An entrepreneurial mindset is key to startup success. According to a 2015 Gallup Poll, about 25% of Americans have considered starting their own business. In fact, only 13% do it.
According to the same poll, 84% of people who have considered becoming entrepreneurs do not start their own business because they like the security of having a steady income.
Growth in entrepreneurial activity and startups also means increased competition for funding. When many entrepreneurs begin to explore avenues for funding their business ideas, three sources generally come to mind:
Venture Capital (VC); Angel Investors (Angels); and Crowdfunding.
However, these options are not the only sources of funding available to U.S. startups trying to get their capital to launch.
Read on to learn more about whether you are ready to take on the life of an entrepreneur and acquire startup funding for your company.
Not everyone has what it takes to be a successful entrepreneur. First, you have to be able to manage stress and uncertainty without falling apart. There are several free assessments you can take to gauge your entrepreneurial potential. Among these include:
- BDC (Canada) assessment
- Small Business Administration Entrepreneurial Readiness Assessment
- Harvard Business Review Assessment
- UCEDC Entrepreneurial Assessment Tool
And if you feel up to paying for some really great tools that measure across multiple dimensions, check out PEAK Learning. I can tell you that their GRIT and Adversity Quotient assessments provide amazing and useful insight into your personality.
It is never easy to start a new life pathway as an entrepreneur. This is especially true if you have been working for others for most of your life. For many, it can seem difficult, if not impossible, to leave a life to which you have become accustomed. But for those of you who have made the decision to take the plunge and start your own business, these eight tips can put you on a path towards achieving entrepreneurial success.
Startup funding is often viewed as the holy grail that allows entrepreneurs to take their business ideas from concept to reality. There are lots of different strategies to secure startup funding to launch a new business venture.
Important Industry Happenings
- Five Essential Tips For First-Time Entrepreneurs (via Forbes)
- Making the Leap to Entrepreneurship (via Harvard Business Review)
- 5 Key Funding Options For Your Company (via Forbes)