entrepreneurs journey

The 5 Stages of Entrepreneurship

Published: January 25, 2023

Entrepreneurship isn’t for the faint-hearted. Of course, the thrills of creating an effective business, working on your own terms, and enjoying financial freedom are rewarding. However, turning your idea into a profitable business is no simple task.

There will be hurdles to overcome. However, depending on your business idea, it may take months or years to scale these challenges and reach the finish line. Sadly, most entrepreneurs never see success. Nearly 75% of startups fail, according to Harvard Business Review . 

The good news: Your business doesn’t have to be another casualty. In this post, you’ll learn the five stages of entrepreneurship and the common pitfalls you should avoid in each. You’ll also see real-life examples of entrepreneurs at each stage. 

What are the five stages of entrepreneurship?

The “Five Stages of Entrepreneurship” is a simple framework that helps new founders to understand the entrepreneurship journey. The stages include ideation, planning, execution, scaling, and hypergrowth.

The Five Stages of Entrepreneurship

Starting a business can seem like a daunting task. That’s especially true if you start the process without a roadmap. 

The Five Stages of Entrepreneurship divide the startup journey into more manageable chunks. Each stage of your entrepreneurial enterprise will come with unique challenges. You’ll also need to complete certain foundational steps to set your business up for success. 

Below, we explore the five stages of entrepreneurship and the common challenges to expect at each stage.

Stage 1: Ideation

Ideation is the first stage of every entrepreneurial journey. The goal here is to identify and validate a profitable business idea.

Here are three common ways entrepreneurs develop ideas: 

• Considering what they’re passionate about. For a role model, turn to Nike Co-founder Phil Knight . His interest in shoes and sports strongly influenced his decision to start the athletic shoe company.
• Identifying a problem in an existing market. This is how the idea for Uber came about. Travis Kalanick and Garrett Camp were returning from a LeWeb, an annual tech conference. It was a cold winter night, and unfortunately, they couldn’t get a cab. So they asked themselves, “What if you could request a ride from your phone?” The rest is history.
• Focusing on niche markets . A niche market is a small, underserved segment of a large and established market. Jacamo, for instance, is a clothing retail company targeting larger (and taller) men who typically struggle to find large-sized, fashionable clothes.

After an initial brainstorming session, you’ll need to narrow your scope and focus on one idea. We’ll explain how you can validate concepts below. 

Idea Validation

Ensuring the viability of your idea is essential. When you confirm the market need for your product, you avoid the risk of pouring your resources into a business idea that’s a dud.

Most entrepreneurs skip this crucial step. They assume there’s a market for their product without validating their hypothesis. The result? They build a product that no one wants, causing their businesses to die in infancy. 

A CB Insights Report reveals this is one major reason businesses fail. Don’t make the same mistake. If you’re unsure of a market’s potential for your idea, think twice before committing resources to it.

How to Validate Your Business Idea

One way to validate your idea is to evaluate the performance of similar businesses. A perfect example is Chanty. 

Chanty is a communication and team collaboration app that went head-to-head with companies like Slack. When Chanty came on the scene, Slack was already dominating the market and raking in millions of dollars in revenue. This proved to Dmytro Okunyev, Chanty’s Founder, that they could get a slice of the market. 

You can also validate your ideas during discussions with trusted peers. As David Darmanin , Founder of Hotjar, says, “Step one of validating an idea is reaching out to your personal networks and gauge response. This differs from approaching friends and family who will always want to be nice to you.” 

You can contact your network via email, social media, and many online communities. Done right, you can get free and unbiased advice that’ll help you iterate on your business idea quickly.

The lean start-up methodology also provides a comprehensive approach to testing business ideas. To learn more about the lean start-up, read this book by entrepreneur Eric Ries .

Stage 2: Planning

Just as architects need building plans to construct a new building, entrepreneurs need business plans to create successful businesses.

Developing a business plan helps you estimate costs, identify risks, and set up risk mitigation measures. A written business plan is even more essential if you’re seeking investors in your company. Potential investors want to see the extent to which you envisioned your business. 

For this reason, put lots of thought into your plan, create a document that’s thorough, and consider your long-term goals. 

Note that you don’t need to write a 37-page business plan or have a 15-year forecast before you begin building your business. As Mark Zuckerberg said , “Ideas don’t come out fully formed. They only become clearer as you work on them. You just have to get started.” 

So if you don’t have a five-year vision of your business yet, don’t let that stop you from taking the first few steps while you flesh out the big picture.

Stage 3: Execution

Like a plane stuck on a runway, many budding entrepreneurs often generate some momentum, but they never lift off. As a result, many innovative ideas never become a reality. 

The fact is, ideas are a dime a dozen, but execution is rare. To succeed, you’ll need to become adept at putting a plan into action.

At least once per day, I hear a great business idea (often web3). But then I tell people -- Excellent, you have a great idea... now you have to execute on it! Most people fail at this stage, and can't turn a great idea into great execution -- which is what really matters — Brian D. Evans (@BrianDEvans) May 16, 2022

Starting a business is risky and scary. And that feeling of uncertainty — the fear of failure and of making mistakes is one of the major reasons entrepreneurs hesitate to execute. 

If you’ve identified and planned out your big idea, you’re probably filled with the excitement of “what could be” and the fear of “what if it doesn’t work?” simultaneously. 

You’re not alone. Founders like Dmytro Okunyev had these mixed emotions, too. 

I wasn’t very certain that my idea would work, but step by step, small win by small win, I gained that confidence. Now we are in the ivy league of communication platforms. #chanty #software #marketing — Dmytro Okunyev (@dmytrookunyev) February 12, 2021

Today, Chanty is thriving because Dmytro mustered the courage to move forward with his plans despite the uncertainties. 

So, recognize that your plan isn’t foolproof. You will make mistakes. But just as you can’t paddle a boat tied to the dock, you can’t steer your business toward your vision until you launch and tackle your mistakes head-on.

As Mark Zuckerberg explains : “Don't even bother trying to avoid mistakes because you're going to make tons of mistakes… The important thing is actually LEARNING QUICKLY from whatever mistakes you make and not giving up.”

Moving too slow or too fast is dangerous. So caution is necessary either way. Develop a good sense of when to act fast, get rid of your desire for perfection, and know when to slow down.

Will Rogers, a popular American vaudeville performer, puts it more humorously: “Even if you’re on the right track, you’ll get run over if you just sit there.”

The bottom line: business is trial and error. Make peace with the fact that you’ll make mistakes. Take small calculated bets. Learn from the resulting failures and move forward. 

If you believe in your idea, you’ve tested it, the timing feels right, and you have assembled your team , then launch!

Stage 4: Scaling

At this point, you’ve successfully launched your business, you’ve achieved product-market fit , and sales are steady — but your business hasn’t reached the heights you imagined. You desire to expand faster. 

So you face an important question: “Should you bring in external investors and give up equity or bootstrap your business, i.e. self-fund through personal savings, debt, or customer funding?”

Founders of successful companies often bootstrap in their early days, but eventually, they accept outside investment. However, outliers like Spanx bootstrapped their way to a unicorn valuation after founder Sara Blakely started the undergarment company using only $5,000 of her personal savings.

Bootstrapping relies on a lot of sweat equity. This can mean taking on more stress than an investor-funded company. Blakely, for instance, learned to write her own patent from reading books so she could save $3,000 in legal fees. 

Bootstrapping has a huge but sometimes overlooked upside. Besides giving you full control of your business, the lack of capital forces you to find smart ways to grow your company.

Heavy funding covers up problems that ought to be obvious to the founders. Paradoxically, this sometimes leads to start-up death. On the flip side, accelerated growth is one major benefit that investor-backed start-ups enjoy. GitHub , an internet hosting service for software development, is an example of a business that scaled fast , thanks to external funding. 

Tom Preston-Werner, Chris Wanstrath, and PJ Hyett founded GitHub in 2008 and funded it for four years. In 2012, they got their first VC investment of $100 million and raised another $250 million in 2015. By October 2018, their annual recurring revenue was between $200-$300 million. Microsoft bought GitHub for $7.5 billion in the same year.

Whether your bootstrap or get investor backing, three factors are crucial for scaling your business quickly:

• Building effective systems. A system is a structure that fuels the smooth running of your business without your presence or supervision. These systems clearly outline how your company operates.
• Learning to lead. Learn to sell a vision to your team. You must be able to inspire others to act. This way, you leverage other people’s talents and experience to achieve results. Alone, you can only go so far.
• Track your profitability. It’s not unheard of to find a business with $50 million in revenue but $200k in profit. That’s why you shouldn’t focus on growing sales alone. Instead, obsessively track your margins and brainstorm ways to increase them.

To learn more about how to build systems, read:

• The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It
• Built to Sell: Creating a Business That Can Thrive Without You 

Stage 5: Hypergrowth

Hypergrowth is a season of rapid and exponential growth that companies experience as they scale. Specifically, an organization experiences hypergrowth when its Compound Annual Growth Rate (CAGR) exceeds 40% and remains so for at least a year, according to the World Economic Forum . 

For context, “normal growth” companies have a CAGR of 20%. “Rapid growth” companies have a CAGR of 20% to 40%. Some companies that have achieved hypergrowth include Amazon, Slack, Stripe, Zoom, Uber, and Bolt.

Achieving hypergrowth is desirable but challenging. One common setback is the risk of employee burnout from overwork. A prolonged period of unprofitability is another prevalent challenge. 

Amazon, for instance, was unprofitable for its first 20 years . It became profitable only in the mid-2010s. If investors had pulled out or stopped injecting cash into Amazon, its collapse would have been inevitable.

However, “Jeff had earned so much faith from his shareholders that investors [were] willing to patiently wait for the day when he decides to slow his expansion and cultivate healthy profits,” writes Brad Stone in his acclaimed book, The Everything Store.

This pattern of pursuing hypergrowth at the expense of short-term profitability is the norm with high-growth businesses. As of 2019, 64% of unicorns that IPO-ed since 2010 are unprofitable, according to TechCrunch . But investors don’t seem to care.

To enter this phase of exponential growth, focus on the following three factors.

1. Product Innovation

Hypergrowth is demand-driven. So unless you build a product that customers love, you’ll never get there. Harsh, but true. 

Customer-centricity is an obsession for (all) hypergrowth businesses, not just a “core value” they hang on the walls. They constantly leverage empathy, data, and customer feedback to build the best products. 

2. Agile and Scalable Systems

What got you to $10 million in ARR won’t get you to $900 million. The systems that run small businesses efficiently will not support your hypergrowth. 

Uber had to overhaul its driver onboarding process multiple times to support its hypergrowth. Until 2013, intending drivers had to go to a local office to complete some paperwork. Then they morphed into an online application process that allowed drivers to sign up without visiting a local office. 

And when they began international expansion , the company had to design another process to accommodate the differences in regulations across host countries.

3. A Core Team

Hypergrowth is driven by hyper-effort. That’s why long work hours are common in hypergrowth companies. It’s a hard grind. And if you don’t have a team that shares your passion and believes in your mission, you’re not going far.

Whatever you do, don’t try to achieve hypergrowth too fast. Companies attempting to scale prematurely often push their operational capabilities to the limit, increase their stress levels, and hurt their business reputation. 

To learn more about hypergrowth, read:

• Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies

The bottom line is this: if you have an idea for a product that helps people solve a problem, don’t ignore it. Test it. Iterate until you get product-market fit. Combine that with a thoughtfully planned business strategy, a dedicated team, and a group of experienced mentors, and your business could become an enormous success story.

The process of growth will be demanding and painful. And sometimes, the people closest to you won’t share your vision. Nike’s controversial ad offers advice on what to do when people scorn you.

As Steve Jobs said, “The people who are crazy enough to think they can change the world are the ones who do.”

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2.1 Overview of the Entrepreneurial Journey

Learning objectives.

