Before starting a small business, it's essential to assess your goals and risks, as many startups fail within their first few years. Recent data indicates that there is a growing interest in entrepreneurship, particularly among younger demographics, with many workers considering quitting their jobs to start their own businesses. To succeed, focus on understanding market demands, securing funding, and being prepared for the challenges of entrepreneurship, while maintaining optimism and perseverance throughout the journey.

1. GFG

2. GFG

3. BEFORE YOU START A SMALL BUSINESS, YOU MUST TAKE
THESE STEPS

4. AS THE NEW YEAR BEGINS, THIS IS A GOOD TIME TO
CONSIDER YOUR CAREER, REVIEW YOUR PRIORITIES, AND
POSSIBLY CHANGE DIRECTION. THIS NEW DIRECTION MAY
REQUIRE LEAPS AND BOUNDS TO DEVELOP ITS OWN
BUSINESS. IF YOU ARE CONSIDERING SUCH A MOVE, YOU
MIGHT THINK OF STATISTICS THAT MANY SMALL
BUSINESSES HAVE NOT SURVIVED THEIR FIRST YEAR OF
OPERATION. BUT DON'T LET THIS CHALLENGE HINDER
YOU. YOU CAN CLEARLY UNDERSTAND THE
OPPORTUNITIES AND RISKS, AND FOCUS ON YOUR
ENTHUSIASM TO ACHIEVE SUCCESS. FIRST, HERE ARE
SOME SUGGESTIONS.

5. APPLICATIONS HAVE GROWN STEADILY. ACCORDING TO A
REPORT ON NEW BUSINESS BY THE AGENCY TELETO, NEW
BUSINESS HAS INCREASED BY 75%. COMPARED WITH 2010,
TODAY’S BUSINESS APPLICATIONS HAVE INCREASED. IN
ADDITION, ACCORDING TO THE ECONOMIC INNOVATION GROUP
(EIG), MOST NEW BUSINESSES START IN FOUR INDUSTRY
SECTORS, INCLUDING FOOD SERVICE, RETAIL, HEALTHCARE,
AND TRANSPORTATION.
IT MAKES SENSE FOR NEW BUSINESSES TO FLOURISH,
BECAUSE THE PANDEMIC CREATES FLEXIBILITY FOR PEOPLE TO
START SIDELINE BUSINESSES AND OPENS UP NEW MARKETS
AND OPPORTUNITIES FOR EVERYTHING FROM PRODUCTS SUCH
AS MASKS TO SERVICES SUCH AS APPLICATIONS OR
TECHNOLOGIES, IN NEW WAYS MAKE A CONNECTION.
IN ADDITION, ACCORDING TO RESEARCH CONDUCTED BY
TELETO, A COMPANY THAT SPECIALIZES IN PURCHASING
AGENTS, THE WORLD BANK RANKS THE UNITED STATES AS ONE
OF THE EASIEST COUNTRIES TO START NEW BUSINESSES.

6. WHO IS STARTING A BUSINESS?
IF YOU DECIDE TO GO OUT BY YOURSELF, YOU WILL GET GOOD
COMPANY. ACCORDING TO A STUDY BY RANSTAD, 41% OF
WORKERS ARE CONSIDERING QUITTING THEIR CURRENT JOB
AND STARTING THEIR OWN BUSINESS. OTHER RESEARCH BY
HIBOB AND FIVERR FOUND THAT 22% OF PEOPLE ARE QUITTING
THEIR JOBS TO FREELANCE.
ACCORDING TO RANSTAD, YOUNG EMPLOYEES ARE MOST
WILLING TO LEAVE, WITH 51% LEAVING BETWEEN THE AGES OF
25-34, AND 20% FOR THOSE 55 AND OLDER. ANOTHER TELETO
STUDY OF SMALL BUSINESSES FOUND THAT, COMPARED WITH
BABY BOOMERS, GEN Z AND MILLENNIALS ARE 188% MORE
LIKELY TO PLAN TO START THEIR OWN BUSINESSES.

