Today I'm going to write about one of my favorite topics: entrepreneurship. And why it should be your favorite topic as well. I'm going to split this up into a three-part series beginning with some introductions.
Recently, I've been given a task. I'm suppose to set-up a financial advice service in the form of a blog, initially. And treat it as a business along with a business model of growth. With that it means, I have research the industry, find a niche market, research the competition, and apply that to the blog.
It's on a much smaller scale, but it is a form of entrepreneurship. Because I'm satisfying a demand.
That's the difference between a hobby or a method of venting. With the content product, or idea I'm putting out there, I am providing a service to a a separate party. Which may or may not be for-profit.
This applies to both non-profit and for-profit areas of businesses. Each business is used to meet a demand, be it a social, a industry, a personal, private, or public. And each business is started by an entrepreneur.
Entrepreneurs are the individuals who see there is some problem that exists. And they find a solution. They see what can be improved and set out to do it.
However, starting a new business isn't simple nor easy. Renting a building, putting up a sign, and expecting customers to show up is a very quick path to failure. According to the WSJ, three out of four start-ups fail. In fact, 95 percent of all start-ups fail to meet a specific revenue growth rate or date to break-even on cash flow. It is a very daunting profession.
As a reference:
The Venture Capital Secret: 3 Out of 4 Start-Ups Fail
Daunting, I know.
Don't worry, "Code and Capital" will attempt to give you guys some light on this monumentous task.
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