As more baby boomers turn 65 every day, the definition of the term “entrepreneur” continues to change. Indeed, those who are starting businesses still evoke images of young twenty-somethings who have casual Friday every day of the week, but the more people who are victims of corporate downsizing or need to maintain their financial integrity, more senior citizens are working for themselves.
Today’s entrepreneurs can take a great deal from the old adage “life is like a box of chocolates, you never know what you’re going to get.” Self made businesspeople can identify with the famous line from the movie “Forrest Gump” because they regularly deal with disappointments and find ways to move past them.
Indeed, National Small Business Month is not here yet, but it does not mean that entrepreneurs should wait before planning their marketing and branding strategies for 2018. In fact, January is the ideal time to review and explore options because the new year is just starting.
It may be obvious to the enterprising entrepreneur, but success for small business owner means constantly evolving; a continuous journey to hone one’s skills. There is certainly some truth to the notion of being the constant student, given the numerous business development and management books sold at Barnes & Noble and through Amazon.com.
As rewarding as entrepreneurship can be for small business owners, it can sometimes be isolating and limiting. This is arguably why most entrepreneurs are not successful. However, those who strive for success never do it alone. Instead, they rely on a team of advisors that help them grow not only through the business, but also as people.
If there is a time to turn a “side hustle” into full-time job, it has to be 2017. After all, not only is more startup money available given the proliferation of sources, such money is still relatively inexpensive. Nevertheless, access to startup capital is not the only hurdle that entrepreneurs will have to clear on the road to success.
There are many tips and recommendations for small businesses just starting out. Many focus on how not to get in trouble with the federal government by paying taxes correctly or how to protect assets either by incorporating or signing proper non-disclosure agreements.
As the reach of the Internet connects more people to each other, crowdfunding has become a popular model for startup companies to generate money for inception costs. Until recently, supporters would receive small tokens for their generosity, such as t-shirts and hats to even small parts in movies.
Launching a startup business may raise the same feelings as jumping out of an airplane. The feeling can be exhilarating, yet it may be very dangerous. After all, if your chute doesn’t deploy, you won’t live to tell about it. Indeed, starting a business may not put your life in danger, but failing in a startup could have life altering implications.
There are a lot of things to consider when starting a business and perhaps if you have started businesses before, these issues are just things to check off your checklist. But for many individuals, the business they are investing time into could be their first. It may be a side project that is growing but they do not quite know how to make it a full-fledged business.