By the end of this section, you will be able to:

• Explain the entrepreneurial journey to explore and discover entrepreneurship as a career choice
• Identify the steps, decisions, and actions involved in the entrepreneurial journey
• Recognize the rewards and risks of the steps in the entrepreneurial journey

Self-Employment as an Entrepreneurial Journey

When the economy and the job market are strong, the entrepreneur has a safety net that decreases the risks in creating a new venture , a startup company or organization that conducts business or is created to satisfy a need, and allows for a quick recovery if the venture is not successful. There are more new startups when there are high levels of confidence in both the venture’s success and the entrepreneur’s confidence in finding employment if the venture fails. People over 40 years of age account for most new startup activity, in part because of the continuing trend in which a business may choose not to hire an employee but instead hire an independent contractor , a person who provides work similar to an employee without being part of the payroll for the contracting business, and who is responsible for paying their own taxes and providing their own benefits. With previous knowledge and expertise, this group of entrepreneurs recognizes opportunities created by this move away from hiring full-time employees to more outsourcing to independent contractors. One contributor is the gig economy , which involves using temporary and often transitional positions hired on a case-by-case basis, rather than keeping a full staff of hired employees. Advantages for the employer include a decrease in cost of benefits and loyalties to specific employees. Advantages for the hired worker or independent contractor (sometimes called a freelancer ) include no long-term commitment and flexibility in accepting contracts. From an entrepreneurial perspective, the creation of websites that support the gig economy offers opportunities for independent ventures. Many people today are becoming small entrepreneurs. This process goes by a variety of names, such as the sharing economy , the gig economy, the peer economy , or the collaborative economy . Maybe it means driving for a company such as Lyft , Uber , or GrubHub , or perhaps offering services through TaskRabbit , UpWork , or LivePerson . The projected numbers of independent contractors and on-demand workers are stated as 42 percent for small businesses by the year 2020, a growth of 8 percent from current figures. 1 And a projection of greater than 50 percent of the workforce will be independent contractors by 2027 if this trend continues at the current pace. 2 In the “Freelancing in America: 2019” report, the sixth annual study by UpWork and Freelancers Union, 57 million United States citizens are estimated to freelance, with income approaching 5 percent of US gross domestic product (GDP) at nearly $1 trillion and earning a median rate of $28.00 an hour, representing an hourly income greater than 70 percent of workers in the overall US economy. 3 One report found that 94 percent of net job growth from 2005 to 2015 was in alternative work categories, with 60 percent due to independent contractors and contract company workers. 4

According to the US Bureau of Labor Statistics, the number of self-employed Americans is growing, with 9.6 million self-employed people at the end of 2016. That number is expected to grow to 10.3 million by 2026. 5 A more recent study by FreshBooks’ second annual “Self-Employment” report predicts that 27 million US employees will leave traditional work in favor of self-employment by 2020, tripling the current population of full-time self-employed professionals to 42 million. The main driver for this change in the workforce is a greater desire for control over one’s career with the ability to have greater control over working hours and acceptance of work. 6 , 7 Of course, self-employment is a broad category that includes small-business owners as well as entrepreneurial startups and freelance gig employees. Since 2016, there has been a downward slide in the number of employees working for self-employed businesses, which results from a variety of factors, including difficulties in finding qualified employees, qualified employees having more employment options, such as employment through the gig economy, outsourcing activities, and technology actions that decrease the need for employees, with entrepreneurial activity remaining steady. 8

Entrepreneurship around the World

In a 2017 Business Insider article, “America Needs Immigrant Entrepreneurs,” David Jolley writes that immigrants constitute 15 percent of the US workforce and 25 percent of the country’s workforce of entrepreneurs. 9 Forty percent of startups include at least one immigrant. Jolley’s article cites a study that identified immigrants as twice as likely to start a business as people born in the United States. In 2016, 40.2 percent of Fortune 500 companies were founded by at least one immigrant or a child of immigrant parents. Dinah Brin, writing for Forbes , stated in a 2018 article that immigrants form 25 percent of new US businesses and that new immigrant-owned firms generated 4 to 5 million jobs. 10

These statistics and other findings have prompted countries such as Canada to revise their immigration policies to attract more entrepreneurial-minded immigrants. A World Bank report from May 2018 ranked the United States 53rd out of 190 countries for ease in starting a business, with higher scores representing greater ease. 11 The same report ranks the United States eighth for ease of doing business. The difference in these rankings indicates that once a business is established, factors such as regulations, permits, access to credit, and infrastructure support the business owner’s ability to continue the business, but actually starting the business is more challenging. For any given country, ease in starting a business and the country’s interest in supporting entrepreneurial activity are crucial in both attracting entrepreneurial people and supporting their ability to open a business. Imposing restrictive regulations and processes on new ventures significantly decreases the number of new ventures.

According to a 2018/2019 report, the highest rate of entrepreneurial activity worldwide in 2018 was in Angola at 41 percent. 12 Angola’s low-income economy meant fewer employment opportunities, creating pressures to find other ways to earn an income. Guatemala and Chile reported 28 percent and 25 percent of entrepreneurial activity, respectively, with medium- and high-income economies. These percentages are quite high, considering that these economies offer employment opportunities in existing companies. In terms of innovation, India at 47 percent, and Luxembourg and Chile at 48 percent each, take the lead in offering new products and services not previously available. This entrepreneurial activity reflects the ease of starting a business. The Netherlands, Poland, and Sweden were reported as the easiest countries in which to start a new business, in part because many people in those countries view entrepreneurship as an attractive lifestyle. As you can see, both economic opportunities and a country’s specific support for entrepreneurial behavior contribute to the number of people who enter entrepreneurial activities.

From a gender perspective, there are currently over 11 million woman-owned businesses in the United States. This number includes both small business owners and entrepreneurs. Thirty years ago, there were only 4 million woman-owned businesses. 13 The number of woman-owned businesses has increased 45 percent between 2007 and 2016, five times faster than the national average, with 78 percent of new women-owned businesses started by women of color.

Starting Your Entrepreneurial Journey

How do you fit into this entrepreneurial journey? This chapter will help you to explore and discover your potential for entrepreneurship as a career choice. Think of this exploration and discovery experience as a way to map out a strategy to reach your goals or dreams. Let’s imagine that your dream vacation is a hiking trip to Glacier National Park in the US state of Montana. Just as hikers have different levels of experience, so do entrepreneurs. Just as your plan for a wilderness hike would involve many stages, your entrepreneurial journey involves multiple levels of self-discovery, exploration, experiences, and accomplishments on your way to success. For our purposes, the term entrepreneurial venture means any type of new business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For each story of entrepreneurial success that is shared—such as that of Facebook or Airbnb—there are even more lesser-known entrepreneurial success stories such as Zipline , a company that delivers medical supplies in Rwanda and Ghana by drone. These entrepreneurs faced the same dilemmas in pursuing their passion, or opportunities, which led them to their entrepreneurial destiny. They courageously stepped out of their comfort zones to explore the possibilities that lie ahead. What is the difference between entrepreneurs and you? The main difference is taking that first step. Many people have ideas that fit into the definition of an entrepreneurial idea but never take that first step. Just as the Chinese philosopher Lao Tzu suggests, every journey begins with a single step.

Are You Ready?

Taking the first step.

Go to Fire Nation’s website on taking the first step to learn more. Changing your mindset (your perception of yourself and your life situation) and encountering trigger events (significant external situations) can nudge you into taking the first step toward being an entrepreneur.

• Is there a venture you’ve always thought you should start but never did?
• Think about what factors are stopping you. Consider your mindset and how you might change your mindset so that your venture could become a reality.
• What are some possible trigger events that could make the difference between starting your venture and waiting to start your venture?

Opening your future to the possibility of starting your own venture brings new and exciting experiences ( Figure 2.2 ). Every entrepreneur moves through several steps in considering the entrepreneurial journey. Once you understand this journey, the steps will help you define your path toward creating and starting your new venture. Each step of this process offers another level of understanding that prepares you for long-term success. How will you achieve this success? By taking one step at a time, exploring and learning, considering new ideas and expectations, and applying these experiences to achieve your personal outcome. Think of the entrepreneurial journey as a guide to knowing what is in store for you as you start your new venture.

One benefit of outlining a step-by-step process is the opportunity to explore different paths or behaviors that may lead to an entrepreneurial venture. Think again of your dream visit to Glacier National Park. How would you get there? What equipment would you need? What kinds of experiences would you expect to have? Think of the Glacier National Park journey as your entrepreneurial journey, a metaphor intended to help you as you create your career as an entrepreneur.

What makes someone ready or willing to choose entrepreneurship over becoming an employee of an established business or a small business owner? It takes confidence, courage, determination, resilience, and some know-how to select entrepreneurship as a career as well as the recognition of the opportunity. An entrepreneur is defined as someone who not only recognizes an opportunity but who also is willing to act on that opportunity. Both actions are required. We might identify an opportunity, but many people do not act on the idea. Confidence, courage, and willingness are necessary to take that first step, as well as remembering the following:

• You are unique. Even if two similar people attempted to launch identical ventures, the results would likely not be the same. This is because each one of us has different ideas, approaches, available resources, and comfort levels, all of which influence the venture’s development and eventual success.
• Although there are no hard and fast rules or theories of the best way to launch into entrepreneurship, we can gain wisdom from the lessons learned by experienced entrepreneurs.
• Selecting an entrepreneurial career requires honesty, reflection, and a tendency to be action oriented. You will need to recognize your own strengths, limitations, and commitment as part of that honesty. Reflection is required for self-growth—seeking improvements in your own skills, interactions, and decision making—and commitment is required to maintain consistency in your willingness to make the new venture a top priority in your life. You will also need to understand that you cannot accomplish everything by yourself, and you may need to ask for help. It helps to be curious, open, and able to take calculated risks and to be resourceful and resilient when faced with challenges or obstacles.

Entrepreneurial Potential Self-Assessment

Take this quick Entrepreneurial Potential Self-Assessment to assess your potential to become an entrepreneur. After completing this self-assessment, what new information did you learn about yourself? Do you think your answers will change as you acquire more life experiences and education? Why or why not?

Optimizing Interest Areas

What are three areas that interest you? These could be hobbies, work activities, or entertainment activities. How would someone else describe your skills and interests, or what you are known for? Answering these questions provides insights into your strengths and interests. Next, what is one area that you are passionate about? What strengths could you bring to this passion to build your own business?

Keep an open mind in looking for an opportunity that fits your strengths and interests. If you decide to explore entrepreneurship, what would be your first step? What are your initial thoughts about being an entrepreneur? What would you review or search to find more information on your idea or area of interest? With whom would you first question or discuss this idea? Why?

The Entrepreneurial Journey as a Trip

The entrepreneurial journey is your exploration to discover if entrepreneurship is right for you. Every entrepreneurial journey is unique; no two individuals will experience it in the same way. Along the way, you will find opportunities and risks coupled with challenges and rewards. It’s useful to think about the entrepreneurial journey as an exciting trip or other adventure. Most of the preparations and steps involved with planning a trip are like those for starting a venture. Just as you would plan and prepare for a trip—starting with inspiration and leading up to finally traveling on the trip—you might follow similar steps to launch a venture. And just as you would prepare for any challenges that you might encounter on a trip—bad weather, lost luggage, or detours—so you should consider potential obstacles or barriers along your entrepreneurial journey ( Figure 2.3 ). Think of these difficulties as opportunities to learn more about the entrepreneurial process—and about yourself and how you manage challenges.

Developing a venture can be an exciting and active experience. It is also a lot of hard work, which can be equally rewarding and enjoyable. Here we present the entrepreneurial journey as seven specific steps, or experiences, which you will encounter along the road to becoming an entrepreneur. You’ll find more information about the entrepreneurial journey in other chapters in this book.

• Step 1: Inspiration – What is your motivation for becoming an entrepreneur?
• Step 2: Preparation – Do you have what it takes to be an entrepreneur?
• Step 3: Assessment – What is the idea you plan to offer through your venture?
• Step 4: Exploring Resources – What resources and characteristics do you need to make this venture work?
• Step 5: Business Plan – What type of business structure and business model will your venture have?
• Step 6: Navigation – In what direction will you take your venture? Where will you go for guidance?
• Step 7: Launch – When and how will you launch your venture?

As you work through each step of the entrepreneurial journey you should prepare for significant aspects of this experience. You will meet with rewards and challenges, the consequences that result from the decisions made at various points along your journey. To visualize the steps of the entrepreneurial journey, imagine your possible hiking trip to Glacier National Park ( Table 2.1 ). Just as hikers have different levels of experience, so do entrepreneurs. Compare the following aspects of preparing for a hike with aspects of your entrepreneurial journey.

Step 1: Inspiration

When you think of being an entrepreneur, what is the inspiration for your venture? Just as you might have an inspiration for a hiking trip to Glacier National Park, you will have an inspiration behind the decision to become an entrepreneur. When you’re planning a trip to a new and exciting place, one thing you might do is to imagine what you will experience along the journey and on arriving at your destination ( Figure 2.4 ). This portion of the entrepreneurial journey includes imagining yourself as an entrepreneur or as part of an entrepreneurial team. For this stage, you need a creative, open, and innovative state of mind, also known as an entrepreneurial mindset , which is discussed in more detail in The Entrepreneurial Mindset and Creativity, Innovation, and Invention . Dream big about your potential future and opportunities ( Figure 2.5 ).

Step 2: Preparation

Just as when you are preparing for a trip, you need a plan ( Figure 2.6 ) to move forward on your entrepreneurial journey. Before your dream hiking trip, you might gather information about Glacier National Park from a trusted source, such as a good friend with travel experience, or you might conduct online research. Your friend’s feedback could be just the motivation you need to try this experience yourself. Or you might use your research to determine if the trip is possible. You will need to look at maps, either online or on paper. Either way, you might also consider travel and accommodation options, such as booking a flight and finding a place to stay. You might want to create benchmarks to align your journey with your available resources, such as the amount of time and the amount of money you have to spend on the trip. Benchmarking is a method of tracking target expectations with actionable results by comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment. Benchmarking can help design the trip to meet incremental goals and timelines. From both a travel plan and an entrepreneurial perspective, although benchmarking is used as a control mechanism, we know that situations can arise that require an alteration in the plan, causing the benchmarked items to also need adjustments.

Link to Learning

Which type of benchmarking will help you the most in beginning your entrepreneurial journey? Visit the American Society for Quality’s resource page on benchmarking for help.

To plan for an entrepreneurial journey, you should first conduct some preliminary research regarding your venture idea. Your research must be honest and objective if it is to give you a clear picture of the venture. Next, you might organize and prioritize your research and thoughts. For instance, you might see an idea like yours online or on television, and feel disappointed that someone stole your great idea or beat you to the punch. This is a common occurrence in entrepreneurship, but it should not discourage you. Instead, use that knowledge and energy to find an overlooked or different aspect of your original idea. The difference might even be the focus on a different target market , a specific group of consumers for whom you envision developing a product or service. Further, it is critical to maintain a fluid focus upon expanding the scope of a product or service to uniquely differentiate provisions of benefits apart from existing benefits or those offered by competitors. A focus on a different target market is exactly how the Jitterbug smartphone was created, because it targeted senior citizens. The Jitterbug smartphone offers a larger screen, larger buttons, and simpler features that make it easier for older people to make quick calls or send texts.

Preparation also includes opening space in your life to the time and energy commitment needed to support your new venture. Are the important people in your life willing to support the interest and passion you will need to dedicate the time, energy, and other resources to this new venture? Review the questions shown in ( Figure 2.7 ) to consider your answers to these questions. Preparation through research and other activities is discussed in more detail in Identifying Entrepreneurial Opportunity .

