A female entrepreneur drawing a graphic organizer to organize her business plan

A successful entrepreneur takes the time to craft a detailed business plan before preparing to launch a startup. Photo: Peskova | Shutterstock

Becoming an entrepreneur is not a complicated process. You need a great idea, funding, and determination. Entrepreneurs must be willing to go for broke—literally. The U.S Bureau of Labor Statistics reports that only 50% of all new businesses last for five years.

The Cost of Work

It’s important not to minimize the risks faced by startup founders. Business downturns generate dangerous amounts of stress for entrepreneurs—especially when she must remain upbeat during difficult times. In some cases this stress has had tragic results. “In January 2013, Jody Sherman, the 48-year-old founder of Ecomom, one of the most prominent Vegas tech-funded startups, shot himself while in his car,” writes Nellie Bowles in for re/code.

Develop a Business Plan

Your business can effectively counter risks by developing a solid business plan. You’re an entrepreneur because you have a million dollar idea and want to bring it to life. Your first task is your idea out of your head and onto paper. The Small Business Administration (SBA) provides resources to help and entrepreneur like you to manage your startup. A business plan is a dynamic document covering the first 3-5 years of your business. It evolves as your business grows.

Entrepreneurs Are Quirky

While writing your business plan and developing your service, technology, or product line you may find that you need some inspiration. Entrepreneurs are known for creative, passionate, and just a little bit Quirky. Become familiar with this community of inventors, designers, builders, and artists sharing their skills. Their website is both education and inspiration and maybe the tool you’re searching for to bring your vision to life and market.

The Business of Social Media

When you’re business plan is complete you need to start to work. Create schedule for and follow it every day. Follow it faithfully. Don’t be deterred by obstacles. Ask for help when you need it. It’s the duty of every entrepreneur to bring their story to the world. Share your creative process, products, and milestones on Facebook, Twitter, and Instagram. Only post constructive comments others will find useful.

The most successful entrepreneurs have always been obsessive. Let Thomas Edison light your way to success with his diligence, “I have not failed. I’ve just found 10,000 ways that won’t work.”