7. ENTREPRENEURS ARE MAINLY FROM LARGE ORGANIZATIONS
(28%), FOLLOWED BY SMALL COMPANIES (24%). ALL OF THIS IS
IMPORTANT FOR NEW ENTREPRENEURS BECAUSE YOU NEED
TO UNDERSTAND YOUR COMPETITORS-THE ROLE PEOPLE
COME FROM AND THE TYPE OF COMPANY MAY INDICATE THAT
THEY MUST APPLY SKILLS OR EXPERIENCE TO THE NEW
STARTUP.
THE MARKET FOR NEW BUSINESSES AND FREELANCERS IS
HEALTHY. ACCORDING TO RESEARCH BY HIBOB AND FIVERR,
WHEN COMPANIES CANNOT FIND NEW EMPLOYEES FOR
NORMAL JOBS, 32% OF THE TIME THEY WILL HIRE
FREELANCERS TO FILL NECESSARY POSITIONS. THE IRONY IS
THAT PEOPLE WHO LEAVE THEIR OWN STARTUPS IN TURN
CREATE DEMAND FOR THE SERVICES OR PRODUCTS PROVIDED
BY STARTUPS.

8. THE STUDY OF NEW BUSINESS AND ENTREPRENEURIAL
SUCCESS AND FAILURE PROVIDES INSIGHTS INTO WHAT IS
NEEDED TO SUCCEED. THESE ARE EVIDENCE-BASED WAYS TO
ACHIEVE YOUR DREAMS WHEN YOU ARE OUT ALONE.
KNOW YOUR GOALS. MOST PEOPLE START THEIR OWN
BUSINESS BECAUSE THEY WANT TO BE THEIR OWN BOSS, OR
BECAUSE THEY WANT TO CHANGE THEIR CAREER, PURSUE
PASSION, OR BUILD NEW THINGS. HOWEVER, IF YOU WANT TO
QUICKLY BECOME A MILLIONAIRE, YOU MAY NEED TO RETHINK
YOUR REASONING. ACCORDING TO BANKING SERVICE
PROVIDER NORTHONE, ONLY 40% OF BUSINESSES ARE
PROFITABLE, AND THE AVERAGE ANNUAL SALARY OF
ENTREPRENEURS IS ABOUT $60,000 (ALTHOUGH THEY POINT
OUT THAT ONLY ABOUT 8% OF PEOPLE START THEIR
BUSINESSES FOR FINANCIAL GAIN).

9. YOU JUST WANT TO BE THE NEXT FABULOUS TECH CEO? IT IS
IMPORTANT TO FIGURE OUT YOUR PRIORITIES.
BE AWARE OF RISKS. WHENEVER YOU ENTER A NEW
OPPORTUNITY, IT IS BEST TO REALIZE BOTH THE ADVANTAGES
AND DISADVANTAGES (WHICH MAY INCLUDE UNEXPECTED
FAILURES). ACCORDING TO A REPORT BY TELETO, MORE THAN
50% OF STARTUPS FAIL IN THE FIRST YEAR, AND 95% FAIL IN THE
FIRST FIVE YEARS. NORTHONE'S ANALYSIS FOUND THAT THE
MOST SUCCESSFUL NEW BUSINESSES ARE IN FINANCE,
INSURANCE, AND REAL ESTATE, WITH 58% OF BUSINESSES STILL
IN BUSINESS FOUR YEARS LATER. FOR YOUR OWN SUCCESS,
PLEASE KEEP YOUR EYES OPEN AND DON'T SHY AWAY FROM
UNDERSTANDING POTENTIAL FAILURES-SO THAT YOU CAN
INCREASE YOUR CHANCES OF SUCCESS. ONE WAY TO REDUCE
RISK IS TO UNDERSTAND YOUR TARGET MARKET. TELETO SAID
THAT 42% OF BUSINESS FAILURES ARE DUE TO LACK OF
MARKET DEMAND. LEARN ABOUT THE MARKET BY KEEPING UP
WITH THE LATEST NEWS AND TRENDS, INCLUDING TALKING TO
EXPERTS AND POTENTIAL AND EXISTING CUSTOMERS.