Step 3: Assessment

Now that you have decided where to go for your trip and have gathered information to prepare for it, the next action is to create and set your schedule. This action is simple but critical, because it involves connecting and coordinating information and resources that fit your lifestyle and needs. For example, you might schedule an early-morning Uber or Lyft to the airport and electronic delivery of your plane tickets to your smartphone. For the entrepreneurial journey, this phase might also include recognizing appropriate relationships and gathering needed resources. For many entrepreneurs, the opportunity to receive guidance from trusted advisors or mentors may provide valuable insights on how to manage the process. This step allows for reflection on your idea and intentions. After you’ve done your researching and gathering knowledge about your idea through the preparation step, is the idea still viable? Is the idea still interesting to you? With a better understanding of the industry, your idea, and your own interests that you gained in Step 2, is this idea something that you still want to explore? This step is discussed more fully in Problem Solving and Need Recognition Techniques with deeper coverage on the topic of opportunity recognition ( Figure 2.8 ).

Step 4: Exploring Resources

Regardless of where you might travel, you could not complete your trip without adequate resources such as available financing. There are many ways you might fund a hiking trip: savings, loan, pay-as-you-go, sponsorship (family or friends), or any combination of these options, to name a few. No matter how you finance your trip, it might help to have a balance of available credit and cash on hand to support your day-to-day expenses and any extracurricular activities or even unforeseen emergencies. As discussed in Entrepreneurial Finance and Accounting , the US Small Business Administration (SBA) provides funding opportunities.

This scenario is mirrored in the entrepreneurial journey. Just as you wouldn’t begin a trip without adequate resources, including access to cash, you wouldn’t begin your entrepreneurial journey without the necessary resources, including cash. The options between funding a trip and funding a new venture are similar, but they have different names. For example, on a trip, you might use the cash you have on hand, from savings or a personal loan. For an entrepreneurial journey, you might address cash management —management of cash inflows and outflows to support cash needs of the venture—to include bootstrapping , a funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows. (See Entrepreneurial Finance and Accounting for more information on bootstrapping.) Bootstrapping includes ideas like leasing instead of purchasing, borrowing resources, or trading unneeded resources for needed ones. Another example of cash management includes a business model that offers subscriptions rather than a payment received for an item purchased. Subscriptions provide the entrepreneur with cash up front, with the buyer receiving benefits throughout the year. Consider the example of Amazon. Amazon offers Prime with a yearly subscription service, as well as Subscribe & Save , Amazon Instant Video , Amazon Mom , and Amazon Web Services , all based on a subscription business model.

According to Entrepreneur.com, other potential subscription-based models include services or products geared to older consumers, with 8,000 people turning sixty-five every day. A similar idea offers services to college students. Both ideas would offer family members a subscription that sends monthly gifts or products to either the elderly person or college student. We also see this model offered to pet owners who pay a monthly subscription to receive treats and toys for the family dog. Looking back at Amazon, we see the company offering the ease of repeat purchases for frequently used products such as vitamins and air filters.

Entrepreneur In Action

Prospurly is a subscription-based company that uses Cratejoy ’s subscription platform to sell small-batch artisanal products for bath, body, and home, marketing a natural lifestyle focused on the happiness of living a simple and appreciated life. Conduct your own research on Prospurly and other subscription-based businesses. Read the article, “How I Built a Subscription Business That’s Made over 50k in 6 Months,” on Cratejoy for more information about this company and Prospurly’s move from ideation to profitability.

Other ideas for finding funding include applying for grant funding. The importance of cash and cash management requires in-depth coverage, which is presented in Entrepreneurial Finance and Accounting and Business Structure Options: Legal, Tax, and Risk Issues .

The idea of exploring resources includes many other options besides how to fund a new venture. In a trial run , you would offer your product or service for sale within a limited market on a test basis to evaluate what additional resources are needed to support the success of the venture ( Figure 2.9 ). Examples of places where a trial run fits well, depending on your product, include farmers markets, in-home sales, or through friends and family. The idea is to track the feedback you receive about your product or service. How do people react to the price, the quality of the product, the packaging? You can experiment by selecting one variable to adjust—changing the price, the packaging, the sales pitch, the presentation, or the quantity—to track reactions and make improvements based on this feedback. You may then decide to adjust other variables to gather more information, as well as considering what other resources are needed for the success of the new venture. Financing and ideas to preserve your financial stability are discussed more fully in Entrepreneurial Finance and Accounting .

Step 5: Business Plan

The ability to travel and visit new locations is a privilege and a great opportunity to gain exposure to new experiences and opportunities. In addition to the work involved in preparing for a trip, the act and process of traveling involves constant decision making to achieve your desired goals and outcomes. For instance, should you travel to one location in Glacier National Park and explore that area in depth? Or should you attempt to visit as many areas of the park as possible with your given resources and abilities?

The challenge at this step of your entrepreneurial journey is to remain focused on managing your resources to meet your goals and outcomes as you write your business plan for your new venture. You will need to focus on the skills, experience, and resources necessary for your venture, and the management and decision making required to ensure success and adjust your plan based on changes and new information. Just as you might find a location in Glacier National Park where you want to stay for a couple of nights, a deviation from your original business plan (discussed in Business Model and Plan ) will also require adjustments and changes based on new information and insights.

Be honest with yourself by running a reality check about your ability to manage a venture, especially from a personal-capacity perspective. For example, if you start a business, will it be a part-time or full-time venture? Will you start while in school? Or will you wait until after graduation? The timing of opening the venture can be the difference between success and failure. Consider the difference between hiking in Glacier National Park in the middle of winter, when the daytime temperature is thirteen degrees below zero, and hiking in the middle of summer, when the daytime temperature is seventy-nine degrees. The timing of your visit to the park is an important part of your enjoyment and success in reaching your destination. In planning for your trip, you would pay attention to your departure time to ensure enjoyment and success in your adventure. Similarly, as part of your business plan, you would also research the best time to open your venture.

Finally, during your travels, getting lost, overwhelmed, or sidetracked is always possible. If you get lost when traveling, you might refer to social navigation apps such as Google Maps , Waze , or HERE WeGo , to find turn-by-turn directions and information. Or you might refer to a weblink, a printed map, or a local expert or guide familiar with the area. The business plan is your map. You should identify decision points and milestones , significant key accomplishments, in your plan. Milestones could include points such as hitting your breakeven point , the point at which income from operations results in exactly enough revenue to cover costs. If the financial projections in your business plan are unattainable, what is your next move within the plan? If you don’t reach the milestones identified in your business plan, what alternative choices can you make to redirect your venture? The business plan, in its first draft, should inform you whether your venture has a chance at success. If there are negative areas, what can you change? Building this plan before starting the business provides you with knowledge and insights about your idea. Make any necessary changes to the plan to strengthen the possibility of success. Then when you open the venture, track whether the reality of the venture aligns with your business plan’s projections and expectations. The business plan functions as both a road map to help you see where you are going next in building your venture and as a checklist to track whether you are on course or need to make adjustments. When entrepreneurs get off track, they can check out self-help websites, speak with a business coach or counselor, or contact local agencies or organizations, including those affiliated with the federal SBA. Organizations that offer free (or low-cost) small business counseling, mentoring, and training, include:

• SCORE (Service Corps of Retired Executives): https://www.score.org/
• Small Business Development Center (SBDC): https://www.sba.gov/offices/headquarters/osbdc/resources
• Women’s Business Center (WBC): https://www.sba.gov/local-assistance/find/?type=Women%27s%20Business%20Center&pageNumber=1
• US Export Assistance Center: https://www.export.gov/welcome
• Veterans Business Outreach Center (VBOC): https://veteransoutreachcenter.org/
• Other organizations include locally organized support such as pop-up entrepreneurial schools like PopUp Business School (https://www.popupbusinessschool.co.uk/) and https://www.pbs.org/newshour/show/this-free-program-trains-people-how-to-start-a-business-but-without-debt

These and other resources will be discussed in more depth in Building Networks and Foundations . Look at the review questions and the discussion questions at the end of this section to prepare for creating your business plan. Business plans ( Figure 2.10 ) are discussed more fully in Business Model and Plan .

Step 6: Navigation

Once you’ve completed your trip, reflect on the experiences you had. No matter how well you feel you have planned, there is no way you can prepare for all of the potential challenges, changes, and obstacles that may occur: missed or changed flights, poor weather, an unexpected illness, a trail or road closed for repairs, or sudden good fortune. What parts of the trip went well? If you ran into a problem, how did you handle it? Was the problem something you could have anticipated and planned for? Or was it unexpected? What did you learn from the experience? If you were planning a trip to another national park, what would you do differently in your planning stage? Just as seasoned travelers adjust to their circumstances and learn from their experiences, so should you, as an entrepreneur, learn to adjust by meeting and managing challenges head on.

After completing your business plan, you will probably need to adjust your plan ( Figure 2.11 ). You might decide that you will not have enough resources to survive the time until your venture reaches the breakeven point, or you might determine that the location you selected is no longer available. There are multiple variables that require further exploration and research.

By nurturing an entrepreneurial mindset , you will be better prepared when opportunities, challenges, or obstacles surface. Although you won’t be able to predict or plan for every potential scenario along the entrepreneurial journey, an entrepreneurial mindset helps you to be resourceful when opportunities, challenges, or disappointments occur. By unpacking, or by taking an inventory of your available resources, you can also get a better picture of what you may need to unload, retain, or discard, or even if a new direction is the best course of action. On your entrepreneurial journey, evaluating the experience or situation is a perfect opportunity for you to determine how realistic, overambitious, or shortsighted your dreams and goals for your venture may be. This chapter will explore your vision for your future and your venture. Does your vision include a level of flexibility when you discover new information that supports exploring a new area?

Step 7: Launch

The actual launch is the exciting event when you open your business. By this point, you have made improvements to your product through feedback received in your trial run; you’ve identified the value or benefits provided by your product; you’ve identified your target market; and you’ve identified the location of your launch, whether it is a geographical location or an Internet location.

Inc . magazine provides an analysis of the best locations to launch a new venture, with Austin, Texas, taking the lead (see “Surge Cities: These Are the 50 Best Places in America for Starting a Business,” in Suggested Resources ). Consider your target market and the resources necessary to support your venture when choosing the location for your launch. Advice from within the entrepreneurial world suggests that sometimes the launch should take place “under the radar,” meaning in a location where you can make mistakes, fine-tune your business model and offerings, and even become successful without competitors noticing that you have created a disruption within the industry. (You will learn more about this in Launch for Growth to Success ).

Even as you are launching your venture, many variables will require your attention, just as we covered in Step 7. Navigating through these variables as your venture grows requires constant attention as new potential opportunities arise.

Sixto Cancel and Think of Us

Sixto Cancel successfully faced the harsh challenges of aging out of the foster-care system without adult support or guidance. He imagined a better foster-care system for young people then cofounded the firm Think of Us. Think of Us is a platform that helps young people in foster care build their own personalized digital advisory board of supportive adults who act as a virtual life-coaching group. The adults guide the young people through the foster-care system and ensure that they are able to become independent when they leave the system at age eighteen. For more information about this venture, visit www.thinkof-us.org.

• 1 David Pridham. “Entrepreneurs: Here’s Good News for 2018.” Forbes . 2018. https://www.forbes.com/sites/davidpridham/2018/01/10/entrepreneurs-heres-good-news-for-2018/#660f5ebd6659
• 2 UpWork and Freelancers Union. “Freelancers Predicted to Become the U.S. Workforce Majority within a Decade, with Nearly 50% of Millennial Workers Already Freelancing, annual ‘Freelancing in America’ Study Finds.” UpWork . October 17, 2017. https://www.upwork.com/press/2017/10/17/freelancing-in-america-2017/
• 3 UpWork. “Sixth Annual ‘Freelancing in America’ Study Finds That More People Than Ever See Freelancing as a Long-Term Career Path.” UpWork . October 3, 2019. https://www.upwork.com/press/2019/10/03/freelancing-in-america-2019/
• 4 David Pridham. “Entrepreneurs: Here’s Good News for 2018.” Forbes . 2018. https://www.forbes.com/sites/davidpridham/2018/01/10/entrepreneurs-heres-good-news-for-2018/#660f5ebd6659; Lawrence F. Katz and Alan B. Krueger. “The Rise and Nature of Alternative Work Arrangements in the United States, 1995–2015.” 2016. https://scholar.harvard.edu/files/katz_krueger_cws_final_nov2018.pdf.
• 5 Elka Torpey and Brian Roberts. “Small-Business Options: Occupational Outlook for Self-Employed Workers.” US Bureau of Labor Statistics . May 2018. https://www.bls.gov/careeroutlook/2018/article/self-employment.htm
• 6 Carly Moulton and Dave Cosgrave. “Second Annual Self-Employment Report.” FreshBooks . 2017. https://www.freshbooks.com/wp-content/uploads/2018/04/2018selfemploymentreport.pdf
• 7 OECD Data. “Self-employment Rate.” OECD.org . n.d. https://data.oecd.org/emp/self-employment-rate.htm.
• 8 Arnobio Molrelix. “The Biggest Reason the U.S. Needs Small Businesses to Thrive Has Nothing to Do with Taxes or the Economy.” Inc ., Dec. 20, 2018. https://www.inc.com/arnobio-morelix/inc-entrepreneurship-index-2018-q3.html
• 9 David Jolley. “America Needs Immigrant Entrepreneurs.” Business Insider . September 5, 2017. https://www.businessinsider.com/america-needs-immigrant-entrepreneurs-2017-9
• 10 Dinah Wisenberg Brin. “Immigrants Form 25% of New U.S. Businesses, Driving Entrepreneurship in ‘Gateway’ States.” Forbes . July 31, 2018. https://www.forbes.com/sites/dinahwisenberg/2018/07/31/immigrant-entrepreneurs-form-25-of-new-u-s-business-researchers/#10ee8099713b
• 11 “Ease of Doing Business Rankings.” Doing Business . May 2019. http://www.doingbusiness.org/en/rankings
• 12 Niels Bosma and Donna Kelley. “Global Entrepreneurship Monitor 2018/2019 Global Report.” GEM Consortium . January 21, 2019. https://www.gemconsortium.org/report/50213
• 13 Gary Stockton. “Statistics and Obstacles Facing Women Entrepreneurs.” Experian . January 29, 2018. http://www.experian.com/blogs/small-business-matters/2018/01/29/statistics-and-obstacles-facing-women-entrepreneurs/

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• Authors: Michael Laverty, Chris Littel
• Publisher/website: OpenStax
• Book title: Entrepreneurship
• Publication date: Jan 16, 2020
• Location: Houston, Texas
• Book URL: https://openstax.org/books/entrepreneurship/pages/1-introduction
• Section URL: https://openstax.org/books/entrepreneurship/pages/2-1-overview-of-the-entrepreneurial-journey

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What is Entrepreneurship: How To Become an Entrepreneur

Entrepreneurship is a dynamic and exciting field that drives economic growth, fosters innovation, and empowers individuals to transform their ideas into successful businesses.

