What It Takes to Be an Entrepreneur in 2020 (+ Statistics)

Last Updated: 

October 20, 2022

Online Business Startup

Paving your path as an entrepreneur has increased in popularity over the years. People tend to prefer creating a career around their passions, as well as the freedom associated with being your own employer. While becoming an entrepreneur can be very enticing, it’s also much easier said than done.

Becoming a successful business owner requires lots of dedication, time, and effort. Down below we cover tips and statistics on how to grow as an entrepreneur. As you continue reading, remember that everyone grows differently. There is no “one size fits all” when it comes to finding success as a business owner. Pick and choose what works best for you for maximum benefit. For a closer look at 2020 trends, Embroker breaks down over 70 must-know entrepreneur statistics.

Understand Why You Began

Having a clear idea of why you started a business can help you grow and stay motivated. Through trial and error, you may forget why you started and are putting forth the effort.

As humans, we work better when we are goal-oriented. Remember what has motivated you specifically, as your personal goals will be different from others.

Some business owners are motivated by their desire to be self-employed and their own boss. Statistics show that 24 million people want to be self-employed by the next year. On the other hand, others may be more intrigued by the flexibility associated with working for yourself. Up-and-coming entrepreneurs significantly prefer having flexibility with their work over having the opportunity to earn a higher income.

Learn About How Others Succeed

A key aspect of becoming a successful entrepreneur is paying attention to what others do. The best way to learn is from those who travelled the path before you. From there, you can adapt what has worked for others to your own business plans. This can help minimize the need for trial and error along the way. Although, this is not to say that everything that worked for others in the past will work for you too. Remember that your path to success is unique to you as an individual.

According to previous entrepreneurs, three overarching skills that help find success include communication, problem-solving skills, and time efficiency. Evaluate these skills in regard to yourself as a business owner, and your business as an operation. Work on what you struggle with and can improve upon. Successful business owners have also shared that they value determination, goals, and risk engagement. These three factors have been known to lead to a successful venture down the road.

Learn About How Others Fail

Another great way to learn is by examining how people fail. Seeing where others went wrong can prevent you from making the same mistakes. Developing and evolving your business operations will become much more time and cost-effective as a result.

Becoming an entrepreneur can be expensive. Around 28% of potential business owners struggle in starting an operation due to insufficient funds available or high amounts of debt. About 66% of entrepreneurs also said that they faced the most hardships in the first year of their business. With that being said, always keep in mind that good things don’t come easy. Also, make sure you have a sufficient amount of funds available to invest in your business.

Becoming a successful entrepreneur takes persistence and effort. Success doesn’t just happen overnight. Throughout the process, you’ll run into obstacles and feel defeated at times. If you feel like giving up, remember why you started in the first place. Evaluate what has worked or failed for others and adapt it to your own operation.

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