Confessions of a Lifestyle Entrepreneur ( part 1): These Statics are mindboggling

I don't have to tell you that being an Entrepreneur is hard work. I'm sure you already know that yet the attraction for being your own boss, setting your own schedule, the potential to create impact, be challenged, learn new skills, make a living doing what you love or believe in and the potential to control you financial destiny with what you've created is the force that drives your motivation. 

Today, there are roughly 582 million entrepreneurs worldwide and the 2022 Census states that 5.2 Million of those started in 2021 but unfortunately for many according to the data from the U.S. Bureau of Labor Statics approximately 20% of those new businesses will fail during the first two years. 

Staggering Statics

Almost half of those Entrepreneurs at 45% during the first five years will fail, 65% during the first 10 years, leaving 20% will make it past 10 years or more. The failure rate for startups are even worse. 90% across all industries fail. 

 Don't take this the wrong way because I'm as optimistic as they come. I've been self-employed now for 30 years, witnessing first hand businesses that have come and go but those statistics are still even shocking to me.  It's important in  entrepreneurship stay on top of our industry trends but also accessing a high level of emotional intelligence in understanding risk  and tackling them pragmatically. 

So to whomever is reading this, don't get discouraged, it's feedback.

In fact, contrary to popular belief, the mantra has been survival of the fittest but it's really survival of the most competent.  There is not one Entrepreneur who is successful hasn't been through the worst of it all.. Failures, setbacks, downturns, distractions and challenges are all apart of the sauce that forced them to level up in a such a way they had to shift their whole paradigm to ways of dong business.

 There are seasons that you will be managing depression trying to figure out what should you do next. You might even think about going to get a regular job, nothing wrong with that. Sometimes you got to do what you got to do to keep your business afloat until your business is back on track.

 There's been a couple of times, I have just  wanted to give up and find a regular job then came back to my senses that the corporate game is just as rough.. Speaking from a little experience the two that I have had outside of working as a freelancer, were at companies my co-workers considered me a threat. 

There's something about an entrepreneurial mindset that reeks all over you without you even knowing it. The way we process information, the way we talk, the conversations we engage in, what we read, who we choose to hang out with regularly or not, our patterns and our habits are quite different the majority. Nothing wrong with that but they're already judging us too. The average worker senses it. 

The Entrepreneurial Mindset

Being an entrepreneur you must be so self motivated, structured, emotionally intelligent, intuitive and communicative about your brand that you have grown even in your personal development almost looking unrecognizable in your growth every year. Jealousy, envy, pettiness and entitlement distract success. 

They "present" an illusion of taking you somewhere but it's not going to get you far in the way, you might want to go far.  Because it's going to be some bigger demons waiting for you right at the door to see if you really about that life. I've seen the come, I've seen then go (I've heard all the stories). What you put out all those years eventually comes back around to bite them in the you know what very hard and then the other side is just the climb to success. 

Good Business Practices and Integrity should be in your Top 10 Rules of your entrepreneurial  life.

Entrepreneurs are seen as innovators, creating new ideas and business processes. Those come from being highly intuitive not copying others. It's okay to model success but to become a clone of someone is not only tacky but you're going to look up one day and not even be happy for what you've accomplished because you were an imposter the whole time. I know who's ever reading this have more sense than that, that's why you're here. 

Each one, teach one. I'm grateful that I had good Mentors around me early on, that taught me to "Don't get bitter but Get Better and keep it moving!  One of my favorite motivational speakers who passed away years ago; Jim Rohn quotes is  "Don't wish it was easier, pray that you get better". Don't wish for less challenges, wish for more wisdom. 

Inclusion, fail fast, learn quicker, review weekly and listen to People who've been an Entrepreneur longer than 10 years. You might find out a thing or two.

Another Blog you might find useful   https://www.creativelycultured.com/2022/12/confessions-of-lifestyle-entrepreneur_6.html