Aspiring entrepreneurs are overflowing, with the likes of Steve Jobs, Elon Musk, Jeff Bezos, Sir Richard Branson and many more having inspired a generation. Not only this, they've also proved that you don't need to have attended Harvard Business School to be a business owner and succeed in launching your next innovative idea.

However, in today's ever-changing landscape, understanding the fundamentals of entrepreneurship is crucial for aspiring entrepreneurs and small business owners.

In this article, we will explore the definition of an entrepreneur, the key traits and skills of successful entrepreneurs, the pros and cons of entrepreneurship, reasons why entrepreneurs fail, the most common types of entrepreneurs, and how to become a successful entrepreneur.

What is the Definition of an Entrepreneur?

At its core, an entrepreneur is an individual who identifies and exploits opportunities to create new business ventures.

The definition of entrepreneurship goes beyond just starting a small business. Entrepreneurs are driven by their passion for innovation and the desire to make a positive impact on society. They possess a unique ability to spot gaps in the market and develop creative solutions to address them.

Entrepreneurs often take calculated risks and are willing to invest their time, resources, and capital to turn their vision into reality.

What Makes a Successful Entrepreneur?

Successful entrepreneurs possess a combination of traits, skills, and experiences that contribute to their achievements. While there is no one-size-fits-all formula for success, some common attributes are often associated with thriving entrepreneurs:

Visionary Thinking: Successful entrepreneurs are natural innovators and have a clear vision of what they want to achieve and possess the ability to think strategically, setting long-term goals for their businesses.

Passion and Persistence: Passion fuels an entrepreneur's drive and determination to overcome obstacles and persevere in the face of challenges. Successful entrepreneurs possess an unwavering commitment to their goals and are willing to put in the hard work required to succeed.

Adaptability and Resilience: Entrepreneurship is a dynamic journey filled with uncertainty. Successful entrepreneurs are adaptable and resilient, readily adjusting their strategies to navigate changing market conditions and setbacks.

Strong Leadership: Entrepreneurs are often responsible for guiding their teams and making critical decisions. Effective leadership skills, including communication, delegation, and motivation, are essential for creating a cohesive and productive work environment.

Networking and Relationship Building: Successful entrepreneurs understand the importance of building a strong network of contacts. They actively seek opportunities to connect with industry experts, mentors, potential partners, and customers, leveraging these relationships for business growth and support.

In the next section we'll be discussing what skills are required to become an entrepreneur in todays world.

Looking to Become A Successful Entrepreneur?

Discover how you can acquire the most important skills for creating a widely successful business.

Download the free report  now and discover how you can do this.

Also, why not consider our excellent selection of BBA , MBA and MS degrees , including our BBA in Entrepreneurship and our MS in Entrepreneurship .

What Skills Does an Entrepreneur Need?

In addition to the traits mentioned above, entrepreneurs must develop a wide range of skills to thrive in the competitive business landscape. Here are some key skills that entrepreneurs should cultivate:

Creativity and Innovation: Entrepreneurs need the ability to think outside the box and come up with innovative ideas that differentiate their businesses from the competition.

Problem Solving: Entrepreneurship often involves facing complex challenges. Strong problem-solving skills enable entrepreneurs to identify and implement effective solutions.

Financial Management: Understanding financial concepts, such as budgeting, cash flow management, and investment strategies, is crucial for entrepreneurs to make informed decisions and ensure the financial health of their businesses.

Marketing and Sales: Entrepreneurs must be skilled in promoting their products or services, identifying target markets, and developing effective marketing strategies to attract customers and generate revenue.

Communication and Negotiation: Effective communication skills are vital for entrepreneurs to convey their ideas, pitch to investors, negotiate deals, and build relationships with stakeholders.

Learn how to develop the most in-demand skills for your future career!

Discover how you can acquire the most in-demand skills with our free report, and open the doors to a successful career. 

Now you know the set of skills you should obtain to successfully navigate your entrepreneurial journey, let's touch on the qualities of a good entrepreneur.

What are the Qualities of a Good Entrepreneur?

Apart from specific skills, there are certain qualities that set successful entrepreneurs apart:

Self-Motivation and Discipline: Entrepreneurs often face a lack of external structure and must be self-driven to stay focused and productive.

Risk-Taking: Successful entrepreneurs are comfortable with taking calculated risks, recognizing that opportunities often come with inherent uncertainty

Resourcefulness: Entrepreneurs must be resourceful, finding creative solutions to problems and leveraging available resources to achieve their goals.

Flexibility: Entrepreneurship often requires flexibility, adaptability, and a willingness to pivot when necessary to respond to changes in the market or business environment.

Perseverance: Building a successful business takes time, effort, and dedication. Entrepreneurs must be persistent in pursuing their goals, even when faced with obstacles or setbacks.

What are the Pros and Cons of Entrepreneurship?

Entrepreneurship offers many benefits, including the ability to pursue one's passions, the potential for financial independence, and the opportunity to make a positive impact on society. However, there are also challenges and risks associated with starting and running a business. Here are some of the main pros and cons of entrepreneurship:

Control: Entrepreneurs have the freedom to make their own decisions, set their own schedules, and choose their own projects.

Fulfillment: Entrepreneurship offers the opportunity to pursue one's passions and make a positive impact on society.

Financial Independence: Successful entrepreneurs can achieve financial independence, building wealth through their businesses.

Personal Growth: Entrepreneurship provides opportunities for personal growth and development, challenging individuals to learn new skills and take on new responsibilities.

Risk: Starting a business involves inherent risks, including financial, legal, and market risks.

Uncertainty: Entrepreneurship is inherently unpredictable, with no guarantee of success or stability. This can make the road to entrepreneurship particularly challenging.

Time Commitment: Starting and running a business requires a significant time commitment, often demanding long hours and sacrificing work-life balance.

Financial Instability: Entrepreneurship can be financially unstable, with inconsistent income streams and the need to invest significant resources in the business.

What are the Reasons Why Entrepreneurs Fail?

Entrepreneurship is a challenging journey that requires a combination of skills, traits, and experiences to succeed. Despite best efforts, many entrepreneurs fail for various reasons, including:

Lack of Market Demand: Entrepreneurs may have a great idea, but if there is no market demand for their product or service, the business is unlikely to succeed.

Poor Financial Management: Financial risk is inherent to being an entrepreneur. Inadequate financial planning, budgeting, or cash flow management can quickly lead to financial instability and business failure.

Ineffective Marketing: Poor marketing strategies, ineffective sales processes, or inadequate branding can make it challenging for entrepreneurs to attract and retain customers.

Lack of Focus: Entrepreneurs may struggle with focusing on their core business activities, leading to distractions and wasted resources.

Inability to Adapt: Entrepreneurs who fail to adapt to changing market conditions or customer needs are at risk of falling behind their competitors and losing their market share.

Now that we've discussed the most common reasons why a startup entrepreneur can fail, you can safely navigate around these obstacles.

Let's learn more about the 4 types of entrepreneurship in the next section.

What is the Most Common Type of Entrepreneur?

Entrepreneurship encompasses a wide range of business activities, from starting a small business to creating innovative products and services. Some common types of entrepreneurs include:

Small Business Entrepreneurs: These entrepreneurs start and run small businesses, such as local shops, restaurants, or service providers.

Social Entrepreneurs: Social entrepreneurs use business strategies to address social problems, creating businesses with a social impact, to help change the world for the better. A business focused on social entrepreneurship can take the form of a nonprofit organization, a for-profit enterprise, or a combination of the two.

Serial Entrepreneurs: Serial entrepreneurs are individuals who start multiple businesses over their careers, leveraging their experiences and skills to achieve success.

Large Company Entrepreneurs: Large company entrepreneurs are individuals who work within established companies but drive innovation and growth through new product development or business ventures.

Now that we've discussed the types of entrepreneurship that exists, let's focus on how you can become one!

How Do I Become a Successful Entrepreneur?

Becoming a successful entrepreneur requires dedication, hard work, and a willingness to learn from both successes and failures. Here are some steps aspiring entrepreneurs can take to increase their chances of success:

Develop a Business Idea: Identify a need in the market or a problem to solve and develop a unique business idea.

Conduct Market Research: Research the market, competition, and potential customers to validate the business idea and identify opportunities for growth.

Create a Business Plan: Develop a comprehensive business plan that outlines the business idea, target market, marketing strategies, financial projections, and operational plan.

Secure Funding: Identify funding sources, such as venture capital, loans, or grants, and secure the necessary funding to start and grow the business.

Build a Team: Assemble a team of talented and dedicated individuals with the necessary skills and experience to support the business.

Implement Strategies: Implement marketing, sales, and operational strategies to grow the business, attract customers, and achieve financial stability.

Embrace Innovation: Embrace innovation and stay current with market trends and technologies to remain competitive and drive growth.

Learn from Mistakes: Accept that mistakes will happen, but view them as opportunities to learn and improve.

Conclusion 

In conclusion, at the core of entrepreneurship, it is the process of identifying a need in the market or a problem to solve and creating a unique business idea to meet that need.

Successful entrepreneurs possess a combination of skills, traits, and experiences, including creativity, risk-taking, resourcefulness, flexibility, and perseverance.

While entrepreneurship offers many benefits, it also comes with challenges and risks, including financial instability, uncertainty, and a significant time commitment.

To increase the chances of success, aspiring entrepreneurs should develop a solid business idea, conduct thorough market research, create a comprehensive business plan, secure funding, build a talented team, implement effective strategies, embrace innovation, and learn from mistakes... Oh and maintain that strong entrepreneurial flare.

With dedication, hard work, and a willingness to learn, anyone can become a successful entrepreneur and make a positive impact on society.

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Illuminate your journey as an entrepreneur with these insightful talks primed to inspire the current and future generations of female founders ready to embrace new heights of success.

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4 Entrepreneur Success Stories to Learn From

• 20 Jan 2022

Entrepreneurship is a risky but potentially rewarding endeavor. According to the online course Entrepreneurship Essentials , 50 percent of startups last five years, and just 25 percent survive 15.

“For every Amazon.com or Uber, there are scores of companies few can remember,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials.

So, what separates successful ventures from those that fail?

“When a company succeeds, it’s because it has discovered and made the right moves along the way,” Sahlman says. “It has found out how to create and capture customer value.”

If you’re exploring entrepreneurship or in the early stages of launching a venture, it’s important to learn from others to avoid common pitfalls and discover which decisions impacted a company’s survival. Here are four stories of successful entrepreneurs to inspire your entrepreneurial journey.

Access your free e-book today.

4 Successful Entrepreneur Stories

1. adi dassler of adidas.

Some of today’s biggest brands started with humble beginnings, and no one embodies this better than Adidas founder Adolf “Adi” Dassler.

Dassler’s shoemaking career began in his mother’s washroom in a small town in Bavaria, Germany. It was there that Dassler began designing and cobbling shoes and decided he wanted to make the best possible sports shoe for athletes.

While there were plenty of shoemakers at the time, Dassler was committed to standing out in the market by gathering feedback from athletes about what they looked for in a shoe, what pain points could be improved on, and how they felt about his early models.

This feedback allowed Dassler to craft an athletic shoe that was highly valued by his customers and gave him legitimacy when he registered “Adi Dassler Adidas Sportschuhfabrik” in 1949 at 49 years old. It was that same year the first shoe with the soon-to-become-signature Adidas three stripes was registered.

Dassler’s vision to create the best shoe for athletes proved itself in 1954 when the German national football team won the World Cup final against the Hungarians—while wearing the new model of Adidas cleats.

“Their unbelievable victory would be heard around the world for decades to come,” Adidas states on its website , “and it made Adidas and its founder a household name on football pitches everywhere.”

Since then, Adidas has grown into an international brand known for high-quality athleticwear. Dassler’s story sheds light on the importance of listening to target customers about their dreams, needs, and pain points.

“Adi Dassler’s secret to success had an additional personal ingredient: He met with athletes, listened carefully to what they said, and constantly observed what can be improved or even invented to support their needs,” reads Adidas’s website . “The best of the best trusted Adidas and its founder from the beginning.”

Related: 5 Steps to Validate Your Business Idea

2. Whitney Wolfe Herd of Bumble

After leaving dating app company Tinder and an abusive relationship in 2014, Whitney Wolfe Herd was inspired to create an empowering dating experience for women.

“For all the advances women had been making in workplaces and corridors of power, the gender dynamics of dating and romance still seemed so outdated,” Wolfe Herd writes on Bumble’s website . “I thought, ‘What if I could flip that on its head? What if women made the first move and sent the first message?’”

Wolfe Herd, along with dating app Badoo co-founder Andrey Andreev and former Tinder employees Chris Gulzcynski and Sarah Mick, designed a dating app that requires women to make the first move in heterosexual matches.

