The launching of a business is not without its own challenges, and the more help, the support and the advice that entrepreneurs receive, the likelier they are to start succeeding.
This was the finding that was carried out by a reporter named Skynova, a small business resource for the creating professional invoices making use of an online platform. Skynova’s The Entrepreneurial Journey report surveyed about 250 entrepreneurs on their work and their lives. To shed light on what the entrepreneurial journey looks like in the 2021.
Marketing is a Top Challenge for Entrepreneurs
One of the notable finding of the research is that about 40% of the entrepreneurs. That was surveyed said that the marketing strategy was the biggest challenge when they were starting business. A number of 48% said that the main challenge that they faced was dealing with the unknown. Then 44% said it was simply the cashflow-related. And 43% considered their own most pressing challenge was when starting a business to be related to the time management.
From rendering help to establish a brand to putting the products and the services in front of their customers. The benefits of marketing will be speaking for themselves when you are starting any kind of business. Despite this, many of the entrepreneurs are still stumbling down with the marketing requirements, as the survey reports.
The Importance of Having a Business Plan
Highlight of the importance of you having a business plan is also in the survey. Only about 38% work on a marketing strategy among the people that did not put together a business plan. This compared to the 43% who had a marketing strategy intact when they had a business plan.
The other key issues were self-doubt and dealing with the unknown, impacting entrepreneurs who did not make a business plan when they were starting their own business. Summing up the importance of an entrepreneur having a business plan, the authors of the report states that:
“Those entrepreneurs who did not structure out a business plan when launching their business gave a report having the greater challenges dealing with the unknown, the self-doubt, and also lack of business knowledge.”
Making Sacrifices are Worth It
The survey enquired from the entrepreneurs about the sacrifices that they made when starting their own business. Leaving the financial stability was the leading sacrifice that was named by the participants, with about 64% of entrepreneurs admitting to the sacrificing of financial stability.
The report shows that only about 40% of the entrepreneurs had structured a business plan when they launched their business. Those that are with a business plan took an average of two years for their business to start succeeding. And for those that are without a business plan, their number increases to three years.
The study of Skynova underscores several important issues when people are starting a business. The biggest takeaway of the whole report is simply the value of having a structured business plan. If you have a solid business plan, the vital small business elements like having a marketing strategy structure are likelier to experience fulfilment.