According to a recent Business.com study, a new business is launched every minute in the United States.
For these entrepreneurs, opening the doors to their business brings excitement, anticipation of what’s next and a motivation to succeed. Some people decide to go into business for themselves because they’re searching for a creative outlet while others may be seeking a bit of freedom.
Owning your own business takes an enormous amount of work and, at the end of the day, you are responsible for your own success. While it can take years to build a thriving business (Facebook took five years to become profitable), you can expect incredible rewards and challenges along the way. To get ahead of common scenarios that can potentially surprise both new and seasoned entrepreneurs, keep these four truths in mind:
The Greek philosopher Heraclitus famously said that change is the only constant in life. The same goes for what entrepreneurs can expect throughout their business ownership journeys.
A business plan is, of course, essential when getting started. The plan should help inform decision-making, but it shouldn’t be a rigid path that may interfere with the natural progression of your industry or the economy.
Believe it or not, the business you start may not be the business with which you finish. Being agile is crucial, and changing direction can be a good thing because it means you are focused on innovation. Overall, flexibility is key.