Grit, ambition, and the ability to dream big are all essential attributes of an entrepreneur.

These are three key characteristics that a successful entrepreneur possesses.

Entrepreneurship means you can monetize your interests or solve a problem that no one else has solved before.

Thanks to a transition to the global economy and startup launches in sectors like FinTech.

There’s no guarantee that errors, obstacles, or external influences won’t occur.

Entrepreneurship comes with its own set of risks and challenges, particularly if you’re forging your own path.

We have put together some facts and stats on entrepreneurship that will help you on your entrepreneurial journey.

Here are some interesting facts on Entrepreneurship you should know.

In the world, there are 582 million entrepreneurs.

Within the first year, 22.5 percent of small companies collapse.

96 percent of self-employed people have no desire to return to a “normal employment.”

Prior to starting their own company, 58 percent of entrepreneurs worked in the corporate sector.

If their career ended today, 61 percent of self-employed people will be pleased with their achievements.

Throughout their lives, serial entrepreneurs can own up to three businesses.

The best setting, or ‘ecosystem,’ for cultivating entrepreneurs is in the United States, followed by Switzerland and then Canada.

Small companies provided 9.6 million new jobs between 2000 and 2018.

The biggest obstacle to running a company, according to 32% of owners, is a lack of capital or cash.

Small business owners earn less than $100,000 a year on average, and 30% do not take a salary.

Around the world, 231 million women are starting or running their own companies.

Small and medium business owners are able to take major risks to ensure their sustainability, according to 74% of them.

According to two-thirds of company owners, the first year is the most challenging.

Financial problems such as cash flow visibility or access to capital were cited by 65 percent of business owners as a reason for failure.

When it comes to VC-backed businesses, 42 percent of founders say they failed due to a lack of market fit, while 29 percent say they ran out of money.

The Republic of Korea has the lowest number of people who will not start a company for fear of failure (7%), followed by Switzerland, the Netherlands, and Italy.

Entrepreneurs who have struggled the first time around are more likely to succeed the second time around.

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She has also recently been appointed as the President of the International Publishers Association (IPA), becoming the second woman globally to occupy the position (after Ana Maria Cabanellas of Argentina) and the first Arab woman to hold this post since the foundation of the association in 1896; after having successfully served previously as the Vice-President since 2018.

Her appointment comes after many years of fostering development in the publishing industry and boosting the prospects of publishers in the UAE, across the GCC, and in the wider Arab region.

While also launching several regional and international initiatives that have enabled the regional and global publishing sectors to enhance the quality of their output and service delivery.

She is also the founder of Kalimat Foundation, a non-profit organization based in Sharjah, UAE. The foundation is dedicated to providing Arabic books and reading material to Arab children in underprivileged communities- such as rural areas, hospitals, orphanages, and schools; Arab children that are affected by war and are living in refugee camps, shelters, or have migrated to a foreign country.

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It is a process that creates business solutions premised on what the business stakeholders actually desire alongside what is technologically feasible and economically viable.

The design thinking process involves five phases Empathize, Define, Ideate, Prototype, and Test which will be better explained going forward.

EMPATHIZE: This phase usually involves role-playing/researching the end-user/ business stakeholder’s experience from the impact of the business solution.

design thinking process – empathize

It provides the organization with real insights on their actual service needs and expectations.

DEFINE: After thorough research and analysis, the business can proceed to define what the actual end-user needs are with customized problem statements to suit the various stakeholder profiles identified in the Empathize phase.

design thinking process define

IDEATE: The ideate process involves questioning the norms, assumptions, and seeking perspectives to the already defined problem.

design thinking process ideate

PROTOTYPE: Possible solutions that address the various perspectives to the problem are developed at this phase and simplified versions of the solution can be attempted to further analyze its feasibility. TEST: The last phase, testing, would then involve a thorough attempt at how the solutions actually meet the user’s needs and also develop likely problems that were not discovered earlier and make necessary adjustments for same.

design thinking process test

TEST: The last phase, testing, would then involve a thorough attempt at how the solutions actually meet the user’s needs and also develop likely problems that were not discovered earlier and make necessary adjustments for same.

