Entrepreneurship is at the heart of every industry. Entrepreneurs not only make significant contributions to the overall economy of a country, but they also have a positive impact on the employees themselves as it makes them feel happier and more driven in their work. Despite the COVID-19 pandemic, the United States has added over 80 new self-made billionaires according to Forbes’ annual list of the richest people in 2021. For upcoming entrepreneurs who are just starting in business, these are very encouraging statistics, which demonstrate that despite the debilitating effects of the pandemic that has resulted in severe economic instability, there still are sectors and investments that are prospering.
However, in as much as entrepreneurship can result in incredible success, failure in entrepreneurship is always a reality. Researchers have analyzed the reasons for failure and established that the number one reason for failure in entrepreneurship is the lack of market for a particular service or product while the lack of funds has been established as the second reason for failure. To overcome these challenges, an entrepreneur should conduct market research to gather information on prospective customers and businesses to inform an entrepreneur whether or not there is a chance of their concept becoming successful. Also, an entrepreneur should prepare a business plan that will assist them in determining how much money they need to start their business and be successful.