The Truth About Entrepreneurship

Some marketers promote a vision of entrepreneurship where new entrepreneurs create their own work hours, take vacations when they want, go through business adventures, find easy success, and get rich quick. Today, entrepreneurship is seen as something "cool". That wasn't always the case in my early 20s; it was sometimes seen as a counterculture.

The truth about entrepreneurship is that building a business is hard work. There are more work hours in starting and building a business than working a full time job. For this reason, that is why I chose my dream and passion for building a business — multimedia entertainment. If your business is something that you are passionate about, it can help you get through the challenges of life and running a business, and through the difficult days.

The truth about entrepreneurship is that finding success takes time, so you have to be patient. Success, however way you define it, is part of the journey and not just a destination. Once you accomplish your tasks, goals, and milestones, you have to set even higher ones. Success is not overnight, and as they say, "Rome was not built in a day". Keep putting one foot in front of the other because "a journey of a thousand miles begins with one step".

In 2018, the US Small Business Administration's Office of Advocacy released the 2018 Small Business Profile showing some interesting statistics:

  • Employment
    • United States small businesses employed 58.9 million people, or 47.5% of the private workforce, in 2015.
    • Firms with fewer than 100 employees have the largest share of small business employment.
    • Small businesses created 1.9 million net jobs in 2015. Firms employing fewer than 20 employees experienced the largest gains, adding 1.1 million net jobs. The smallest gains were in firms employing 100 to 499 employees, which added 387,874 net jobs.
  • Income and Finance
    • The median income for individuals self-employed at their own incorporated businesses was $50,347 in 2016. For individuals self-employed at their own unincorporated firms, this figure was $23,060.
  • International Trade
    • A total of 294,834 companies exported goods from the United States in 2015. Of these, 287,835, or 97.6%, were small firms; they generated 32.9% of the United States's $1.3 trillion in total exports.

Entrepreneurship is "cool," not because you can get rich quick, but because you can live your dream and passion through your own hard work. Because you can build something great the world would otherwise not have without your efforts. Because you can build wealth, rather than make someone else wealthy. Because small businesses are the driving force of the economy.

Attachments

2018 Small Business Profile [PDF File] (Source: US Small Business Administration's Office of Advocacy)

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