Crucial Factors to Consider Before Moving Towards an Entrepreneurship Career
Entrepreneurship is a dream for many people in business who have high aspirations for their careers. Plus, entrepreneurship also plays a significant role in the economy – creating so many opportunities for employment while simultaneously building thriving communities.
However, being an entrepreneur is no walk in the park. In fact, according to the United States Bureau of Labor Statistics (BLS), it was found that by March 2020, around 78% of new businesses had survived their first year, 50% of them survived during the first five years, and then 34% out of that survived the first ten years. Ultimately, only about 20% of private sector establishments made it to two decades since 2005.
So before you embark on the journey of becoming an entrepreneur, it is essential that you understand some of the unspoken hardship that goes behind the lifestyle of successful entrepreneurs. And at the moment, the ideal person you can reach out to is none other than Kevin Gordon – a highly reputable American education advocate, entrepreneur, and speaker.
Many of you might even know him as co-founder of Capitol Advisors Group, LLC., which is a private lobbying firm that represents school districts and county offices of education that helps school agencies, professional associations, private/industry sector interests, clients, and helping non-profit organizations to succeed in their professional endeavors.
Furthermore, Gordon is also a regular keynote speaker who has appeared in many statewide K-12 education conferences for locally elected school boards, school superintendents, chief business officials, and principals of K-12 public schools around the world.
Considering that he is one of the few professionals who have excelled in their entrepreneurship goals, we reached out to him and learned some of the reality behind being an entrepreneur.
Profit Does Not Come Quickly
According to a report on Freshbooks, it was found that it takes about two to three years on average for a small business to become profitable – and that is also assuming that the business survives the first few years of its operations.
The effort that goes into those first couple of years of this career is centered on laying the base for future growth. And should any profits be made in those years, they are used to be invested back into the business and further improve its operations.
Adaptability to an Ever-Changing World
When the COVID-19 pandemic hit in 2020, many small businesses suffered from the lockdowns and permanently shut down their doors. But there were still some that survived.
Those who were resilient began to adapt to the changes in front of them. The operations of different industries moved online – which was hard for many people to adjust to, especially in such little time. But survival was possible. And in that time, some places did earn profit that helped them live through such harsh times. In conclusion, if you want to survive, you need to be proactive and adapt to the world that is continuously changing around you.
