There are more entrepreneurs than people may think, with approximately 582 million globally and 31 million in the United States. Contrary to popular belief, only 4% of entrepreneurs raise money from investors, with many using personal funds, side gigs, loans, or support from family and friends to start their businesses. It is also not necessary to have a college degree to become an entrepreneur, as only 44% of those in this field possess one.
While it is often believed that most startups fail, the reality is that 42% fail in the first two years not due to the efforts of the entrepreneur, but because they did not solve a real problem for customers. Entrepreneurship is about identifying a problem, creating a solution, gaining customers, and building a profitable company. Additionally, many employees may not be satisfied at work, with up to 70% reported as unhappy, while 75% of entrepreneurs say they are happy with their work as founders.
Starting a small company is not necessarily expensive, depending on one’s skillset, ability to manage finances, and the business model chosen. It is not essential to start an AI-based company to succeed; instead, future trends in personal care and healthcare industries may offer significant opportunities for growth. Many entrepreneurs start their businesses out of a desire to be their own boss and have control over decision-making and accountability.
Overcoming the fear and lack of information about entrepreneurship is key to starting a business successfully. Hanging out with entrepreneurs, talking to experts, and starting a side gig can help to shift one’s mindset and open up new possibilities. Ultimately, becoming an entrepreneur may not be as challenging as perceived, especially considering the large number of entrepreneurs already in the United States. The important thing is to take that first step towards creating something of your own and being in charge of your own destiny.
