Entrepreneurship is The American Dream. Creating something, building a business from the ground up, competing and winning your own stake in the world. But is The Dream still a reality? While, in America, the likelihood that you’ll remain in your parents’ class is still only a little lower than 50% (much higher than in other advanced nations),13% of Americans were running or starting their own businesses in 2013; including Velvet Cartel, which became operational in January of last year. However, these numbers won’t stay still for long. With the labor market rebounding with the rest of the economy, it is not imperative for out-of-work Americans to take on their own ventures, leading to a decline in the number of businesses being established. This is a good thing! Businesses will begin to rise in an atmosphere of opportunity and with less competition from those born out of necessity.
This is a very important time to evaluate the purpose and status of your business.
Is your product necessary?
Is your product demonstrable?
Is your product malleable?
Do you have a clear idea of how your product will make money?
Do you have a clear idea of the costs of your business?
Do you have at least two back up plans?
As business owners and entrepreneurs, we can definitely, ultimately succeed. For a little more inspiration, read this article from Fast Company in which very successful people tell their tales of first (and reoccurring) failures that ultimately led their greatest achievements.