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What helps with longevity is sustained innovation that comes from a constant sense of development, from unleashing the creativity of people throughout the organization and to teaching employees how to recognize and grab unconventional opportunities.

When crisp, innovative ideas surface, a clear sense of mission empowers front-line employees to act on them, which can further drive the company’s purpose.

Here’s how sustained innovation works:

1. Start out at the top – The strong commitment to establishing the right conditions for constant innovation needs to start at the top. This means that a leader needs to starts considering their own assumptions about the need for change and upliftment and their role in creating an innovative change and culture in the organization. Additionally, as a leader, you need to appreciate the value of incremental as well as major improvements. Understand the psychology of innovation and take the lead in promoting an innovative culture.

2. Open communication – Open the floors to free-flow communication between the management and employees, which can set an atmosphere of trust. Good leadership initiates the process of opening communication by sharing information with employees on a regular basis. This includes the good and bad, both. Leaders of organizations can sustain innovation by offering multiple opportunities for communication. Leaders can also communicate their openness to hearing innovative ideas from those who are closest to the customer.

3. Lessen the bureaucracy – Bureaucracy slows down any and all actions, and it is a serious hindrance to innovation. Smaller organizations can often move faster on implementing innovative ideas because they have less bureaucracy. While the same is not possible in bigger firms – holding regular meetings with the manager and employees can create a sense of belonging and make employees and their ideas feel valued.

4. Acceptance to risk management and failure – An essential part of growth for an encouraging innovation team is tolerating a certain degree of failure. Innovation is a risk. Employees won’t take risks unless they understand goals clearly. Maintain a clear but flexible framework in which to operate and understand that failures are recognized as simply steps in the learning process. Leaders should prepare their teams for every accomplishment and challenge and show signs of silence in order to achieve desired levels of creativity.

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1. Persistence is the key to getting results: “Whenever I feel bad, I use that feeling to motivate me to work harder. I only allow myself one day to feel sorry for myself. When I’m not feeling my best, I ask myself, ‘What are you gonna do about it?’ I use the negativity to fuel the transformation into a better me.”

– Beyoncé Knowles, singer

2. Tap into your area of expertise: “The reason I’ve been able to be so financially successful is my focus has never, ever for one minute been money.”

– Oprah Winfrey, actress

3. Think outside the box: “Always aim high, work hard, and care deeply about what you believe in. And, when you stumble, keep faith. And, when you’re knocked down, get right back up and never listen to anyone who says you can’t or shouldn’t go on.”

– Hillary Clinton, politician

4. Don’t be afraid of failure: “You will never truly know yourself, or the strength of your relationships, until both have been tested by adversity. Such knowledge is a true gift, for all that it is painfully won, and it has been worth more than any qualification I ever earned.”

– J.K. Rowling, novelist

5. Inspire by empowering others: “Empowering those around you to be heard and valued makes the difference between a leader who simply instructs and one who inspires.”

– Adena Friedman, businesswoman

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1. Over 90% of businesses are small and medium sized
Small and medium-sized companies make more than 90% of global businesses. They are crucial to employment in various economies. Small businesses are key players in innovation and creativity across several industries. They play a large role in advancement (digitalization) and thus the global economy.

2. 55% of people start a business because they want to be their own boss
Motivation comes from several places, especially for starting a business. Nevertheless, the most prevalent reason for opening your own business includes wanting to pursue your own passion – this being the primary motivation. Being your own boss means having the freedom to boss of your time and management. It gives you the creative liberty to make decisions, how to work, where and when. Managing yourself gives you an independence like no other.

3. Millennials and Gen-Zers are 188% more likely to start a business
The new generation are the hustlers. They are 188% times more likely to show creativity, take charge and aim on creating/opening startups or a small side business. The GenZ brings fresh 21st century ideas and solutions to old problems through their ventures. Thanks to the online marketplace which has made the setting up a business much easier. Comparatively, traditionalists and baby boomers don’t bring that to the table.

