Making Entrepreneurship Work in 2022

Scroll down to read more!

Making Entrepreneurship Work in 2022

Scroll down to read more!

Table of Contents

Entrepreneurship used to be this shining beacon of light in one’s dreary days as a corporate employee. However, pundits say that the entrepreneurship craze has died down. But has it? Can entrepreneurship in 2022 still be a thing?

In 2015, the Wall Street Journal said that business ownership for Americans under 30 reached a 24-year-low. Post-recession challenges and a generation struggling to find a spot in the workforce contributed to the decline.  Yet, the tide seems to have shifted. According to the National Bureau of Economic Research reports, business creation in the country has unexpectedly increased in 2020 and 2021There are many reasons for this, including the move towards more online commerce and an increase in shipping needs.   

Add to that the recent pandemic, layoffs and shifts in remote work trends and it would seem that now is an excellent time to start your own business.  But it’s not going to be easy.  Here’s how you can take the plunge into business and not flounder. 

 

Identify a problem you can solve

 

You’ve heard about a successful company starting from a single brilliant idea. So, most would-be entrepreneurs rack their brains for the next big profitable thing.  Wouldn’t it be better to identify a problem you can solve and let that be your business?  There is always something that needs fixing. The things that frustrate people are sources of innovative ideas for future businesses.

 

Know your target audience

 

Identify your target demographic — age, income, culture, gender, and race. Your audience determines how you run your business. Your product or service will solve a problem or challenge that your target audience has.  Conducting market research is essential to crafting effective business strategies. Many businesses agree as well. The global revenue for the market research industry passed 73.4 billion US dollars in 2019.

 

Create a business plan 

 

After identifying a problem you’re passionate about solving, come up with a business plan.  Sound business plans have an executive summary, marketing strategy and analysis, financial planning, and a budget. This plan should be centered around your consumer problem-solving idea. 

Don’t hesitate to expand your education. This way, you’re better equipped for the entrepreneurial journey. Whether taking an online class or going back to school to get a relevant degree, do it. Expand your education (formal and informal).  Learn the business basics, build your vocabulary, and have solid business acumen.  Also, look for mentors who can help you navigate the ins and outs of running your enterprise.

You’ll encounter frequent problems when starting a business. Knowing how to overcome them is vital for you to thrive.

 

Learn to manage money

 

A big chunk of running your own business would be managing cash flow to maintain low operational costs. Honing your money management skills and learning basic accounting will become indispensable once you become a full-fledged entrepreneur.  Having enough capital is necessary to get your startup past the planning stage. Study the options you have out there. Should you find an investor? Do you take out a loan to fund your venture?

Last, familiarize yourself with financial tech services. Various platforms are now available allowing entrepreneurs to manage business expenditures easily. Automation is slowly becoming the norm, and it’s best to keep up with these trends.  Fintech and automation help speed up your company’s accounting processes. Using these services frees up a significant part of the workday to focus on more urgent tasks.

 

Conclusion

 

Entrepreneurship has its seasons but becoming one is a choice anyone can make. Timing and funding matters contribute to having a successful business venture. However, the persistence and determination of the entrepreneur will allow a company to scale at great heights.

 

Did you like this post? Share it!

A Word From Our Sponsors

Ads help make Workology resources free for everyone. We respect your privacy. To see our Privacy Policy click here.

Recommended Posts

Recruiting Reimagined: How Specialized Software Strengthens Hiring in 2024

Explore how specialized software is transforming recruitment strategies in 2024. We discuss the benefits of innovative tools for hiring....

How to Reduce Stress at Work (and Life) with Meditation

We can’t always limit stress or the amount of it in our lives, but we can arm ourselves with resources and tools to help...
Best HR Certification prep books

Best HR Certification Prep Books for SHRM and HRCI

Looking for additional reading to support your study prep for HRCI or SHRM? We've got a comprehensive list for you right here....
Your Global HR Certification: A Professional's Guide

Your Global HR Certification: A Professional’s Guide

Elevate your HR career with our guide to Global HR Certification. Explore benefits, prep tips, and vital resources for exam success!...

Resources for Session Attendees of Digitizing Talent

Resources for conference session attendees of Digitizing Talent: Creative Strategies for the Digital Recruiting Age....

Ways to Set up Self-Paced Studies in Higher Education

In the world of higher education, the winds of change are blowing. More than ever, students are looking for learning options that fit their...

HR Podcast Episode 9: 2024 Changes to HRCI and SHRM Exams

In this episode of the HR Certification Podcast, we are reviewing the latest changes in SHRM and HRCI exams....

Checkout Our Products

Ads help make Workology resources free for everyone. We respect your privacy. To see our Privacy Policy click here.

More From Workology

HR Podcast Episode 9: 2024 Changes to HRCI and SHRM Exams

In this episode of the HR Certification Podcast, we are reviewing the latest changes in SHRM and HRCI exams.

Ways to Set up Self-Paced Studies in Higher Education

Click on read more to open this post on our blog.

Resources for Session Attendees of Digitizing Talent

Resources for conference session attendees of Digitizing Talent: Creative Strategies for the Digital Recruiting Age.
Your Global HR Certification: A Professional's Guide

Your Global HR Certification: A Professional’s Guide

Elevate your HR career with our guide to Global HR Certification. Explore benefits, prep tips, and vital resources for exam success!