The brand took off—largely on college campuses—and the app reached 100,000 downloads in its first month.

As its user base grows, Wolfe Herd remains a strong advocate for gender equality and sexual harassment prevention, building in-app features that block hate speech and blur inappropriate images. Wolfe Herd and her team also lobbied the state of Texas—where the company is headquartered—to pass a law prohibiting the sending of unsolicited lewd photos, which passed in 2019 .

“I’m more dedicated than ever to helping advance gender equality—and putting an end to the misogyny that still plagues society,” Wolfe Herd writes in a letter to Bumble users . She later adds, “I want nothing more than for your connections to be both meaningful and healthy.”

Wolfe Herd’s story serves as a reminder to use your own life for business inspiration and use a cause you care about to differentiate your product and brand in a saturated market.

Related: How to Identify an Underserved Need in the Market

3. Melanie Perkins of Canva

In 2007, Melanie Perkins was working a part-time job while studying in Perth, Australia, teaching students how to use desktop design software. The software was expensive, complex, and required a semester’s worth of instruction to learn how to use, prompting Perkins to ask, “Is there a way this could be simpler and less expensive?”

Perkins’s goal to create an affordable, simple, online design tool was originally turned down by over 100 investors—it wasn’t until three years into her pitching process that Canva received its first investment.

Perkins credits this investment to a shift in her pitching strategy: She began leading with the relatable problem Canva aims to solve.

“A lot of people can relate to going into something like Photoshop and being completely overwhelmed," Perkins said in an interview for Inc . "It's important to tell the story, because if your audience doesn't understand the problem, they won't understand the solution."

Today, 60 million customers use Canva to create designs across 190 countries.

Perkins’s story reflects the importance of effectively communicating the value of a business idea , as well as the tenacity and resilience required for entrepreneurial success.

Related: How to Effectively Pitch a Business Idea

4. Neil Blumenthal, Dave Gilboa, Andy Hunt, and Jeff Raider of Warby Parker

One example mentioned in Entrepreneurship Essentials is that of innovative online eyewear company Warby Parker. In 2008, Wharton MBA student Blumenthal lost his prescription eyeglasses. He was reluctant to purchase a new pair because they were so expensive. He also didn’t want to visit an eyeglass store.

The idea came to him in the middle of the night, and he emailed three friends—Gilboa, Hunt, and Raider—immediately: Why not start an online company to sell prescription glasses at an affordable price?

They set to work, and Warby Parker was poised to launch just after the four founders graduated with their MBA degrees in the spring of 2010—that is, until GQ reached out to Blumenthal about writing an article to be published on February 15 of that year. The founders sped up their process and launched Warby Parker’s website the same day the article was printed .

The article called Warby Parker “the Netflix of eyewear,” driving interested customers to the new site in droves. The founders’ one mistake was forgetting to add a “sold out” functionality to the website. The waitlist for Warby Parker eyewear grew to 20,000 people, and the company hit its first-year sales target in three weeks.

"It was this moment of panic but also a great opportunity for us to provide awesome customer service and write personalized emails to apologize and explain," Blumenthal says in an interview for Inc . "That really set the tone for how we would run customer service."

A few things set Warby Parker apart from the eyewear market at the time:

• Its online model : A new way of delivering the product helped it break into a stagnant industry
• Its affordable prices : A pair of Warby Parker frames with prescription lenses cost $95—much less expensive than other brands at the time
• Its home try-on program : This enabled customers to try on five pairs of glasses and send back the pairs they didn’t want to purchase.
• Its commitment to giving back : For every pair of glasses purchased, Warby Parker donated a pair to someone in need

Warby Parker donated its millionth pair of glasses in 2019 and continues to be an example of innovation in an existing market.

Why Learn from Case Studies?

Reading about the trials, tribulations, decisions, and successes of other entrepreneurs is an effective way to gain insight into what your experience could be like. What common threads do you notice in the aforementioned examples? What characteristics do these successful entrepreneurs share ? Use their experiences as blueprints to inform your strategic approach and in-the-moment decision-making.

When building your entrepreneurial skills, seek out courses that incorporate case studies into their teaching method , such as Entrepreneurship Essentials. Not only can you imagine yourself in their situations, but you can take their wisdom with you on your entrepreneurial journey.

Are you interested in honing your entrepreneurial skills and innovation toolkit? Explore our four-week Entrepreneurship Essentials course and other online entrepreneurship and innovation courses to learn to speak the language of the startup world.

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Lessons Learned: Key Takeaways from My Entrepreneurial Journey

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May 10, 2023

Embarking on the path of entrepreneurship can be an exhilarating, albeit challenging, adventure. Over the years, I've encountered numerous trials and triumphs, each contributing valuable lessons to my overall growth and development as a business owner. 

In this edition of The Fearless Business Blog , I'll be sharing some of the invaluable lessons I've learned throughout my entrepreneurial journey, delving into how they have shaped my mindset and contributed to my overall success. By understanding and applying these key takeaways, you too can navigate your own entrepreneurial endeavours with greater confidence and clarity.

Key Takeaways on My Entrepreneurial Journey

• Embrace failure as a learning opportunity : Understand that failures are an essential part of growth and can provide valuable lessons for future success.
• Build a strong support network : Surround yourself with like-minded individuals who can offer guidance, encouragement, and collaboration as you navigate your entrepreneurial journey.
• Prioritise personal well-being : To maintain peak performance and avoid burnout, it's crucial to find a healthy work-life balance and prioritise self-care.
• Deliver value to your customers : Focus on providing exceptional products and services that solve real problems for your clients and exceed their expectations.
• Stay adaptable and resilient: The entrepreneurial landscape is ever-changing, so it's essential to remain flexible and resilient in the face of challenges and evolving circumstances.
• Continuously learn and grow : Invest in your personal and professional development to stay at the forefront of your industry and maintain a competitive edge.

1. Embrace Failure as a Learning Opportunity

One of the most critical lessons I've learned is that failure is an essential part of the journey. When we experience setbacks or disappointments, it's vital to recognise them as opportunities to learn and grow. By embracing failure as a stepping stone towards improvement, you'll be better equipped to adapt, pivot, and ultimately achieve your desired outcomes. Furthermore, acknowledging that failure is inevitable allows you to approach it with curiosity and resilience, using each setback as a chance to refine your strategies and strengthen your resolve.

2. Build a Strong Support Network

No entrepreneur can succeed in isolation. Building a robust support network of mentors, peers, and like-minded individuals can be a game-changer in your entrepreneurial journey. These connections not only provide guidance and encouragement but also help you stay accountable and motivated. Make it a priority to join networking groups, attend industry events, and engage with fellow entrepreneurs through social media platforms. In addition, consider forming or joining a mastermind group, where you can regularly share ideas, resources, and support with like-minded individuals who are also on their entrepreneurial journey.

3. Prioritise Your Personal Wellbeing

It's easy to get caught up in the hustle and bustle of entrepreneurship, often neglecting our own mental and physical wellbeing . However, maintaining a healthy work-life balance is crucial for long-term success. Schedule time for self-care, exercise, and relaxation, ensuring that you are at your best when making important decisions and driving your business forward. Moreover, be mindful of burnout and the negative effects of chronic stress on your overall health. By prioritising your wellbeing, you'll not only foster greater personal satisfaction but also boost your productivity and effectiveness in your professional life.

4. Master Your Mindset

Developing a positive and resilient mindset is fundamental to overcoming obstacles and achieving success as an entrepreneur. Recognise your limiting beliefs and replace them with empowering thoughts that propel you towards your goals. By cultivating a mindset of abundance, confidence, and determination, you'll be better equipped to handle challenges and seize opportunities that come your way. Additionally, practice gratitude and focus on the positive aspects of your journey, as this will help you maintain an optimistic outlook and foster a greater sense of fulfilment.

5. Invest in Continuous Learning

In the fast-paced world of entrepreneurship, it's essential to stay ahead of the curve by continually updating your knowledge and skills. Dedicate time to learning about industry trends, mastering new tools, and refining your craft. By committing to lifelong learning, you'll ensure that you remain agile, innovative, and competitive in your chosen field. Furthermore, consider investing in professional development opportunities, such as workshops, courses, and certifications, to expand your expertise and enhance your credibility in the eyes of your clients and peers.

6. Focus on Providing Value

One of the most effective ways to stand out in a crowded market is by consistently delivering value to your customers. Focus on understanding your target audience's needs and pain points, and tailor your products or services to address these challenges. By establishing yourself as a trusted and reliable solution provider, you'll foster loyalty, drive repeat business, and ultimately grow your enterprise. Additionally, prioritise exceptional customer service and consistently exceed your clients' expectations. By nurturing strong relationships with your customers, you'll not only enhance your reputation but also generate valuable word-of-mouth referrals.

7. Cultivate Resilience and Adaptability

The entrepreneurial landscape is ever-evolving, requiring business owners to be adaptable and resilient in the face of change. Embrace change as an opportunity to grow and evolve, rather than a threat to your existing strategies. Stay informed about industry developments and market shifts, and be prepared to pivot when necessary. By demonstrating flexibility and resilience, you'll be better positioned to capitalise on new opportunities and weather any storm that comes your way.

8. Establish Clear Goals and Measure Progress

Setting clear, specific, and measurable goals is vital to tracking your progress and maintaining focus on your entrepreneurial journey. Break down your long-term objectives into smaller, actionable steps, and continually assess your progress to ensure you stay on track. Regularly reviewing and adjusting your goals will help you stay aligned with your vision and make informed decisions about the direction of your business. Moreover, celebrate your milestones and accomplishments along the way, as this will boost your motivation and remind you of the progress you've made.

9. Delegate and Outsource

As your business grows, it becomes increasingly challenging to manage all aspects of your operations single-handedly. Learn to delegate and outsource tasks, allowing you to focus on your core competencies and higher-value activities. By entrusting specific tasks to skilled team members or external professionals, you'll not only enhance efficiency but also free up time to strategise and drive your business forward.

10. Embrace the Power of Collaboration

Collaboration can be a powerful catalyst for growth and innovation in your entrepreneurial journey. Seek out partnerships and joint ventures that align with your values and objectives, enabling you to expand your reach, leverage complementary skills, and unlock new opportunities. By embracing collaboration and pooling resources with like-minded entrepreneurs, you'll be better positioned to scale your business and achieve long-term success.

FAQs on Lessons for Entrepreneurs

As you embark on your entrepreneurial journey, you'll likely encounter numerous challenges and opportunities for growth. To help you navigate this exciting and sometimes daunting path, we've compiled a list of frequently asked questions and their answers. In this FAQ section, we'll explore valuable insights and advice gleaned from years of experience, addressing topics such as learning from failure, building a support network, prioritising well-being, delivering customer value, and more. By understanding these key takeaways, you'll be better equipped to overcome obstacles and achieve success in your entrepreneurial endeavours.

How do I learn from failure and turn it into a valuable experience?

Embrace failure as an opportunity to gain valuable insights and grow both personally and professionally. Analyse what went wrong, identify areas for improvement, and apply these lessons to future endeavours. Developing a growth mindset will help you view failures as stepping stones towards success, rather than setbacks.

How can I build a strong support network?

Begin by connecting with like-minded entrepreneurs, mentors, and industry professionals through networking events, online forums, and social media platforms. Seek out individuals who share your values and can provide guidance, encouragement, and constructive feedback. Additionally, consider joining mastermind groups or enrolling in relevant courses to further expand your network and gain valuable insights.

How can I prioritise my well-being while running a business?

Develop a daily routine that incorporates self-care practices such as regular exercise, healthy eating, and sufficient sleep. Schedule downtime and set boundaries between your personal and professional life to prevent burnout. Remember that taking care of your physical and mental well-being is crucial for maintaining productivity and achieving long-term success.

Why is it essential to focus on delivering value to my customers?

By consistently providing value to your customers, you'll enhance customer satisfaction, loyalty, and trust in your brand. This focus on value can lead to repeat business, positive word-of-mouth referrals, and long-term success. Ensure that your products or services cater to your target audience's needs and continuously improve your offerings based on customer feedback.

How can I cultivate resilience and adaptability in my entrepreneurial journey?

Stay informed about industry developments, market shifts, and emerging trends to anticipate change and capitalise on new opportunities. Embrace change as a chance for growth, and be prepared to pivot your strategies or business model when necessary. By demonstrating flexibility and resilience, you'll be better positioned to navigate challenges and achieve long-term success.

What's the best way to delegate and outsource tasks in my business?

Begin by identifying tasks that can be delegated or outsourced, such as administrative duties, social media management, or content creation. Then, entrust these tasks to skilled team members or external professionals who specialise in the required areas. This approach allows you to focus on your core competencies and higher-value activities while ensuring your business runs efficiently.

How can I leverage the power of collaboration to grow my business?

Identify potential partners or collaborators who share your values and objectives, and explore opportunities for joint ventures, partnerships, or co-marketing initiatives. By pooling resources, skills, and knowledge with like-minded entrepreneurs, you can unlock new opportunities, expand your reach, and drive innovation in your business.

In conclusion, entrepreneurship is a journey filled with challenges, growth, and transformation. By learning from and applying these key takeaways, you can navigate your own path with greater confidence and resilience. Embrace failure as a learning opportunity, build a strong support network, prioritise your wellbeing, and continually invest in your personal and professional development. Stay focused on delivering value, embrace change, and leverage the power of collaboration to propel your business to new heights. Remember, your entrepreneurial journey is unique, and the lessons you learn along the way will ultimately shape your success and fulfilment.

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The Entrepreneur's Journey: 8 Steps from Inspiration to Global Impact Paperback – April 23, 2021

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2.1: Overview of the Enterpreneurial Journey

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• Michael Laverty and Chris Littel et al.

