In the world of entrepreneurship, there are a lot of factors that come into play. From the amount of capital you have to start your business to your location to the skillset you bring to the table, these things can affect your ability to succeed as an entrepreneur.
For example, a study by Jawbone found that only one-third of people in major cities have access to resources they need to start their businesses, such as funding and mentors. And without these resources, it’s no wonder that so many people give up on their entrepreneurial dreams before they even start.
Meanwhile, a study by The Economist found that the United States has fallen from first to 12th place in startup activity over the past decade. This is partly due to decreased access to capital and increased competition from other countries.
However, those are already apparent factors. You may not be aware of the more subtle but equally important elements that can influence your entrepreneurial success. Here are five factors you didn’t know to impact your entrepreneurship path.
Professional Network
A solid professional network is essential for any entrepreneur. It can provide you with access to funding, mentorship, and resources that you wouldn’t otherwise have. However, not just any network will do. You must ensure that your network comprises supportive people who can offer you practical advice.
Building a solid professional network from scratch can be challenging, so you may need to reach out to your existing contacts for help. Start by identifying the people in your network who are most likely to be helpful to you and then reach out to them. You can ask them for introductions to other people in their networks or advice on getting started in your business.
The key is to be genuine and authentic in your interactions with others. People can see through false networking attempts, so be honest about your interest in helping others, and they will be more likely to help you in return.
Personal Finances
The best financial practice is to separate your finances from your business finances. If you don’t properly manage your money, it can cause many headaches in the long run. Still, there is no denying that your personal finances play a role in your success as an entrepreneur.
If you are starting a business, you must make enough money to cover the costs of starting and running your company until it profits. You also need to be able to invest in yourself and your business so that you can continue to grow and develop.
However, you might find it challenging to avoid depleting your finances while simultaneously investing in your business. That’s why it’s crucial to create and stick to a budget, track your expenses, and prioritize your most pressing financial needs.
Family
Having a family can be both a blessing and a curse regarding entrepreneurship. On the one hand, children can provide emotional support. However, they can be a significant distraction and add extra stress to your life.
Finding the time or energy to work on your business may be challenging if you have young children. You may need to get up early or stay late to fit your work time. And if you have school-aged children, you may need to take time off during the day to shuttle them around to their activities.
In addition, having young children can be costly. You may need to pay for childcare or hire a babysitter so that you can focus on your business. This can be a significant expense, especially if you are starting.
If you are an entrepreneur with young children, having a reliable family law attorney on retainer is an intelligent decision. A family law attorney can help you with various legal issues about your business. For example, they can advise you on the best way to structure your business and provide guidance on how business struggles and debt can still ensure your family’s financial security.
Fitness
You will likely have long days and nights working on your business as an entrepreneur. This can take a toll on your physical and mental health. To maintain your energy levels, you must stay fit.
Exercising regularly helps you look and feel better and boosts your brainpower and creativity. It can even help reduce stress. Taking the time to exercise will help you maintain your energy and focus on running your business.
Also, consider taking breaks throughout your day, such as walking outside or meditating. These activities can help clear your mind and refocus on essential tasks.
Final Thoughts
These are just a few factors you must consider when starting an entrepreneurial endeavor. However, it is essential to remember that each element can affect your business differently.
A successful entrepreneur must be able to recognize and manage various external and internal factors, as well as their limitations and motivations. Knowing these factors can help you make smarter decisions and bring your entrepreneurial visions to life. Taking the time to understand yourself, your resources, and the surrounding environment can significantly improve your chances of success.
