Business Fit Magazine July 2020 Issue 1

Page 52

Business

Having clarity of “why� we start a business is extremely important

One thing I noticed when I work with them is that all the reasons for female entrepreneurs failing, actually comes down to one big fact. One huge mishap which can happen in the blink of an eyem and it can completely change your whole world. Before going into that, let me explain the real reasons why someone becomes an entrepreneur. There are two major reasons for becoming an entrepreneur:

1. A burning passion, desire, skill and expertise in an area (The reason)

2. The will to create a certain lifestyle (The reason behind the reason)

1. A burning passion, desire, skill and expertise in an area addition to that, it is growing by the day, creating a massive community around the world. One dynamic development I see within this is the female contribution as entrepreneurs. It is true, that gender inequality is still ubiquitous, but the dawn of female entrepreneurs has begun, and it is growing bigger every day. Myriads of women are coming up with their first business ideas and making their first step into industry. I think this is one of the most spectacular developments our world has achieved. Our grandmothers and great grandmothers would have dreamt about such a time, and we are proudly living it. As today’s technology has made it so easy to enter into any industry, so many new entrepreneurs are moving into business. People are stepping away from the traditional working systems, and are more and more attracted to working online, creating opportunities to connect and serve globally and to serve without borders. I believe the recent situation the world has gone through has worked in favour of this new change. But as good as it sounds, does everyone succeed in entrepreneurship? As a wealth identity and money mindset coach who works with female entrepreneurs, I must say that only a small percentage of these entrepreneurs happen to be on the right path. This is a shocking fact, but the majority of the newly formed online businesses fail within the first two years.

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In an industry with millions of competitors, being one of many entrepreneurs is not going to bring you great success. As the industry expands, customers are awarded the benefit of selection. And in an era of accelerated change like now, where we are bombarded with so many marketing messages from everywhere, the average attention span of a person is less than eight seconds. (Hurrah, you are way more than average, just by reading this far:) )This is the ironic part of global development. So you as an entrepreneur, should grab the attention of your ideal client within those eight seconds. This is where your passion and expertise come into play. The biggest mistake you can ever make is to find a void or trend in the market and build a business on that. This is an erroneous assumption, which has led to so many new entrepreneurs failing. The question is, why? To stand out within your industry, and to scale it up when it is the right time, you need a niche/service which you are passionate about, which speaks for you, where you are ahead of the others and where you are an expert. What looks trendy and good for others is not always your area of expertise. What you need to have is a unique idea with your essence, so you can design it in your way, create an astonishing brand based on your personality, and a marketing plan based on your core traits. Once you have the right reason to start your business, all you need is to gather the rest of the pieces along the way to create success.