Learning Objectives

By the end of this section, you will be able to:

• Explain the entrepreneurial journey to explore and discover entrepreneurship as a career choice
• Identify the steps, decisions, and actions involved in the entrepreneurial journey
• Recognize the rewards and risks of the steps in the entrepreneurial journey

Self-Employment as an Entrepreneurial Journey

When the economy and the job market are strong, the entrepreneur has a safety net that decreases the risks in creating a new venture , a startup company or organization that conducts business or is created to satisfy a need, and allows for a quick recovery if the venture is not successful. There are more new startups when there are high levels of confidence in both the venture’s success and the entrepreneur’s confidence in finding employment if the venture fails. People over 40 years of age account for most new startup activity, in part because of the continuing trend in which a business may choose not to hire an employee but instead hire an independent contractor , a person who provides work similar to an employee without being part of the payroll for the contracting business, and who is responsible for paying their own taxes and providing their own benefits. With previous knowledge and expertise, this group of entrepreneurs recognizes opportunities created by this move away from hiring full-time employees to more outsourcing to independent contractors. One contributor is the gig economy, which involves using temporary and often transitional positions hired on a case-by-case basis, rather than keeping a full staff of hired employees. Advantages for the employer include a decrease in cost of benefits and loyalties to specific employees. Advantages for the hired worker or independent contractor (sometimes called a freelancer) include no long-term commitment and flexibility in accepting contracts. From an entrepreneurial perspective, the creation of websites that support the gig economy offers opportunities for independent ventures. Many people today are becoming small entrepreneurs. This process goes by a variety of names, such as the sharing economy, the gig economy, the peer economy, or the collaborative economy. Maybe it means driving for a company such as Lyft, Uber, or GrubHub, or perhaps offering services through TaskRabbit, UpWork, or LivePerson. The projected numbers of independent contractors and on-demand workers are stated as 42 percent for small businesses by the year 2020, a growth of 8 percent from current figures. 1 And a projection of greater than 50 percent of the workforce will be independent contractors by 2027 if this trend continues at the current pace. 2 In the “Freelancing in America: 2019” report, the sixth annual study by UpWork and Freelancers Union, 57 million United States citizens are estimated to freelance, with income approaching 5 percent of US gross domestic product (GDP) at nearly $1 trillion and earning a median rate of $28.00 an hour, representing a hourly income greater than 70 percent of workers in the overall US economy. 3 One report found that 94 percent of net job growth from 2005 to 2015 was in alternative work categories, with 60 percent due to independent contractors and contract company workers. 4

According to the US Bureau of Labor Statistics, the number of self-employed Americans is growing, with 9.6 million self-employed people at the end of 2016. That number is expected to grow to 10.3 million by 2026. 5 A more recent study by FreshBooks’ second annual “Self-Employment” report predicts that 27 million US employees will leave traditional work in favor of self-employment by 2020, tripling the current population of full-time self-employed professionals to 42 million. The main driver for this change in the workforce is a greater desire for control over one’s career with the ability to have greater control over working hours and acceptance of work. 6 , 7 Of course, self-employment is a broad category that includes small-business owners as well as entrepreneurial startups and freelance gig employees. Since 2016, there has been a downward slide in the number of employees working for self-employed businesses, which results from a variety of factors, including difficulties in finding qualified employees, qualified employees having more employment options, such as employment through the gig economy, outsourcing activities, and technology actions that decrease the need for employees, with entrepreneurial activity remaining steady. 8

Entrepreneurship around the World

In a 2017 Business Insider article, “America Needs Immigrant Entrepreneurs,” David Jolley writes that immigrants constitute 15 percent of the US workforce and 25 percent of the country’s workforce of entrepreneurs. 9 Forty percent of startups include at least one immigrant. Jolley’s article cites a study that identified immigrants as twice as likely to start a business as native-born Americans. In 2016, 40.2 percent of Fortune 500 companies were founded by at least one immigrant or a child of immigrant parents. Dinah Brin, writing for Forbes , stated in a 2018 article that immigrants form 25 percent of new US businesses and that new immigrant-owned firms generated 4 to 5 million jobs. 10

These statistics and other findings have prompted countries such as Canada to revise their immigration policies to attract more entrepreneurial-minded immigrants. A World Bank report from May 2018 ranked the United States 53rd out of 190 countries for ease in starting a business, with higher scores representing greater ease. 11 The same report ranks the United States eighth for ease of doing business. The difference in these rankings indicates that once a business is established, factors such as regulations, permits, access to credit, and infrastructure support the business owner’s ability to continue the business, but actually starting the business is more challenging. For any given country, ease in starting a business and the country’s interest in supporting entrepreneurial activity are crucial in both attracting entrepreneurial people and supporting their ability to open a business. Imposing restrictive regulations and processes on new ventures significantly decreases the number of new ventures.

According to a 2018/2019 report, the highest rate of entrepreneurial activity worldwide in 2018 was in Angola at 41 percent. 12 Angola’s low-income economy meant fewer employment opportunities, creating pressures to find other ways to earn an income. Guatemala and Chile reported 28 percent and 25 percent of entrepreneurial activity, respectively, with medium- and high-income economies. These percentages are quite high, considering that these economies offer employment opportunities in existing companies. In terms of innovation, India at 47 percent, and Luxembourg and Chile at 48 percent each, take the lead in offering new products and services not previously available. This entrepreneurial activity reflects the ease of starting a business. The Netherlands, Poland, and Sweden were reported as the easiest countries in which to start a new business, in part because many people in those countries view entrepreneurship as an attractive lifestyle. As you can see, both economic opportunities and a country’s specific support for entrepreneurial behavior contribute to the number of people who enter entrepreneurial activities.

From a gender perspective, there are currently over 11 million woman-owned businesses in the United States. This number includes both small business owners and entrepreneurs. Thirty years ago, there were only 4 million woman-owned businesses. 13 The number of woman-owned businesses has increased 45 percent between 2007 and 2016, five times faster than the national average, with 78 percent of new women-owned businesses started by women of color.

Starting Your Entrepreneurial Journey

How do you fit into this entrepreneurial journey? This chapter will help you to explore and discover your potential for entrepreneurship as a career choice. Think of this exploration and discovery experience as a way to map out a strategy to reach your goals or dreams. Let’s imagine that your dream vacation is a hiking trip to Glacier National Park in the US state of Montana. Just as hikers have different levels of experience, so do entrepreneurs. Just as your plan for a wilderness hike would involve many stages, your entrepreneurial journey involves multiple levels of self-discovery, exploration, experiences, and accomplishments on your way to success. For our purposes, the term entrepreneurial venture means any type of new business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For each story of entrepreneurial success that is shared—such as that of Facebook or Airbnb—there are even more lesser-known entrepreneurial success stories such as Zipline, a company that delivers medical supplies in Rwanda and Ghana by drone. These entrepreneurs faced the same dilemmas in pursuing their passion, or opportunities, which led them to their entrepreneurial destiny. They courageously stepped out of their comfort zones to explore the possibilities that lie ahead. What is the difference between entrepreneurs and you? The main difference is taking that first step. Many people have ideas that fit into the definition of an entrepreneurial idea but never take that first step. Just as the Chinese philosopher Lao Tzu suggests, every journey begins with a single step.

ARE YOU READY?

Taking the first step.

Go to Fire Nation’s website on taking the first step to learn more. Changing your mindset (your perception of yourself and your life situation) and encountering trigger events (significant external situations) can nudge you into taking the first step toward being an entrepreneur.

• Is there a venture you’ve always thought you should start but never did?
• Think about what factors are stopping you. Consider your mindset and how you might change your mindset so that your venture could become a reality.
• What are some possible trigger events that could make the difference between starting your venture and waiting to start your venture?

Opening your future to the possibility of starting your own venture brings new and exciting experiences ( Figure 2.2 ). Every entrepreneur moves through several steps in considering the entrepreneurial journey. Once you understand this journey, the steps will help you define your path toward creating and starting your new venture. Each step of this process offers another level of understanding that prepares you for long-term success. How will you achieve this success? By taking one step at a time, exploring and learning, considering new ideas and expectations, and applying these experiences to achieve your personal outcome. Think of the entrepreneurial journey as a guide to knowing what is in store for you as you start your new venture.

One benefit of outlining a step-by-step process is the opportunity to explore different paths or behaviors that may lead to an entrepreneurial venture. Think again of your dream visit to Glacier National Park. How would you get there? What equipment would you need? What kinds of experiences would you expect to have? Think of the Glacier National Park journey as your entrepreneurial journey, a metaphor intended to help you as you create your career as an entrepreneur.

What makes someone ready or willing to choose entrepreneurship over becoming an employee of an established business or a small business owner? It takes confidence, courage, determination, resilience, and some know-how to select entrepreneurship as a career as well as the recognition of the opportunity. An entrepreneur is defined as someone who not only recognizes an opportunity but who also is willing to act on that opportunity. Both actions are required. We might identify an opportunity, but many people do not act on the idea. Confidence, courage, and willingness are necessary to take that first step, as well as remembering the following:

• You are unique. Even if two similar people attempted to launch identical ventures, the results would likely not be the same. This is because each one of us has different ideas, approaches, available resources, and comfort levels, all of which influence the venture’s development and eventual success.
• Although there are no hard and fast rules or theories of the best way to launch into entrepreneurship, we can gain wisdom from the lessons learned by experienced entrepreneurs.
• Selecting an entrepreneurial career requires honesty, reflection, and a tendency to be action oriented. You will need to recognize your own strengths, limitations, and commitment as part of that honesty. Reflection is required for self-growth—seeking improvements in your own skills, interactions, and decision making—and commitment is required to maintain consistency in your willingness to make the new venture a top priority in your life. You will also need to understand that you cannot accomplish everything by yourself, and you may need to ask for help. It helps to be curious, open, and able to take calculated risks and to be resourceful and resilient when faced with challenges or obstacles.

Entrepreneurial Potential Self-Assessment

Take this quick Entrepreneurial Potential Self-Assessment to assess your potential to become an entrepreneur. After completing this self-assessment, what new information did you learn about yourself? Do you think your answers will change as you acquire more life experiences and education? Why or why not?

Optimizing Interest Areas

What are three areas that interest you? These could be hobbies, work activities, or entertainment activities. How would someone else describe your skills and interests, or what you are known for? Answering these questions provides insights into your strengths and interests. Next, what is one area that you are passionate about? What strengths could you bring to this passion to build your own business?

Keep an open mind in looking for an opportunity that fits your strengths and interests. If you decide to explore entrepreneurship, what would be your first step? What are your initial thoughts about being an entrepreneur? What would you review or search to find more information on your idea or area of interest? With whom would you first question or discuss this idea? Why?

The Entrepreneurial Journey as a Trip

The entrepreneurial journey is your exploration to discover if entrepreneurship is right for you. Every entrepreneurial journey is unique; no two individuals will experience it in the same way. Along the way, you will find opportunities and risks coupled with challenges and rewards. It’s useful to think about the entrepreneurial journey as an exciting trip or other adventure. Most of the preparations and steps involved with planning a trip are like those for starting a venture. Just as you would plan and prepare for a trip—starting with inspiration and leading up to finally traveling on the trip—you might follow similar steps to launch a venture. And just as you would prepare for any challenges that you might encounter on a trip—bad weather, lost luggage, or detours—so you should consider potential obstacles or barriers along your entrepreneurial journey ( Figure 2.3 ). Think of these difficulties as opportunities to learn more about the entrepreneurial process—and about yourself and how you manage challenges.

Developing a venture can be an exciting and active experience. It is also a lot of hard work, which can be equally rewarding and enjoyable. Here we present the entrepreneurial journey as seven specific steps, or experiences, which you will encounter along the road to becoming an entrepreneur. You’ll find more information about the entrepreneurial journey in other chapters in this book.

• Step 1: Inspiration – What is your motivation for becoming an entrepreneur?
• Step 2: Preparation – Do you have what it takes to be an entrepreneur?
• Step 3: Assessment – What is the idea you plan to offer through your venture?
• Step 4: Exploring Resources – What resources and characteristics do you need to make this venture work?
• Step 5: Business Plan – What type of business structure and business model will your venture have?
• Step 6: Navigation – In what direction will you take your venture? Where will you go for guidance?
• Step 7: Launch – When and how will you launch your venture?

As you work through each step of the entrepreneurial journey you should prepare for significant aspects of this experience. You will meet with rewards and challenges, the consequences that result from the decisions made at various points along your journey. To visualize the steps of the entrepreneurial journey, imagine your possible hiking trip to Glacier National Park ( Table 2.1 ). Just as hikers have different levels of experience, so do entrepreneurs. Compare the following aspects of preparing for a hike with aspects of your entrepreneurial journey.

Step 1: Inspiration

When you think of being an entrepreneur, what is the inspiration for your venture? Just as you might have an inspiration for a hiking trip to Glacier National Park, you will have an inspiration behind the decision to become an entrepreneur. When you’re planning a trip to a new and exciting place, one thing you might do is to imagine what you will experience along the journey and on arriving at your destination ( Figure 2.4 ). This portion of the entrepreneurial journey includes imagining yourself as an entrepreneur or as part of an entrepreneurial team. For this stage, you need a creative, open, and innovative state of mind, also known as an entrepreneurial mindset, which is discussed in more detail in The Entrepreneurial Mindset and Creativity, Innovation, and Invention . Dream big about your potential future and opportunities ( Figure 2.5 ).

Step 2: Preparation

Just as when you are preparing for a trip, you need a plan ( Figure 2.6 ) to move forward on your entrepreneurial journey. Before your dream hiking trip, you might gather information about Glacier National Park from a trusted source, such as a good friend with travel experience, or you might conduct online research. Your friend’s feedback could be just the motivation you need to try this experience yourself. Or you might use your research to determine if the trip is possible. You will need to look at maps, either online or on paper. Either way, you might also consider travel and accommodation options, such as booking a flight and finding a place to stay. You might want to create benchmarks to align your journey with your available resources, such as the amount of time and the amount of money you have to spend on the trip. Benchmarking is a method of tracking target expectations with actionable results by comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment. Benchmarking can help design the trip to meet incremental goals and timelines. From both a travel plan and an entrepreneurial perspective, although benchmarking is used as a control mechanism, we know that situations can arise that require an alteration in the plan, causing the benchmarked items to also need adjustments.

