Our Founder and CEO Brad Stevens was asked to present for TEDX on “How Personal Global Economies are Redefining Entrepreneurship” with over 75,000 views and growing
Entrepreneurial success has been defined as many things in history. It might include having the right attitude, enough determination, and grit, having the right resources and time to invest in your business. So, how do you build a personal global economy and find that success?
Creating something out of nothing is scary. It’s even more terrifying when you have to give up your time, money, and resources to try to make it. It’s clear that the average entrepreneur has a lot of challenges to overcome. In the US alone, only 4% of businesses ever reach the 1-million-dollar mark. After the first 2 years, 30% of companies fail, and after the first 5 years, 50% of businesses fail. Just think how significant those statistics are! In light of this information, having a helping hand can alleviate many of those fears and increase the chances of your success!
Personal global economies can be organized to get past the challenges of entrepreneurship and open the doors for every person and every idea they might have. So, whether you need help with marketing, bookkeeping, general operations, or leads – creating your own personal global economy can connect you with people you need to get your business rolling!
The 3 Major Challenges of Entrepreneurship
Trying to get a new idea or business off the ground can be a challenge. Many hurdles have to be overcome in order to get a taste of success. Out of all of the difficulties an entrepreneur may face, there are three significant reasons why a business fails or never gets started.
The first difficulty most businesses run into is some type of risk. The biggest and most important resource you have is your time! The risk of losing time or not having enough time to create a business from scratch and maintain your personal relationships is a significant challenge.
Another risk you run is the monetary kind. Not everyone can acquire a business loan to get a jump on things, especially since most business loans require tax returns or years of experience in the industry to even get them. This is known as the “chicken and egg” problem. You can’t have a chicken without an egg, but you can’t get an egg without a chicken! In other words, you cannot deal with a problem because the solution is also the cause of the problem.
Luckily, you can overcome risk by being innovative and staying on your toes. Thanks to solutions such as hiring virtual assistant who are sharp, bright-minded, and cost-effective, you can solve a lot of the issues that might be boggling your mind!
Virtual Assistants can do anything from general operations, administration work, bookkeeping, and marketing to cultivating your leads. These workers can help support you in your weak areas so you can successfully start your business. In addition, having a solid support staff will allow you to stay within budget while helping you get your business off the ground and running!
2. Lack Of Knowledge
The second most pressing problem is the lack of knowledge or resources. This lack of knowledge may look like:
- Not having a business plan or not knowing how to create one
- Not knowing how to field your competitors to gain a general knowledge of the field of business you’re looking to get yourself into
- Not understanding how to create and balance a financial plan.
Knowledge is power, but one person doing ten jobs at once is not realistic! The more you plan your business out and use the right resources, the higher chance of success you have!
For example, if you outsource to other countries and other economies, you can find the help you need! Hiring in another country with someone who has the expertise to help build you a complete financial model or business plan can get you on the right path without bankrupting your business before it even starts.
3. Sustaining Setbacks
Finally, the last significant challenge is the inability to sustain setbacks. As you create your business, setbacks and challenges will never stop. Even if you can get your business off the ground and going, having a setback can halt progress very quickly. For example, what happens if you have an issue with your product and have to issue a large number of refunds? For a new business, a setback can make or break a company. If you cannot sustain your business and float the cash until it stabilizes, your business can end up failing.
Most successful businesses combat setbacks by looking for new opportunities or looking for fast and low-cost solutions. There is always a niche to be filled. You just have to find it and fill it! Even in the face of failure, you can achieve success. You just have to prepare yourself as best as you can!
Grow Your Personal Global Economy
Brad Stevens is a lifetime entrepreneur who has built multiple domestic as well as international businesses in 18 countries. He’s the founder & CEO of Outsource Access, an offshore virtual services firm that has grown to 360 employees in just over two years!
Outsource Access is a fully managed outsourcing and virtual services firm specializing in connecting you with highly trained virtual assistants to help you grow your business and do all the things you don’t have time to do! Outsource Access covers all bases in which you may need help; admin, marketing, project management, researching, social media, writing, and more.
Whether you are one person with an idea or a company that’s looking for better ways to progress, Outsource Access can help you! Our virtual assistants undergo a rigorous selection process that tests them on project management experience, emotional intelligence, English mastery, and more before being hired. This is to ensure that the help you get genuinely helps you!
Virtual staffing not only helps you but also supports local economies. Our virtual staffing program supports the UNSDG (United Nations Sustainable Development Goals). So not only are you helping yourself, but you’re also helping further develop economies all over the globe!
If you want to learn more about our process or to learn more about how efficient virtual assistants can be to your business, visit us here! If you are interested in learning more about Personal Global Economies, you can check out our CEO Brad Stevens’ TED talk, which dives deeper into the subject!