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“Even if your ambitions are huge, start slow, start small, build gradually, build smart.” So wrote mega-successful entrepreneur Gary Vaynerchuk in his book Crush It!: Why Now Is the Time to Cash In on Your Passion. The research bears out Gary Vee’s idea. According to the Bureau of Labor Statistics, 50% of small businesses fail within the first five years, and only 30% of startups will live to celebrate their first decade. Those numbers can discourage a new business owner from even trying. So if you’re an entrepreneur who’s just getting started on your business journey, it’s time to get real, get serious, and realize you are playing the long game. If what you have is a side hustle and you plan to keep it that way, that’s cool. You can take a break or shut it down any time you need to. If you are planning on running your …

So you’ve got a great idea to start a business? Maybe you’ve even written up your business plan, gotten feedback from qualified mentors, and tested your product or service in the field. You’re ready to become a genuine entrepreneur. All you need now is money, right? A heft influx of cash from a venture capitalist will provide the fuel your small business needs to launch. Actually, the idea that you need money to launch a business is mostly a myth. It’s a dangerous myth because it keeps smart people with innovative ideas from kicking off new businesses. Have you seen the show Shark Tank on ABC? In this Emmy-winning production, budding entrepreneurs present what they hope are winning business concepts to the show’s panel of five “sharks in the tank,” all wildly successful business founders. The sharks have included luminaries such as billionaire Mark Cuban, fashion mogul Daymond John, and …

Hiring your first employee is a major step in your new life as a small business owner. The hire comes with all kinds of positive vibes. Having an extra pair of hands to manage the workflow can feel like a huge relief. And besides, bringing on the first member of a team can make your small business seem more like a genuine company and less like a hobby job. No matter how exciting it is to hire your first employee, though, taking a significant decision like that requires a thoughtful approach. Whom should you hire? What position needs filling? How do you attract the right person? What does it cost to hire a new employee? And when should you bring on your first team member? Once you start a business, you’re a bona fide entrepreneur, and it’s up to you to find out the answers to all these questions, act …

A first-time entrepreneur experiences plenty of exciting first-time milestones, but few match the thrill when you make your first sale. This is the moment that all of your efforts have been moving towards. You figure you’ll be in the black by the end of the year. If you’re lucky, that might be true. But it might not, and that’s okay – it’s normal not to turn a profit in your first year. Before you get discouraged, let’s make one thing very clear. Just because you take a loss doesn’t mean you’ve failed. It doesn’t even mean that you’re destined to fail eventually. Making it through your first year means you’re already ahead of the 33 percent of entrepreneurs who pack it in before their companies’ first birthdays. Companies Take Time to Turn Profits When you’re looking at a loss on your balance sheet, it’s easy to feel like everyone else …

Should you go solo when you launch your new business? Or do you need a co-founder to help start things? Getting a new business off the ground can challenge even the most creative minds. When your business is still embryonic, you might think you have everything lined up in preparation for growth. But once you start onboarding new clients, looking for funding, hiring a team, and dealing with customers, you can quickly discover that all entrepreneurs face fresh difficulties every day. That’s why many first-time business owners forge into entrepreneurship with a partner– they want to have help on hand when problems arise. Some founders rely on a spouse, sibling, close friend, or college buddy to help kick things off. Others aren’t so sure about the partnership model, though. You have to split your profits with a partner, share a common vision, and agree on big decisions. Is a partnership …

If you’re like many Americans, you dream about starting a business and being your own boss. We’re a nation of entrepreneurs whose legendary can-do spirit built businesses, nonprofits, schools, and houses of worship that have created jobs and services for hundreds of millions of people. The best part of dreaming about entrepreneurship is that your vision really can become reality. More people than ever are becoming entrepreneurs. The U.S. is home to 28.8 million small businesses, accounting for 99.7% of all American enterprises, according to the Small Business Administration. Mix a little ingenuity with a lot of hustle, and you can start your own company whenever you want. Unfortunately, many new business owners fall for the false narrative of having to “go all in” on their idea. But going all in financially (exhausting personal savings) and professionally (quitting your job) on your new business is far more likely to result …