Plato said that necessity is the mother of invention. Over the last couple years many have had to re-think their careers and approach to business out of necessity. Believe it or not, this has resulted in a huge increase in entrepreneurship. As we move into the post-COVID era and get back to some kind of “normal” we find that there is a flood of new small businesses.
Per an article from McKinsey & Company, “In the third quarter of 2020 alone, there were more than 1.5 million new-business applications in the United States—almost double the figure for the same period in 2019.”
So, we are seeing many go off on their own who are looking to make it big.
There are some very good traits that successful entrepreneurs have and they are good to identify. Let’s look at this from the basics.
Here is a great definition of “entrepreneurship.” In an article written by Nicole Martins Ferreira in September 2020, she states entrepreneurship is “the act of creating a business or businesses while building and scaling it to generate a profit.”
She goes on to say, “entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction they want.”
So, an “entrepreneur is that person who sets up a business with the aim to make a profit.”
Here is a key observation from the same article mentioned above: “Entrepreneurs see possibilities and solutions where the average person only sees annoyances and problems.” There’s a level of responsibility and commitment the entrepreneur has that carries him through the inherent risks involved with the burdens of making a payroll, making all the big decisions, and keeping the vision fresh for everyone. The entrepreneur is usually willing to make sacrifices in the short-term based on the hope of a future financial reward. And those rewards can be substantial.
HOW DOES AN ENTREPRENEUR SUCCEED?
To succeed as an entrepreneur, you definitely have to go beyond the idea stage and into ACTION. Some can get discouraged. An entrepreneur must have a clearly defined goal or goals and he must also have a clear understanding of his purpose—WHY he is doing this. These two things can help the entrepreneur work through barriers and discouragements and helps them stay on course and stay committed.
Having said that, many entrepreneurs will freely admit to failed enterprises. That is part of the game. A good entrepreneur needs to know when it’s time to let it go, often due to forces outside himself.
But for every failed enterprise, there can be a successful one. Persisting beyond the failed ventures is really what the entrepreneur does, and he takes on the risk of loss and failure in order to achieve success. And success requires massive amounts of action, perseverance, and belief in your purpose. Success brings with it huge rewards.
But let’s look at this from a broader viewpoint. Why is the entrepreneur so important?
- Entrepreneurs create jobs: Without entrepreneurs, jobs wouldn’t exist. They begin with taking on the risk of employing themselves. Their ambition to continue their business’ growth eventually leads to the creation of new jobs. As their business continues to grow, even more jobs are created.
- Entrepreneurs innovate: Some of the greatest technologies in today’s society have come from businesses. The technological advances come out of a need to solve a problem, create efficiencies, or improve the world. In periods where there is more advancement in technology, there is usually an entrepreneur to thank for it.
- Entrepreneurs create change: Entrepreneurs tend to dream big. So naturally, some of their ideas will make worldwide change. They might create a new product that solves a burning problem or take on the challenge to explore something never explored before. Many aim to make the world better with their products, ideas, or businesses.
- Entrepreneurs give to society: Entrepreneurs often do more for the greater good than the average person. They make more money and thus pay more in taxes, which helps fund social services. Entrepreneurs are some of the biggest donors to charities and nonprofits for various causes. Some seek to invest their money in creating solutions to help poorer communities have access to things we take for granted, like clean drinking water and good health care.
There is so much that is exciting about being an entrepreneur.
As the Founder and CEO of Consumer Energy Solutions, I made sure we did not skip a beat and have been open non-stop for the last 2 years even when many others closed operations. We have continued to serve our customer’s energy needs and provide jobs for many through it all and actually have done so since 1999.
Here’s an example of how recently we helped a customer save A LOT of money.
If the customer were to get his electricity through his local utility company, he would be paying 7.499 cents per kilowatt-hour.1
Working with our suppliers we were able to find him an amazing rate of 5.53 cents per kilowatt-hour!
Comparing this new rate to what they would pay their local utility company for electricity, they are saving $112,866 annually! They signed a 4-year contract with a fixed rate. This works out to a savings of $451,464 over the 4 years!
I have to say enthusiastically that I love my job, I love my company and I love that we truly help the companies we work with. That may be the most important quality of an entrepreneur—helping people. That purpose alone can push one through hardships all the way to the other side where he finds the fruits of success.
If your business is in a deregulated state and you would like to see what we can do for you, give us a call at 866-748-2669 for a Free Rate Analysis.
1Kilowatt-hour: the amount of electricity used at a rate of 1,000 watts over the course of one hour.