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!