•   Compendent
  • Business
  • Home & Garden
  • Wellness
  • Nonprofit
  • Life
  • Blogs We ♥
  • Contact
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Hide Search

3 Steps to Succeed as an Entrepreneur + 2020 Statistics

by Compendent ·  3 min read  ·  November 9, 2020

3 Steps to Succeed as an Entrepreneur + 2020 Statistics

Forging your own path as an entrepreneur comes with its own unique set of challenges. However, the pursuit of creating a career around your passions and the drive associated with being your own boss drives entrepreneurs in all industries to succeed.  

To succeed as an entrepreneur requires lots of dedication, time, and effort. Below are trends, tips, and what to know about growing your business from the ground up. There is no “one size fits all” when it comes to creating a meaningful company.

Solidify Your Mission 

Setting an intention of why you started your business can help you stay focused and motivated when times get tough. Have a common goal that you and your team can always refer back to when reaching micro-goals and setting benchmarks. Remember what motivates you specifically as a business owner, as your personal goals may differ from others as your team grows. 

Statistics show that over 20 million people want to be their own boss in the next year. Others prefer the ability to work whenever or wherever they want. New entrepreneurs prefer having flexibility with their work and emphasis on mental health over making more money.  

Have a Mentor to Help Guide You

One way to learn is from those who have been there before you, like leaders in your industry or mentors. You can learn from their mistakes and adapt what has worked for others to your own business plan. 

According to other entrepreneurs, three key skills that lead to success include clear communication, problem-solving skills, and efficiency with your time. Evaluate these skills in regard to yourself as a business owner and how your company operates.  

Manage Your Risks  

A great way to start learning is to look at how others have failed. Seeing where others went wrong can prevent you from making the same mistakes. Creating and evolving your business operations over time by managing risks will help you save time, cost, and effort.

Becoming an entrepreneur can be costly. Over 20 percent of potential business owners struggle due to a lack of funds available or high amount of debt. About 66% of entrepreneurs also said that they faced difficult hurdles in year one. Evaluate your business expenses quarterly to confirm you are not overspending.  

For entrepreneurship trends in 2020, Embroker compiled over 70 essential entrepreneur stats to check out. Becoming a success doesn’t happen overnight. It takes persistence and effort. Through the process, you’ll run into obstacles and feel like giving up. Remember why you started in the first place. Evaluate what has worked or failed for others and adapt it to your own unique circumstances.

Filed Under: Business Tagged With: business

Primary Sidebar

RECENT POSTS

How to Live with More Intention in a Distracted World

April 18, 2025

Journaling as a Tool for PTSD Recovery

March 24, 2025

Sports and Mental Health in Adolescents

February 17, 2025

5 Tips on Designing the Interior of Your New Office Space

October 9, 2024

Why You Should Also Think About Your Garage During Renovations

September 17, 2024

Recent Posts

Maximize Sales with Strategic Seasonal Merchandising

How to Build a Strong Employer Brand to Attract Quality Candidates

The Influence of Genetics on Mental Health Disorders

Carré d’Or Charm: A Guide to Monaco’s Most Exclusive Real Estate

Aftercare Planning and Support Post-IOP Treatment

Related Articles


Things You Need to Know About a Dashboard Background and Its Customizability 

Things You Need to Know About a Dashboard Background and Its Customizability 

4 Tips to Choose a Niche Market for Your Business

4 Tips to Choose a Niche Market for Your Business

She-Cession: What Is It + How to Navigate It (Infographic)

She-Cession: What Is It + How to Navigate It (Infographic)

Infographic: The Plight of the Middle Manager

Infographic: The Plight of the Middle Manager

7 Lesser-Known Motivational Quotes that Are Sure to Inspire Your Soul

7 Lesser-Known Motivational Quotes that Are Sure to Inspire Your Soul

5 Tactics Pro Writers Use to Overcome Writer’s Block

5 Tactics Pro Writers Use to Overcome Writer’s Block

4 Major Pitfalls of Working From Home, And How to Overcome Them

4 Major Pitfalls of Working From Home, And How to Overcome Them

The Advantages and Disadvantages of a Cashless Business

The Advantages and Disadvantages of a Cashless Business

Networking Tips for Introverts

Networking Tips for Introverts

Founding Sponsors
AV Programming Associates Christina DeBusk Greenlock Capital Long Beach Architect Purrfect Serving Canned Cat Food Cutters Smith Farms Custom Furniture VitalChurch Ministry
Scroll

© 2025 Compendent.com. All Rights Reserved.
Web Design by Modmacro℠

Sitemap  |  Advertising