LINK TO LEARNING

Which type of benchmarking will help you the most in beginning your entrepreneurial journey? Visit the American Society for Quality’s resource page on benchmarking for help.

To plan for an entrepreneurial journey, you should first conduct some preliminary research regarding your venture idea. Your research must be honest and objective if it is to give you a clear picture of the venture. Next, you might organize and prioritize your research and thoughts. For instance, you might see an idea like yours online or on television, and feel disappointed that someone stole your great idea or beat you to the punch. This is a common occurrence in entrepreneurship, but it should not discourage you. Instead, use that knowledge and energy to find an overlooked or different aspect of your original idea. The difference might even be the focus on a different target market , a specific group of consumers for whom you envision developing a product or service. Further, it is critical to maintain a fluid focus upon expanding the scope of a product or service to uniquely differentiate provisions of benefits apart from existing benefits or those offered by competitors. A focus on a different target market is exactly how the Jitterbug smartphone was created, because it targeted senior citizens. The Jitterbug smartphone offers a larger screen, larger buttons, and simpler features that make it easier for older people to make quick calls or send texts.

Preparation also includes opening space in your life to the time and energy commitment needed to support your new venture. Are the important people in your life willing to support the interest and passion you will need to dedicate the time, energy, and other resources to this new venture? Review the questions shown in ( Figure 2.7 ) to consider your answers to these questions. Preparation through research and other activities is discussed in more detail in Identifying Entrepreneurial Opportunity .

Step 3: Assessment

Now that you have decided where to go for your trip and have gathered information to prepare for it, the next action is to create and set your schedule. This action is simple but critical, because it involves connecting and coordinating information and resources that fit your lifestyle and needs. For example, you might schedule an early-morning Uber or Lyft to the airport and electronic delivery of your plane tickets to your smartphone. For the entrepreneurial journey, this phase might also include recognizing appropriate relationships and gathering needed resources. For many entrepreneurs, the opportunity to receive guidance from trusted advisors or mentors may provide valuable insights on how to manage the process. This step allows for reflection on your idea and intentions. After you’ve done your researching and gathering knowledge about your idea through the preparation step, is the idea still viable? Is the idea still interesting to you? With a better understanding of the industry, your idea, and your own interests that you gained in Step 2, is this idea something that you still want to explore? This step is discussed more fully in Problem Solving and Need Recognition Techniques with deeper coverage on the topic of opportunity recognition ( Figure 2.8 ).

Step 4: Exploring Resources

Regardless of where you might travel, you could not complete your trip without adequate resources such as available financing. There are many ways you might fund a hiking trip: savings, loan, pay-as-you-go, sponsorship (family or friends), or any combination of these options, to name a few. No matter how you finance your trip, it might help to have a balance of available credit and cash on hand to support your day-to-day expenses and any extracurricular activities or even unforeseen emergencies. As discussed in Entrepreneurial Finance and Accounting , the US Small Business Administration (SBA) provides funding opportunities.

This scenario is mirrored in the entrepreneurial journey. Just as you wouldn’t begin a trip without adequate resources, including access to cash, you wouldn’t begin your entrepreneurial journey without the necessary resources, including cash. The options between funding a trip and funding a new venture are similar, but they have different names. For example, on a trip, you might use the cash you have on hand, from savings or a personal loan. For an entrepreneurial journey, you might address cash management —management of cash inflows and outflows to support cash needs of the venture—to include bootstrapping , a funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows. (See Entrepreneurial Finance and Accounting for more information on bootstrapping.) Bootstrapping includes ideas like leasing instead of purchasing, borrowing resources, or trading unneeded resources for needed ones. Another example of cash management includes a business model that offers subscriptions rather than a payment received for an item purchased. Subscriptions provide the entrepreneur with cash up front, with the buyer receiving benefits throughout the year. Consider the example of Amazon. Amazon offers Prime with a yearly subscription service, as well as Subscribe & Save, Amazon Instant Video, Amazon Mom, and Amazon Web Services, all based on a subscription business model.

According to Entrepreneur.com, other potential subscription-based models include services or products geared to older consumers, with 8,000 people turning sixty-five every day. A similar idea offers services to college students. Both ideas would offer family members a subscription that sends monthly gifts or products to either the elderly person or college student. We also see this model offered to pet owners who pay a monthly subscription to receive treats and toys for the family dog. Looking back at Amazon, we see the company offering the ease of repeat purchases for frequently used products such as vitamins and air filters.

ENTREPRENEUR IN ACTION

Prospurly is a subscription-based company that uses Cratejoy’s subscription platform to sell small-batch artisanal products for bath, body, and home, marketing a natural lifestyle focused on the happiness of living a simple and appreciated life. Conduct your own research on Prospurly and other subscription-based businesses. Read the article, “How I Built a Subscription Business That’s Made over 50k in 6 Months,” on Cratejoy for more information about this company and Prospurly’s move from ideation to profitability.

Other ideas for finding funding include applying for grant funding. The importance of cash and cash management requires in-depth coverage, which is presented in Entrepreneurial Finance and Accounting and Business Structure Options: Legal, Tax, and Risk Issues .

The idea of exploring resources includes many other options besides how to fund a new venture. In a trial run, you would offer your product or service for sale within a limited market on a test basis to evaluate what additional resources are needed to support the success of the venture ( Figure 2.9 ). Examples of places where a trial run fits well, depending on your product, include farmers markets, in-home sales, or through friends and family. The idea is to track the feedback you receive about your product or service. How do people react to the price, the quality of the product, the packaging? You can experiment by selecting one variable to adjust—changing the price, the packaging, the sales pitch, the presentation, or the quantity—to track reactions and make improvements based on this feedback. You may then decide to adjust other variables to gather more information, as well as considering what other resources are needed for the success of the new venture. Financing and ideas to preserve your financial stability are discussed more fully in Entrepreneurial Finance and Accounting .

Step 5: Business Plan

The ability to travel and visit new locations is a privilege and a great opportunity to gain exposure to new experiences and opportunities. In addition to the work involved in preparing for a trip, the act and process of traveling involves constant decision making to achieve your desired goals and outcomes. For instance, should you travel to one location in Glacier National Park and explore that area in depth? Or should you attempt to visit as many areas of the park as possible with your given resources and abilities?

The challenge at this step of your entrepreneurial journey is to remain focused on managing your resources to meet your goals and outcomes as you write your business plan for your new venture. You will need to focus on the skills, experience, and resources necessary for your venture, and the management and decision making required to ensure success and adjust your plan based on changes and new information. Just as you might find a location in Glacier National Park where you want to stay for a couple of nights, a deviation from your original business plan (discussed in Business Model and Plan ) will also require adjustments and changes based on new information and insights.

Be honest with yourself by running a reality check about your ability to manage a venture, especially from a personal-capacity perspective. For example, if you start a business, will it be a part-time or full-time venture? Will you start while in school? Or will you wait until after graduation? The timing of opening the venture can be the difference between success and failure. Consider the difference between hiking in Glacier National Park in the middle of winter, when the daytime temperature is thirteen degrees below zero, and hiking in the middle of summer, when the daytime temperature is seventy-nine degrees. The timing of your visit to the park is an important part of your enjoyment and success in reaching your destination. In planning for your trip, you would pay attention to your departure time to ensure enjoyment and success in your adventure. Similarly, as part of your business plan, you would also research the best time to open your venture.

Finally, during your travels, getting lost, overwhelmed, or sidetracked is always possible. If you get lost when traveling, you might refer to social navigation apps such as Google Maps, Waze, or HERE WeGo, to find turn-by-turn directions and information. Or you might refer to a weblink, a printed map, or a local expert or guide familiar with the area. The business plan is your map. You should identify decision points and milestones , significant key accomplishments, in your plan. Milestones could include points such as hitting your breakeven point , the point at which income from operations results in exactly enough revenue to cover costs. If the financial projections in your business plan are unattainable, what is your next move within the plan? If you don’t reach the milestones identified in your business plan, what alternative choices can you make to redirect your venture? The business plan, in its first draft, should inform you whether your venture has a chance at success. If there are negative areas, what can you change? Building this plan before starting the business provides you with knowledge and insights about your idea. Make any necessary changes to the plan to strengthen the possibility of success. Then when you open the venture, track whether the reality of the venture aligns with your business plan’s projections and expectations. The business plan functions as both a road map to help you see where you are going next in building your venture and as a checklist to track whether you are on course or need to make adjustments. When entrepreneurs get off track, they can check out self-help websites, speak with a business coach or counselor, or contact local agencies or organizations, including those affiliated with the federal SBA. Organizations that offer free (or low-cost) small business counseling, mentoring, and training, include:

• SCORE (Service Corps of Retired Executives): https://www.score.org/
• Small Business Development Center (SBDC): https://www.sba.gov/offices/headquar...sbdc/resources
• Women’s Business Center (WBC): https://www.sba.gov/local-assistance...r&pageNumber=1
• US Export Assistance Center: https://www.export.gov/welcome
• Veterans Business Outreach Center (VBOC): https://veteransoutreachcenter.org/
• Other organizations include locally organized support such as pop-up entrepreneurial schools like PopUp Business School ( https://www.popupbusinessschool.co.uk/ ) and https://www.pbs.org/newshour/show/th...t-without-debt

These and other resources will be discussed in more depth in Building Networks and Foundations . Look at the review questions and the discussion questions at the end of this section to prepare for creating your business plan. Business plans ( Figure 2.10 ) are discussed more fully in Business Model and Plan .

Step 6: Navigation

Once you’ve completed your trip, reflect on the experiences you had. No matter how well you feel you have planned, there is no way you can prepare for all of the potential challenges, changes, and obstacles that may occur: missed or changed flights, poor weather, an unexpected illness, a trail or road closed for repairs, or sudden good fortune. What parts of the trip went well? If you ran into a problem, how did you handle it? Was the problem something you could have anticipated and planned for? Or was it unexpected? What did you learn from the experience? If you were planning a trip to another national park, what would you do differently in your planning stage? Just as seasoned travelers adjust to their circumstances and learn from their experiences, so should you, as an entrepreneur, learn to adjust by meeting and managing challenges head on.

After completing your business plan, you will probably need to adjust your plan ( Figure 2.11 ). You might decide that you will not have enough resources to survive the time until your venture reaches the breakeven point, or you might determine that the location you selected is no longer available. There are multiple variables that require further exploration and research.

By nurturing an entrepreneurial mindset, you will be better prepared when opportunities, challenges, or obstacles surface. Although you won’t be able to predict or plan for every potential scenario along the entrepreneurial journey, an entrepreneurial mindset helps you to be resourceful when opportunities, challenges, or disappointments occur. By unpacking, or by taking an inventory of your available resources, you can also get a better picture of what you may need to unload, retain, or discard, or even if a new direction is the best course of action. On your entrepreneurial journey, evaluating the experience or situation is a perfect opportunity for you to determine how realistic, overambitious, or shortsighted your dreams and goals for your venture may be. This chapter will explore your vision for your future and your venture. Does your vision include a level of flexibility when you discover new information that supports exploring a new area?

Step 7: Launch

The actual launch is the exciting event when you open your business. By this point, you have made improvements to your product through feedback received in your trial run; you’ve identified the value or benefits provided by your product; you’ve identified your target market; and you’ve identified the location of your launch, whether it is a geographical location or an Internet location.

Inc . magazine provides an analysis of the best locations to launch a new venture, with Austin, Texas, taking the lead (see “Surge Cities: These Are the 50 Best Places in America for Starting a Business,” in Suggested Resources ). Consider your target market and the resources necessary to support your venture when choosing the location for your launch. Advice from within the entrepreneurial world suggests that sometimes the launch should take place “under the radar,” meaning in a location where you can make mistakes, fine-tune your business model and offerings, and even become successful without competitors noticing that you have created a disruption within the industry. (You will learn more about this in Launch for Growth to Success ).

Even as you are launching your venture, many variables will require your attention, just as we covered in Step 7. Navigating through these variables as your venture grows requires constant attention as new potential opportunities arise.

Sixto Cancel and Think of Us

Sixto Cancel successfully faced the harsh challenges of aging out of the foster-care system without adult support or guidance. He imagined a better foster-care system for young people then cofounded the firm Think of Us. Think of Us is a platform that helps young people in foster care build their own personalized digital advisory board of supportive adults who act as a virtual life-coaching group. The adults guide the young people through the foster-care system and ensure that they are able to become independent when they leave the system at age eighteen. For more information about this venture, visit www.thinkof-us.org.

More From Forbes

What it takes to be a successful entrepreneur—and why it's partly a mind game.

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By Rieva Lesonsky

The reality of starting a business is usually very different from the expectation.

The startup surge is still in high gear. Last year, according to the U.S. Census Bureau, Americans filed a record-breaking 5.5 million applications to start new businesses . From January through March of this year, 1.5 million new business applications have already been filed. (These numbers are not seasonally adjusted.)

Recent research from Zen Business reveals that 80% of Gen Z think they will “become the most entrepreneurial generation in U.S. history,” and 75% want to be entrepreneurs.

Obviously, these startup business owners enter the entrepreneurial fray filled with grand dreams, innovative ideas, and hope. But are they prepared for the reality of entrepreneurship?

To get an entrepreneur’s perspective, I talked to Clate Mask, the CEO and co-founder of Keap , a small business automation software company. Mask just released a new book, Conquer the Chaos: The Six Keys to Success for Entrepreneurs , an update to his New York Times best-seller released in 2010.

