Why can’t most people start a Startup?

Before we go into this question in detail let’s take a few moments to contemplate why it is important to address Startups.

Entrepreneurs are the driving force behind startups, bringing ideas to life and shaping industries through their ventures and there has been no better time to start your entrepreneurial journey.

Having said that, the statistics are terrifying in regards to startup success rates. 90% to 95% of startups fail, with 20% of startups failing within the first year.

It may sound cliche but whether you decide if you are going to embark on this journey filled with challenges it’s important that you do it for the right reasons and  most importantly that you approach it with the right mindset.

 

Let’s take a moment to define entrepreneurial mindset for the purpose of this discussion.

 

 

Entrepreneurial mindset is a state of mind that empowers you to navigate through challenges in a positive way, address problems in an innovative way, it enables you to embrace failure and learn from your mistakes.

By approaching this journey with the right mindset, dedication, resilience, and a passion you will be nearer to the reward which is to make a positive impact in the world and by doing so you will be a step closer to the more positive statistics around startups i.e. the increase of unicorn startups.

 

Number of Unicorn Companies Worldwide from 1977 to 2023, by year of foundation

Statista.com

Now here are a few reasons why entrepreneurship important?

 

Innovation and Creativity: Entrepreneurs bring new ideas, products, and services to the market. They challenge the status quo, pushing boundaries to create innovative solutions that enhance people’s lives. For example, companies like OpenAI, Shein, Canva, Revolut to name a few… revolutionised their respective industries through innovative products and business models.

Economic Growth: Entrepreneurs and Startups contribute significantly to economic growth by creating jobs, generating wealth, and fostering competition. They stimulate economic activity by bringing new ideas to market, attracting investments, and increasing productivity. For example, tech giants like Google and Facebook started as small startups and even huge layoffs employ thousands of people and contribute massively to the global economy.

Problem Solving: Entrepreneurs identify problems, gaps in the market or societal needs, unmet needs and develop solutions to address them. For instance, companies like Uber and Airbnb recognised the need for convenient transportation services or to change the way people travel and introduced innovative sharing solutions.

Adaptability and Resilience: Entrepreneurship teaches individuals to be resourceful and to adapt to changing environments and overcome challenges. It encourages a mindset of resilience and continuous learning, enabling entrepreneurs to bounce back from failures and setbacks emerging stronger than before.

 

Some advice for all entrepreneurs

 

Embrace your Passion: Find what drives you and explore how you can turn that passion into a viable business idea.

Continuous Learning: Entrepreneurship is a journey of constant learning. Stay curious, seek knowledge, and be open to new ideas and experiences.

Take Calculated Risks: Understand the risks involved but don’t let fear hold you back. Take calculated risks and learn from both successes and failures.

Build a Strong Network: Surround yourself with mentors, advisors, and a supportive network. Networking can open doors to opportunities, collaborations, and valuable guidance.

Scale and Diversify: Evaluate opportunities to scale your business and diversify your offerings. Explore new markets or product/service extensions to maximise your potential.

Mentorship and Giving Back/Forward: Consider mentoring aspiring entrepreneurs. Sharing your experiences and knowledge can have a profound impact on others’ entrepreneurial journeys.

Adapt to Change: Continuously assess market trends and adapt your strategies accordingly. Embrace innovation and change to stay ahead in a rapidly evolving business landscape.

 

If you have a vision and the drive to pursue it, take that leap of faith and embark on your Startup Journey Today!

 

The startup ecosystem is extremely dynamic and founders need to evolve in conjunction with the ecosystem.

What may look like a failure, confronted with a positive attitude and the right mindset will present you with opportunities for a greater impact.

 

Let’s take action together to create a world where innovation thrives, problems are solved, and positive change happens through entrepreneurial endeavours. If you’re ready to start, seize the opportunity and make your mark in the entrepreneurial landscape!