4. 52% of SMEs experience labor challenges
Every company faces challenges and obstacles. Almost 52% of surveyed small business owners have experienced poor labor quality. Business owners say that it’s a struggle to find qualified and talented individuals, with good work ethics and potential.

5. 64% of small businesses see social media as the best too for marketing
64% of small businesses consider social media as their strongest marketing strategy. Studies shows that almost all small and medium businesses spend money on ads. But most of these are done digitally compared to traditional methods. 64% of ads are through social media followed by online marketing at 49% and print marketing at 36% and coming to TV ads at 22%.

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Once you get into the research, you would easily be lost in vast pools of information available on business strategies, including profitability. However, here are the top 3 required and must-know areas in order to drive more profits into the firm.

1. Reducing Costs – Cutting costs is essential to not waste spending where it’s not required. It’s crucial to identify where to cut costs but not at the stake of reducing quality of products or services. Every dollar you save by eliminating the cost of things that don’t add value to your company or to your customer drops directly to your bottom line. Your key cost areas that need to be considered are:

– Suppliers

– Finance

– Premises

– Production

– Using activity-based costing is an effective way to find the real cost of specific business activities. Activity-based costing shows you how much it costs you to carry out a specific business function by attributing proportions of all your costs – such as salaries or raw materials. The initial analysis may take time but using activity-based costing often shows up costs that would not normally uncover using more traditional costing methods.

• 2. Give Your Customers What They Want – When you give your customers exactly what they want, pricing is not an issue for them. When the value is being delivered, that outweighs price, because the value is helping them produce better results than they were previously experiencing. Also, when you give customers exactly what they want, they become your biggest business advocates.

3. Know Your Break-Even Point – This is the number of items that you must sell each month to break-even or start making a profit. You use this break-even point to evaluate the potential effectiveness of any advertising or any other expense that you incur to increase sales. Every expense to increase profits must be seen as an investment with an expected rate of return that is greater than the cost.

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Many people with excellent resilience are less exposed to getting knocked down by heavy obstacles. They believe that these unfavorable situations are a part of life and not a burden. This approach gives them a sense fulfillment, job satisfaction and ability to work and grow – an inevitable part of life, rather than an undeserved hindrance.

Here are 6 advantages resilience gives to a workspace:

1. Create competition by setting realistic expectations – Resilience empowers people to better grasp their own and others’ needs, which helps set opportunities and duties accordingly – making every person work more competently. Additionally, these people are more than likely to stay around when the going gets tough, which is key to retain longevity of the firm.
2. Improved management of challenges – Resilience can help counteract negativity in emotions and decision-making. When employees collectively become solution-orientated rather than focusing on the problem – people can reach a common ground and overcome problems with constructive solutions.
3. Smooth flow of communication – Self-assurance and confidence is a common trait reflected in strong people. They speak up and actively contribute ideas and constantly aid in exploring options. Sharing ideas and giving everyone an equal voice is the best way to improve communication and keep everyone engaged.
4. Open to upskill and growth – Studies reveal that up to 40% employers value flexibility and strong employees showcase that. Having a team of workers around you that are openly seeking opportunities to grow and develop bring a willingness to push the company to further prosper.
5. Strong colleague relationships – A key aspect of resilience is building strong relationships at work. Resilient people avoid friction between colleagues by not taking things to heart. This approach results in better communication and coordination and gets things done.
6. Excellent organization and time management – The skill of resilience can cultivate a mindset in people that sharpens their vision on the future and allows them to plan their tasks accordingly – boosting productivity.

With the right mindset and abilities that resilience brings, employees can remain well-motivated and ride out smoothly through times of struggle and change. A resilient workforce can lead your business to achievements that are often unattainable to those who struggle with any challenges.

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You must have heard; good leaders always have to have a clear vision and purpose. But that’s not all that makes someone a great leader.