10. RAISE FUNDS TOGETHER. ACCORDING TO TELETO, 29% OF
BUSINESS FAILURES ARE DUE TO RUNNING OUT OF CASH. IN
ADDITION, NORTHONE STATED THAT 37% OF STARTUPS ARE
FUNDED BY THE FOUNDERS THEMSELVES, AND 10% GET
FUNDING FROM FRIENDS OR FAMILY. BUT IT DOESN'T REQUIRE
MUCH CAPITAL TO GET STARTED. 58% OF COMPANIES START
WITH LESS THAN US$25,000, AND 30% START WITH LESS THAN
US$5,000.
MAKE SURE THAT YOU PLAN FINANCIALLY FOR THE NEAR AND
LONG-TERM SO THAT YOU CAN DEAL WITH UNFORESEEN
CHANGES AND CHANGING NEEDS. FOR EXAMPLE, IF YOU SELL
CUSTOM BEACH EQUIPMENT, YOU MAY FOCUS ON SUMMER
BECAUSE WINTER MAY NOT BE PROFITABLE. FURTHER
CONSIDER THE NEED FOR CONTINUED INVESTMENT OVER TIME.
FOR NEW MOBILE PHONE APPLICATIONS, YOU NEED TO
CONSTANTLY MAKE NEW UPDATES AND MODIFICATIONS.

11. FROM THE LITTLE THINGS. MOST ENTREPRENEURS WILL TELL
YOU TO ENSURE SUCCESS BY STARTING SMALL AND BUILDING
GRADUALLY. WITH THE INCREASE IN REMOTE AND MIXED WORK,
IT IS VERY LIKELY THAT YOU CAN START WITH A SIDELINE AND
BUILD YOUR BUSINESS OVER TIME. WHILE STARTING TO WRITE
YOUR GREAT AMERICAN NOVEL, OR START TO DEVELOP YOUR
IT SKILLS IN THE EVENING CONSULTING WORK. BE ETHICAL
WHEN USING YOUR TIME-MAKE SURE YOU ARE STILL
COMMITTED TO YOUR DAILY WORK, BUT ALSO USE YOUR EXTRA
FLEXIBILITY TO TRY, LEARN, AND INCREASE OPPORTUNITIES.
HARD WORK IS ALSO IMPORTANT. NORTHONE REPORTS THAT
62% OF ENTREPRENEURIAL COMPANIES HAVE ZERO
EMPLOYEES. THIS MEANS THAT BEGINNER BUSINESS OWNERS
WILL HAVE TO WEAR SEVERAL DIFFERENT HATS AND BE
RESPONSIBLE FOR THE SUCCESS OR FAILURE OF THEIR
BUSINESS.

12. ENTREPRENEURS HAVE A COLLEGE DEGREE, SO FORMAL
STUDIES ARE NOT NECESSARILY AN OBSTACLE TO
STARTING THEIR OWN WORK. HOWEVER, YOU NEED TO
ENSURE THAT YOU ARE CONSTANTLY LEARNING ABOUT
THE MARKET, NEEDS, NEW INNOVATIONS, AND BEST
PRACTICE PROCESSES TO ENSURE YOUR SUCCESS. BUILD
YOUR PATH TO SUCCESS BY FORMING AN ADVISORY
BOARD AND FINDING SUCCESSFUL BUSINESS PEOPLE
WHO CAN SHARE EXPERIENCES AND LESSONS.
PERHAPS THE MOST IMPORTANT FACTOR IN
ENTREPRENEURIAL SUCCESS IS COURAGE AND
PERSEVERANCE. STARTING SOMETHING NEW CAN BE
FRIGHTENING AND REQUIRES CONTINUOUS EFFORT OVER
TIME.

13. BE OPTIMISTIC, HOPEFUL AND POSITIVE ABOUT THE
ENTREPRENEURIAL JOURNEY YOU ARE ABOUT TO EMBARK
ON. YOU WILL FACE DIFFICULTIES AND SETBACKS, BUT AS
LONG AS YOU ARE DETERMINED, YOU ARE LIKELY TO BE
REWARDED.