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Best 5% interest savings accounts of 2024, why success in entrepreneurship isn't easy.

Rieva Lesonsky: You say you wrote this update to Conquer the Chaos for “the entrepreneur who went into business looking for freedom and instead found chaos.” Do you think most entrepreneurs start businesses expecting a chaotic ride, or do they think they’ll experience a relatively smooth path to success?

Clate Mask: Most entrepreneurs are visionaries with big ideas but often struggle with how to execute them. They know that building a successful business won’t be easy, but their ambition and excitement can cause them to underestimate how truly difficult it can be. So, they probably expect some chaos throughout the journey, but they’re shocked by just how chaotic things really become.

Lesonsky: Why do so many choose business ownership, knowing it’s not easy?

Mask: Entrepreneurship dangles a very appealing carrot. The idea of time freedom, limitless earning potential, and being your own boss is a draw that’s hard to ignore. Most people, especially entrepreneurs who already possess great grit, are willing to push through some pain to get to the rewards on the other side.

Lesonsky: Can you define “chaos” as you mean it in the book? Has the chaos changed in the 14 years between the publication of both editions?

Mask: In the book, I use the analogy of stepping into a gym for the first time, all geared up to kickstart your fitness journey. You hop onto a treadmill and initiate a warm-up walk. Suddenly, a gym trainer approaches and cranks up the treadmill speed. You transition into a jog, feeling apprehensive yet overcoming the initial challenge.

But the trainer doesn’t stop there. They increase the speed further and elevate the incline. Now, you’re struggling to keep pace. Despite feeling out of your depth, you persist, driven by a reluctance to give up or appear inadequate. Deep down, you realize this isn’t quite what you envisioned when you stepped into the gym. You continue, feeling trapped on the relentless treadmill.

The chaos of managing a small business mirrors this treadmill experience. Customer demands loom constantly. Leads require attention, projects await completion, bills must be paid, and crises demand resolution. Meanwhile, technology advances rapidly, complicating data management, while administrative and compliance tasks remain challenging. Industry dynamics evolve, competitors encroach, and economic fluctuations add further complexity.

And that’s just the business side of things! Amid all this, entrepreneurs also juggle their children’s schedules, neglected health, personal finances, household maintenance, and crucial relationships. The moment prospects and customers enter the picture, chaos ensues. Inputs multiply, leading to disorganization, and priorities blur, with overwhelm looming ominously.

Lesonsky: Can you briefly describe how someone can conquer the chaos?

Mask: Conquering the chaos starts with mastering “the game between your ears.” Once you’ve done this, you can focus on your vision and rhythm, preparing you for the business keys to success (strategy, automation, and leadership).

More articles from AllBusiness :

• Why You Should Update Your Website Instead of Redesigning It
• Do LLCs Have Tax Benefits? How to Lower Your Tax Burden

How to change your mindset for success

Lesonsky: How do you cultivate a “winning mindset?”

Mask: Small business chaos is in the mind even more than in the physical world, which is why overcoming the negative thoughts and emotions that arise inside you as an entrepreneur is the number one Key to Success in your business and personal life.

When I was young, my dad always talked about the importance of staying positive, but I didn’t pay much attention as a teenager. Then, when I was struggling to keep my small business afloat and facing personal financial problems, a book he had recommended years ago caught my eye: The Power of Positive Thinking by Norman Vincent Peale.

Reading that book changed everything for me. It not only turned my life around but also saved my business. If I hadn’t learned to change my way of thinking during those tough times, Keap wouldn’t exist today. I’ve spoken to many other entrepreneurs who’ve been through similar challenges because running a business often feels like dealing with one failure after another.

Every day, it’s important to focus on having a mindset geared toward success. That means deliberately practicing positive thinking and performing mental exercises to train your brain to overcome obstacles and achieve your goals. Two of the top ways I recommend doing this are creating a morning routine that helps you feed positivity and purge negativity, and exercising every day. Even 20 minutes of exercise can be a game-changer for your mind and mindset.

Lesonsky: You say you need a “life vision” to be successful. How do you figure out what your life vision is? And does it change as you get older?

Mask: Establishing your vision involves thoroughly examining your identity, purpose, values, mission, and goals. It’s a process of introspection and self-definition, starting with a clear understanding of who you are. It includes:

• Defining your identity. This sets the stage for understanding your purpose—why you’re here and what you aim to achieve in life.
• Delving into your values. This helps identify the principles that guide your actions, while crafting your mission allows you to outline the overarching objectives you seek to fulfill during your time on earth.
• Setting goals. Putting goals in place across various facets of life, such as in physical, spiritual, social, business, and financial areas, provides a roadmap for actualizing your vision.

The journey to clarify your vision involves asking yourself fundamental questions about your identity, purpose, values, mission, and goals. This process can take various forms, from solitary reflection to seeking input from trusted friends and family. There’s no one-size-fits-all approach, but commitment and intentionality are essential.

Your goals may evolve as you engage in this process, and your life mission may adapt over time. However, the key lies not in setting it and forgetting it but in integrating it into your daily routines and periodically reassessing it to ensure alignment with your evolving aspirations. By incorporating your vision into your regular rhythms of life, you create a framework for continuous growth and fulfillment.

Lesonsky: You talk about “conscious capitalism,” which you write means a business should be “used to do good for everyone associated with the business," in other words, customers, employees, partners, owners, and the community. But the reality is not all entrepreneurs feel that way. I know—I’ve worked for a few. So, how do you convince business owners that being a conscious capitalist is worth it?

Mask: I fully believe in following the practices of conscious capitalism, but you’re right—some business owners don’t feel the same way. Sometimes, their ambition or short-sighted view of what it will take to make their own business thrive gets in the way of embracing the long-term advantages—to everyone involved—of conscious capitalism.

All I can say to these people is that using your business to do good for every person who interacts with it is more fun and fulfilling, and, in the end, following this path will leave you with fewer regrets.

What successful entrepreneurs have in common

Lesonsky: Now, let’s discuss Keap’s new survey and report, The State of Business Growth 2024 . What are the traits of business owners you classify as “growth achievers?”

Mask: Our report is eye-opening about what currently separates the entrepreneurs who are growing from the ones who are stagnant or even on the decline. The “growth achievers” are the 80% of those surveyed who have exceeded or met their goals, while the “underperformers” are the 20% who missed their goals.

This year’s report showed some compelling patterns among the growth achievers. The research made it clear that this group is far more likely than underperformers to have planned investments in AI, process automation, partnerships, and software. Growth achievers embrace innovation and focus their investments on these key business areas that continue to fuel their growth.

Lesonsky: In one of the questions in the survey, owners of emerging businesses cite “building credibility and trust” as a challenge. In another question, all three types of companies (emerging, scaling, and mid-market) say “building customer loyalty” is challenging. What’s your advice for building credibility, trust, and customer loyalty?

Mask: Building credibility, trust, and customer loyalty hinges on several key principles. First and foremost, you must set accurate expectations and avoid overpromising. By being transparent about what you can deliver and then meeting or exceeding those expectations, you establish trust and reliability with your customers.

Secondly, investing time and energy into your relationships with customers is essential. Whether through personalized communication, attentive listening, or going the extra mile to address their needs, you’ll foster loyalty when you show genuine care.

Additionally, staying focused on your target area rather than trying to cater to everyone’s demands ensures you can consistently deliver high-quality service. Finally, maintaining consistent follow-up and follow-through shows your commitment to customer satisfaction and reinforces their trust in your business.

About the Author

Rieva Lesonsky is CEO of GrowBiz Media and SmallBusinessCurrents.com and has been covering small businesses and entrepreneurship for over 30 years. Get more insights about business trends by signing up for her free Currents newsletter .

RELATED: What Is the Value of Curiosity in Entrepreneurship?

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Unveiling the Success Journey of Waseem Raza: A Pioneer Entrepreneur in SEO Optimized Premium Backlinks

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This Mother and Daughter Were 'Kind of Fringe Weirdos' When They Started an Uncommon Business in Their Garage. Now They're in Major Retailers — and Victoria Beckham Is a Fan. Jenefer and Melissa Palmer's slow-and-steady approach to growth helped their skincare and body care brand OSEA thrive over decades — but lately they've been taking things up a notch.

By Amanda Breen • May 8, 2024

Key Takeaways

• Jenefer Palmer's grandmother inspired her to harness the ocean's properties for her skincare brand OSEA.
• She and her daughter took the business from their garage to hotels and spas as OSEA remained profitable each year.
• Now, they're leaning into a DTC and retail approach as they eye increased brand awareness and continue to build their community.

"All good stories start with your grandmother," Jenefer Palmer, founder of Malibu-based skincare and body care brand OSEA , tells Entrepreneur . The story of how her business came to be begins with her own grandmother, who turned to the ocean for healing after an accident left her bedridden with a torn ligament in her leg. After dreaming that "the ocean and seaweed would heal her," Jenefer's grandmother asked her husband to carry her down to the beach near her home in Beechhurst, New York every day. She saw improvements in her condition in just a few months, Jenefer says, and her daily swims became a lifelong habit.

"So I grew up with this deep understanding that the ocean is a source of healing," Jenefer explains. "That influenced me when, in the early 80s, I became a spa director and was seeking products based on wellness — because that had always been my whole focus . That's how I was raised."

Jenefer couldn't find products with "good, marine-based" ingredients. So, "out of necessity," she launched her own line OSEA — pronounced Ooh-sea-yah, the letters stand for "the core elements of wellness": ocean, sun, earth and atmosphere — in 1996. OSEA's seaweed-infused skincare prioritizes "naturally-derived," scientifically-backed ingredients. The business chose her, Jenefer adds.

Related: This Co-Founder Was Kicked Out of Retailers for Pitching a 'Taboo' Beauty Product. Now, Her Multi-Million-Dollar Company Sells It for More Than $20 an Ounce.

"Every day [I get] to carry on all the wisdom of the women in my family, which is such an incredible honor."

The business also chose her then-teenage daughter, Melissa Palmer. In the early days, Melissa helped her mother set up QuickBooks for the young company, and she's remained involved ever since (with a brief departure to focus on a hula hoop venture), serving as OSEA's CEO today. "Every day [I get] to carry on all the wisdom of the women in my family, which is such an incredible honor and opportunity," Melissa says.

OSEA started in the Palmers' living room and then moved to their garage, as the mother-daughter team did everything for the business in its first 12 years: shipping, packaging and sales . OSEA's products were sold almost exclusively in hotels and spas then.

Melissa calls her mother "a visionary " when it comes to the brand's ingredients and product efficacy, and Jenefer stresses that her daughter has "an incredible business mind," skilled in communicating the company's message and incorporating wellness into its every aspect — complementary strengths that have helped OSEA enjoy nearly three decades of profitable growth.

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"Our product has been the same since the 90s. It's taken a while for the market to catch up with us."

"Our product has been the same since the 90s," Melissa says. "It's taken a while for the market to catch up with us. When we first launched, it wasn't even called 'clean beauty.' We were definitely the kind of fringe weirdos talking about natural and sustainable packaging and products, and we were explaining the choice of why."

Some of the products launched in the 90s remain on OSEA's top 10 bestseller list today. What's more, the company's glass bottles and packaging are also the same as they were at launch — details that people used to object to but now love, Jenefer says. Although OSEA's slow-and-steady approach to growth has paid off over the decades (allowing it to become "a 25-year overnight success," Melissa quips), the company has utilized a more aggressive growth strategy in recent years.

When Melissa's hula hoop "obsession" led her to start her own hula hoop business, she experienced firsthand the power of direct-to-consumer (DTC) and social media marketing . So, she returned to OSEA in 2016 and "jump-started" its next growth phase. Over the past eight years, the company has grown 7,600% and expanded into retailers, including Ulta and Blue Mercury, across 3,000 combined stores, marking an "even split" between DTC and retail, Melissa says. Some of OSEA's celebrity fans include Victoria Beckham , Sophia Bush, Brie Larson and Kelly Ripa.

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"I've really learned what the word 'omnichannel' means."

"I've really learned what the word 'omnichannel' means," Melissa says. Gone are the days when the mother-daughter pair did it all: OSEA boasts an 80-person team now.

Naturally, there have been some obstacles on the way to more rapid growth . "One of the biggest challenges I encountered over the past five years was the fact that the company was scaling so quickly [and] built on systems that were started in the 90s. [We] have had to shift so much of our processes, our manufacturing to keep up with the growth," Melissa says. She notes that it was challenging to see competitors come in with large amounts of capital because OSEA bootstrapped up until three years ago, when the company "did a small raise to have some more cushion."

OSEA has an ambitious international expansion plan, including entering Australia and New Zealand later this year with Mecca Cosmetics, Melissa says. Additionally, the Palmers are excited to focus more on OSEA's brand awareness , marketing and the growing community they've built as the company enters its third decade in business.

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"There's so much trust and freedom with each other and what we're doing."

They're also looking forward to the ongoing rewards that come with their family-run business.

"You bring this being into the world," Jenefer says, "and you love and nurture your children, and then they leave you. And that's what you want them to do. You want to have your children grow up and have autonomy. I have the privilege that I actually get to see Melissa in the world on a daily basis. Not just when she comes home for Thanksgiving, [but] I get to see her as this dynamic, incredible, powerful businesswoman. And to see her in her world — it's just such a beautiful thing."

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Melissa notes that the mother-daughter relationship allows their business partnership in OSEA to thrive.

"There's so much trust and freedom with each other and what we're doing," she says. "We both understand each other completely and understand each other's strengths enough to have total freedom. It's the ultimate complementary skill set and balance as a team. It would have been difficult for me to allow anybody else to take the risks [we've taken]."

This article is part of our ongoing Women Entrepreneur® series highlighting the stories, challenges and triumphs of running a business as a woman.

Entrepreneur Staff

Senior Features Writer

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