Here are the top 6 qualities that would make you a much-appreciated leader for your team and employees:

1- Integrity – stick to your values. Honesty and integrity are the most essential factors when it comes to guiding people in the right direction. Leaders prosper more when they stick to their values and core beliefs. Your team will always follow your actions.

2- Be a source of inspiration. Make people look up to your actions, especially in times of distraught. If you handle it well, you will be followed. As a leader, always think positive and this style should be evident through your actions. Always stay calm under pressure and keep the motivation levels elevated.

3- Show commitment and passion – Your team will look up to you when they feel disheartened but to give them your all, you have to show strong signs of passion, too. If they sense that you are not fully committed or lack passion, then it would be an uphill task to motivate your followers to achieve any goal.

4- Be a good communicator and decision maker – Unless you can’t communicate effectively, you’ll not get work done. Words hold the power to motivate people and sometimes it can do the unthinkable. Use them wisely and see the beauty in your outcomes. Decisions taken by leaders have a profound impact on masses. In certain cases, you are a decision away from a great deal.

5- Delegate and empower – It is important for any head to focus on the core assignments while delegating the rest to subordinates. Doing this, helps employees feel responsible. It is a fantastic approach to check their abilities and proficiency in their field.

6- Don’t miss out on creativity and innovation – thinking creatively and constantly pushing for innovation makes you stand out distinctly. This is crucial to stay ahead of the line in today’s fast-paced and competitive market.

The key thing great leaders do is that they don’t strive to create followers, they create better leaders. That’s someone who has all the above-mentioned qualities and more like empathy, resilience, humility, and emotional intelligence, to name a few. He/she is a people’s pleaser as well as a good businessperson.

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So, here’s what your firm can do to determine a first impression and lay the basis for reliable customer relationships:

1. Cultivate a strong brand identity

The first and most critical step is to develop an original brand to excite potential clients. This should be done based on a strong brand identity. This step is rather essential if you are writing  a business plan, so pay special attention to it while you are at it, because ultimately the brand’s identity will influence and direct the marketing and sales and determine the success or drop of your venture.

2. Have a professional website and social media presence

Once you are ready with your brand identity, it’s time to build the brand online by setting base with a website and social media. Take your website as your 24/7 online representative. So, it’s vital to have a professional website that speaks for itself.

– Check out these tips to ensure your business website design attracts the right people:

-Minimize heavy graphics or video content that will slow down your site.

-Use the same color palette should as your other marketing materials, signage, business cards, letterhead, etc. Make sure it compliments your logo and represents your company well.

-Choose fonts that are easy to read. Limit fonts to 2-3 throughout the entire website.

-Use the navigation menu correctly – across the top so it’s easy to locate.

-Clearly explain the company’s aim, vision, and mission. Place these towards the top of the page.

3. Be an authority with content marketing (blog)

Content marketing, as we know it is the currency of online business.

Quality content is one of the most effective ways to show your authority and expertise to the ones that aren’t your customers, yet. With quality online content marketing, you can develop that trust with your client base, improve conversions and connect with your customers.  Furthermore, customers now expect high-quality, consistent content from their favorite brands. Not forgetting to mention, many customer prospects will discover your business easily through good content.

For all the above-mentioned reasons, its crucial to take the time to build on a professional blog theme that embodies your brand and provides a home for your bright content.

4. Develop customer base with email marketing

Your work is on the go, when a new customer prospect finds your website through organic search or a recommendation, that is one new interaction. Now, it’s your duty to reach out and do the follow-up process – email is the way to do it right.

Keep in mind that a poor email design will weaken trust and credibility, leaving you back to square one. However, a strong and convincing layout will make a brilliant impression, giving new customers the confidence to share their email address with you. A smartly designed email template can help you continue make a positive impression with every touchpoint.

A decent email template should immediately communicate to the viewer these two things:

1. This email came from a business that knows what it’s doing
2. The brand it represents and its specifics

Use your signature color palette and include the company’s logo to reinforce brand identity. Share valuable information to build customer base.

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