Entrepreneurs are often innovative people who are willing to take a risk and tackle problems, but always strive to remain at the forefront of innovation in order to remain one step ahead of their competitors.
Small business owners and startup founders who are always evolving tend to garner more ideas, attract more customers, set new goals and boost employee morale. Remaining inventive can be challenging, but for many entrepreneurs, it is stimulating and worthwhile.
Opting to be an entrepreneur is not always a natural choice since this decision demands dealing with continual risk, headaches, uncertainty and navigating often volatile unexpected economic conditions.
Among the tens of thousands of startups created each year in the U.S., the burgeoning companies that transition into successful enterprises are few and far between.
Although the failure rate remains extremely high, entrepreneurs continue to seek innovative solutions to existing problems, helping to build a new workforce and increase productivity across various industries.
The pitfalls of starting a new business are numerous, as founders often find themselves devoting too much time chasing funding or customers while others expand too quickly and wind up having to lay off a significant portion of their team to remain in the black.
One-quarter of Americans have thought about becoming business owners, but opted out of the prospect, according to a Gallup poll. This is not surprising since the number of startups which have failed or shut down since 2008 outnumber those which are being created.
The barriers to entrepreneurship are numerous, resulting in 50% of new companies which cease operating during the first five years. A lack of available early stage funding, especially for minority and female entrepreneurs, job security and coaching also present hurdles, according to Gallup.
The trade-off for founders is often gratifying as they learn from their mistakes and develop new strategies. Here is how seven founders knew that choosing to be an entrepreneur was the right fit for their career.
Ever wondered if you were entrepreneur material?
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