How to become a successful entrepreneur?

For a long time the entrepreneurship narrative has been “your network is your net worth”. Start a new business with a ‘great’ idea, some hard work and some luck, and you will undoubtedly become a successful entrepreneur and earn yourself a place in the millionaire club.

Statistically, this is grossly incorrect, for the most part.

In the current landscape, social media marketing and the general narrative says we can all have a slice of the pie. Easier than it has ever been, yes but, culturally, we grossly underestimate the reality of how these successes come to be.

A few business statistics to clear the air…

  • The average age of a successful entrepreneur is 50 years old and older. Move over your headline stories of outliers.
  • Most successful entrepreneurs are educated to university level.
  • Diversity in income streams is key to achieving business success. Don’t ignore the opportunity of a multichannel revenue model.
  • On average, most successful businesses will be faced with the threat of bankruptcy at least 3.5 times before reaching their tipping point.
  • The average business takes 10-15 years to reach profitability.
  • Approximately 60% of the world’s population of millionaires are entrepreneurs/business owners.
  • On average, successful entrepreneurs work 50+ hours per week consistently on their careers.

I hope this information encourages you to start your new business and change your life today!