know before you get started.

About 50% of small businesses fail within 5 years, 70% within 10 years. US Bureau of Labor Statistics

Source: US Bureau of Labor Statistics

More than half of small business pay themselves… an average salary of $68,000 annually, American Express OPEN

… more than half of small business owners pay themselves a regular salary, they are receiving an average salary of $68,000 annually, down from $72,000 a year ago. In addition, nearly 15 percent of small business owners need to work a second job while running their business in order to make ends meet.

Source: Business News Daily

About 82% of entrepreneurs work over 40 hours a week, The Alternative Board

Accepting these facts is the first step of becoming a true entrepreneur. Starting your own business is not easy. It does not come with 3 weeks paid vacation, dental, or a corporate 401(k) to fall back on.

“Being an Entrepreneur means, you have sacrificed , been humiliated , rejected & left behind but you still stand tall & pitch your product like it’s the best thing since sliced bread.”

Satish Gaire, Vendor of 712 Saas Platform

Ricky’s 5’Cs of Becoming a Successful Entrepreneur

Through studying hundreds of entrepreneurs and articles, I found there has been a common theme amongst key traits of becoming a successfully entrepreneur. I’ve simplified the findings to 5 easy to remember traits:

  1. Care
  2. Creativeness
  3. Competitiveness
  4. Control
  5. Confidence