Starting a business is never easy—and yet the entrepreneurial spirit remains one of the key tenets of the American Dream. In fact, more new business applications were filed in the last two years than at any other time in U.S. history, even amid the COVID-19 pandemic.
The U.S. Census Bureau reported 4.4 million new business applications in 2020, a record at the time. Then, in 2021, that record was surpassed when 5.4 million new business applications were filed. To compare, in 2019, the year before the coronavirus changed the world, 3.5 million new business applications were filed. No such surge in new business applications followed the last economic disruption in 2008-09.
But how do you know whether you have what it takes to be an entrepreneur? Everyone has amazing ideas; turning one of them into a money-making venture isn’t easy. And once you are established, staying in business can be equally difficult. As any small business owner will tell you, short-term success often doesn’t always equal long-term stability, either.
If you’re wondering whether entrepreneurism is right for you, ask yourself the following five questions:
1. Can you turn your ideas into reality?
No matter where you’ve worked in the past, you’ve probably had to do this before. Maybe a former boss tasked you with taking on a big new initiative. Maybe someone in your personal life challenged you to transform talk into action. Maybe as a kid you saw a need—raking leaves, shoveling snow, walking dogs—and rose to the occasion. If you’ve ever turned an idea into reality, you might have what it takes to be an entrepreneur.
2. Do you care about what you do?
The world is full of businesses that are good at making money. The best companies, however, are founded on a spark of joy or burning passion that’s more important than mere profits. Truly successful entrepreneurs usually have a drive or conviction that their chosen vocation can make a difference. Loving what you do and finding meaning in the community around you are incredibly important, especially when you’re faced with the inevitable stress and setbacks of entrepreneurship.
3. Can you bounce back from failure?
Inspirational quotes and platitudes about leveraging failure are a dime a dozen. Our favorite comes from Winston Churchill: “Success is not final; failure is not fatal. It is the courage to continue that counts.” In the business world, falling short means that you have taken a risk in search of something bigger. It’s a necessary step in the process, not a reason to give up. Instead of taking the easy way out or settling for second-best, pushing ourselves beyond the status quo is critical to long-term business success. So is surrounding yourself with like-minded business owners who understand what it’s like to bounce back when things don’t work out as planned.
4. Are you organized?
Entrepreneurs typically have to wear multiple hats. One minute you’re focused on customer service, the next you’re dealing with accounting and payroll. Hiring and training take up the next hour before marketing and lead generation eat up the rest of the afternoon. IT management and technology infrastructure might then keep you up at night. No matter what, being a successful independent business owner requires an extra level of organization that goes above and beyond what some people anticipate. Setting expectations as you begin the entrepreneurial journey is important so you remain focused on the task at hand. Exploring your options with a franchise opportunity can provide even more structure and support.
5. Do you like to learn?
Some entrepreneurs accumulate knowledge in a specific area of expertise. Some master one skill before moving on to another. Some pivot in new directions when business conditions call for it. No matter what, entrepreneurs typically love to learn, tackling a wide range of tasks and projects to grow their business. This can lead to burnout, of course, as dedication and hard work start to distract us or force us to wear too many hats. That’s what makes a franchise system like CMIT Solutions so impactful for entrepreneurs.
Instead of having to build every aspect of a business by scratch, entrepreneurs in our network can leverage behind-the-scenes tools and established systems to focus on what’s important. Don’t have a background in IT? That’s OK—we have nearly 250 independently owned and operated offices and more than 800 technicians delivering cutting-edge IT solutions across North America. Not sure about marketing or what industry to target? Our home office staff can help with turnkey campaigns and comprehensive playbooks. Want to be a pillar in your community? We’ve spent the last 25 years giving entrepreneurs a finely tuned blueprint for success so they can focus on connections, networking, and making a difference for the people they know.
CMIT Solutions is proud to help entrepreneurs become their own boss and plan for long-term equity and asset value as they build their independently owned and operated businesses. We provide a proven system of managed IT solutions and collaborative support on the back end so you can start generating recurring revenue streams on Day One. Owning an IT franchise with CMIT Solutions also allows you to work from home, making it a relatively inexpensive way to begin your journey as an entrepreneur.
If you’re ready to start growing your business and planning for your future, contact CMIT Solutions today.