Did you know that 20 percent of new companies fail in their first year, and only 50 percent survive through their fifth year?*
As the owner of K Design Co. 5 years running, I’m proud to say I have surpassed these odds, but that isn’t to say that my journey in entrepreneurship has always been a smooth one. The mistakes I’ve made along the way have allowed me to grow stronger and smarter and build a better business as a result.
Entrepreneurship isn’t for the faint of heart. Undoubtedly, every entrepreneurship will meet their own bumps in the road that they have to learn from. Here are just a few that I’ve learned along the way…
Charge your worth.
If you are in the online entrepreneurship space you’ve likely heard this before, but how do you know how much you’re actually worth? There isn’t one figure that applies to everyone, but you should consider what value and expertise you are bringing to the table.
Make and keep boundaries.
Most entrepreneurs are passionate about their work which can lead to working too much if you’re aren’t careful. Boundaries help you put limits in place that will protect you from overextending yourself.
Stay sharp.
Sometimes things don’t always go as expected in our business and we have to be aware of how we can pivot or take a different approach for a better result.
These are just a few of the takeaways I’ve had since starting my businesses but there are many more lessons to be had as my business continues to grow.
Here’s another fun fact for you: As of 2016, women own only 38 percent of all businesses in the country and of those, 88% generate less than $100,000 in revenue. 1.7% of women-owned businesses generated more than $1 million in revenue.**
These staggering statistics may seem depressing to some, but in spite of the odds, I look at this as a challenge. This year I’m on the cusp of joining the six-figure club within my business and my 10-year goal is to make it to a million! This might sound like a lofty dream but I’m 100% committed to making it become a reality. Who’s with me?
What lessons have you learned as an entrepreneur? Do you have any big goals for your business’s future? Tell me about them in the comments!
*https://www.fundera.com/blog/what-percentage-of-small-businesses-fail
**https://www.wbenc.org/blog-posts/2018/10/10/behind-the-numbers-the-state-of-women-owned-businesses-in-2018
