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Steve Jobs, co-founder, and CEO of Apple, once said, “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” For those beginning their journey into the fun, exciting, and at times the tremulous world of entrepreneurship, those words from Steve Jobs are something to remember every day.
To take on the challenges of entrepreneurship one must be made of a different cloth. In 2017, an article posted by The Hill stated that there are roughly 582 million entrepreneurs in the world. To better put that number in perspective, that is around 8 percent of the world’s population.
So, 582 million people may seem like a large number, especially if one were to compare it to the population of the United States, the third largest country by population with approximately 328 million people as of October 2018.
But then consider that only 10 to 20 percent of those 582 million would be entrepreneurs actually make it past their first year in business. That means after 12 months, that number has shrunk to around 116.4 million. As the five-year mark approaches, that number may be only half of that.
Are You a Business Person or an Entrepreneur?
For those readers who were wondering in which way the two are different, the best way to understand it is that business people follow defined paths, while entrepreneurs are path creators. It is not uncommon for many people to have the misconception that the two terms are similar if not the same. Thus, “business person” and “entrepreneur” are used interchangeably.
Business people are not always founders or owners of companies, and in most cases, they work for a company in some executive fashion. On the other hand, an entrepreneur is an individual who initially launches a product or service. At the very minimum, an entrepreneur introduces ideas and relies on others to make their visions a reality. This unique quality is what makes them industry leaders rather than followers.
As time goes on, entrepreneurs evolve into business people, yet there is still a decisive difference between an entrepreneur-turned-business person and a pure business person. Even though the two terms seem very similar to a layman, the fine line that separates the two is that entrepreneurs continue to be market leaders, whereas the business person is only a market player.
Many Entrepreneurs Are Looking to Leverage the Power of the Internet
Business-minded entrepreneurs possess the foresight to see market trends before they begin to take shape. This foresight makes them the original trendsetter. However, a more in-depth analysis reveals that entrepreneurs do not create trends but rather usher them in. One could compare them to the bulls in a trading market, whereas the average business person resembles the bear.
For years now, entrepreneurs endowed with the gift of market insight have been gravitating towards Internet-based ventures. Like moths to a flame, countless entrepreneurs have been drawn to the World Wide Web for numerous reasons, most of which include the industry’s flexibility.
According to Online Entrepreneur Academy, 80 percent of new businesses fail within the first year. However, despite the odds, 25 million Americans are in the process of starting or have already launched a small business.
Out of that number, 69 percent of those businesses were Internet-based. Of those who chose to be an Internet entrepreneur, 59 percent of them succeeded in keeping their ventures alive and well and were still operating their businesses from home three or more years later.
Alex Dee, founder, and CEO of Online Entrepreneur Academy explained in an interview: “…after studying over 200 business models with my private equity background, the online space just made sense.
“It’s the only market that was not cyclical, like real estate, stocks, or the 8-5 work life. And it continued to increase with success stories since its inception over 25 years ago. The Internet entrepreneur can obtain a nice work-life balance because you can do it from anywhere,” Dee continued.
As the name suggests, the Online Entrepreneur Academy specializes in training people on how to become a successful online entrepreneur. For those who are wondering who would benefit from such a course, Alex had this to say: “Anyone who’s looking for a transformation in their lives and seeks the work-life balance.”
In closing, what the reader should understand from all of this is that despite the Internet has been around for a few decades or so, its potentials are just now being discovered. Aspiring entrepreneurs are in a position that only comes once in a generation. Grab onto it now!
Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.