Saturday, June 2, 2012

The Allure of Entrepreneurship

More Want to Start Their Own Business

Evaluating new ideas for a business
 ~ The desire to create a new business is strong:
[A] survey released in November suggests that 1 in 4 Americans aged 44-70 are interested in starting businesses or nonprofit ventures in the next 5-10 years.

Of those potential business owners, 58% say the current economic crisis makes them more likely to create their own venture, despite doubts about startup funding. Nearly as many (47%) said they expect to tap into personal savings to launch their ventures.
Many of these fledgling entrepreneurs will take the plunge for the first time. Most will fail. The biggest reasons for not succeeding? Running out of cash, building a business without paying attention to what customers want, and choking on their own growth. The likelihood of failure can be greatly reduced with proper business planning and a focus on the fundamentals of starting a successful business. There is no substitute for experience, and first-time entrepreneurs often make the same mistakes made by many others before them. One way to avoid that sad outcome is by learning from the mistakes of others so you needn't make them yourself—have a good team, or work with an experienced guide.

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