Entrepreneurship is a long and arduous career path. Not every entrepreneur will be successful. More than 50% of startups fail in the first five years of their journey.
If you want to become an entrepreneur because you want to be rich and famous, please reconsider. Whenever we think of entrepreneurs, only the successful ones come to mind.
Many factors contribute to the success of entrepreneurs, and one of them is having a support system. Support systems act as a safety net for entrepreneurs. Failure is almost certain, but having a robust support system allows entrepreneurs to keep moving forward.
Here are seven reasons why a support system is crucial if you want to become successful as an entrepreneur:
Support systems act as safety nets.
Entrepreneurs are risk-takers. These brave souls start ventures and innovate without knowing if they’ll be successful or not.
Entrepreneurs leave their jobs and a regular pay-check to do something they are passionate about. In these circumstances, having a support system is vital. If your first business doesn’t make headlines, your support system will be there to back you and help you get through tough times.
First-time entrepreneurs have low rates of success, around 18%. Entrepreneurs that had a failed business in the past and are going to start a new business have a slightly better chance of success of 20%. While entrepreneurs that previously had a successful business, have a 30% chance of success.
Failing in a business venture might push a person not to start another business venture again. This scenario is where entrepreneurs need a support system. Even entrepreneurs that have failed once are an irreplaceable asset. They have the experience that first-time entrepreneurs lack.
Only 20% of entrepreneurs get funding from other people, including their friends, family, and financial institutions. If your support system can provide you with a little funding at the start of your journey, it will indeed go a long way.
If entrepreneurs have a support system that they can fall back on, they might get the courage to start another venture.
Governmental support systems facilitate entrepreneurs.
Entrepreneurs have become an essential part of modern society. Entrepreneurs find everyday problems and come up with solutions. Governments already have too much on their plate for them to focus on innovating. Governments need entrepreneurs to bring innovation and make societies a better place.
Governmental support systems are comprised of legislators and bureaucrats that work to make the lives of entrepreneurs easier. When entrepreneurs are provided a fertile environment for innovation and growth, their productivity increases significantly.
Apart from business-friendly legislation and procedures, entrepreneurs need an educated and skilled workforce as well as infrastructures such as transportation systems (roads, highways, airports), stable electricity, and fast internet.
Funding is also an issue for most entrepreneurs. If governments provided entrepreneurs access to capital and funds, then they would be in a much better position to launch their business.
It is not necessary that everything is going to go according to plan for an entrepreneur. Entrepreneurs should be able to adapt to the situations in front of them. But even the most seasoned entrepreneur can feel down sometimes.
Support system that you can rely on, it could be your family, friends, or even teammates provides you with the motivation you need when things go south. Talking to your audience can also motivate you greatly. Having a live chat app for websites can help you communicate with your target audience.
Entrepreneurs aren’t void of emotions. On the contrary, most entrepreneurs are filled with passion. Emotions are what drive entrepreneurs to make progress and succeed. Most entrepreneurs need a little push when they’re feeling down.
Staying motivated is essential as an entrepreneur. If you’re working with a team, you always need to maintain a feeling of calm. But you should also let your teammates know the ground realities that you and the business as a whole are facing.
But if you’re an entrepreneur that prefers to work alone, staying motivated becomes even more essential. The only person you can blame for you failures and shortcomings will be you, and no one but you. So, staying motivated is not only important, but essential really.
Businesses need to test different products and strategies and tweak them to get better results.
Getting useful feedback is not an easy job. Conducting a survey takes a lot of time, and most results aren’t super comprehensive. Focus groups do usually yield better results but may cost money, which entrepreneurs at the beginning of their careers do not have.
Support systems are a great way to get valuable feedback about a product or service. Entrepreneurs need genuine feedback to make their products even better. Friends and family usually come to your aid when you really need them to. The input your support system provides can be used by the business to make its product even better than before.
One thing that you have to look at when considering feedback from your support system is that it should be unbiased. Biased feedback can damage your offering significantly.
Having industry professionals and mentors in your support system would prove to be a great asset.
If you’re facing a problem, chances are the someone had the same problem already and came up with a solution. Having mentors in your support system allows you to get guidance. Mentors have been through what you’re experiencing, and so they might be able to sympathize with you and provide you with the guidance and counsel that you’re looking for.
When you think of a new idea, you would want to run it by as many people as you can. Your support system will help you with any loopholes or errors in your thinking and help you refine the idea just enough so you can start working whole heartedly on it.
Having professionals from different industries in your support system allows you to get different perspectives on a problem. Sometimes a question will require you to think out of the box. Having a support system that can offer you different insights will help you in this regard.
Increase your confidence.
Entrepreneurs need to be confident. They are going to be in situations where they’ll need to speak in front of investors or network with different people.
If you’re somewhat shy but still want to be a confident entrepreneur, you need not worry. Having a support system can make you more confident.
If you weren’t a good speaker, speaking in front of your friends and family will significantly boost your confidence. Gradually you’ll be able to talk in front of your peers and industry professionals with ease.
If you’re a little self-conscious, speaking in front of your support system would allow you to focus on the material you’re presenting. With a bit of practice, you’ll have the skills and be able to carry yourself nicely and be more confident.
If you’re still a little low on confidence, have a look at these confidence increasing tactics:
Give yourself a positive pep talk before you get in front of a crowd or go to a networking event.
If you’re going to be presenting, make flashcards for the main points in your presentation.
Join a local club where you’ll meet and interact with new people.
Help you decrease stress.
A support system can significantly help decrease stress. Sometimes you need to blow off some steam. Life can be tough sometimes, and even positive entrepreneurs can feel burdened.
A new product launch or a marketing failure can put a lot of stress on an entrepreneur. If you’re on your own and have teammates with you in the trenches, you’re going to be stressed out even more. Having a support system in this scenario will be nothing short of a miracle.
A support system that truly understands your situation will be able to give you the emotional support you need to carry on. You will need to rely on your support system when things get rough. Just talking to someone who cares about you will help you straighten things out with your business and your life.
Stressful situations are not ideal for entrepreneurs as they hinder the growth and spread of ideas as well as ideals. An entrepreneur that takes excess stress will not be able to continue being an entrepreneur for long. Your health will suffer as a consequence, and your business will suffer too.
Entrepreneurs need to maximize their chances of success. If a support system can help entrepreneurs to increase their chances of success, entrepreneurs should jump on the opportunity.
Support systems help to make the tiring journey of an entrepreneur, more bearable. Even entrepreneurs, regardless of their confidence and charisma, need to rely on other people in times of need.
Find a group of people or even one would do. These people need to care about you. Their care and attention will be the support that you will need in your hopefully long journey as an entrepreneur.