By Todd Conkright, FCC Board Member
There’s a misconception that entrepreneurship and business are one and the same thing. But I’ve known a lot of business people who are not entrepreneurs and, unfortunately, many entrepreneurs who weren’t able to turn their great idea into a profitable business. The two are definitely intertwined, but if you are an entrepreneur you will benefit from learning what it takes to be successful in business.
Entrepreneurs can become so focused on their ideas and innovations that they are blind to the marketplace, economic, and inventory realities that could spell disaster for them, or that could lead to their success if they took advantage of the opportunity. Business success doesn’t happen automatically with an innovative idea and a slick web site! It takes understanding your ideal customer and the solution(s) they are looking for you to address.
The success rate for new businesses can be discouraging. According to the Bureau of Labor Statistics, “approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.” But we don’t want to focus on failure, but what it takes to succeed.
At a recent workshop for entrepreneurs, put on by the Fremont Creative Collective, we looked at the key concepts that make an entrepreneur business savvy. From building a product that meets a need to building a solid business model, we considered multiple aspects that can take your entrepreneurial idea to a successful business endeavor.
Take a look at the presentation slides. The Fremont Creative Collective is here to help you with support, advice, and resources. Complete the contact form when you’re ready to bring your entrepreneurial dream to life.