Technological innovation is growing at such a rapid pace that Moore’s Law can’t even define it. No longer just referring to transistor growth, technology keeps expanding in new directions such as device type, speed, and communication methods. The predicted number of smart devices over the next five years will be near 38 billion, web hosting will reach over $77 billion in revenue, cloud solutions will attract over 70 percent of the market, internet users will far exceed the current 4 billion people online, and the global AI market is predicted to have a compound annual growth rate of 42.2% over the next six years. Green initiatives have launched a strong push for businesses to rethink socio-environmental issues such as ecological destruction. More than 100 Fortune 500 companies have already received substantial benefits after switching to solar power. As an entrepreneur, it’s essential to stay abreast of the latest technology trends.

When a business needs capital, they usually have two choices: debt financing or equity financing. With debt, you’re borrowing money from a lending agency and making a promise to repay the amount by a specific timeframe, along with interest incurred. On the other hand, equity financing comes in the form of cash or assets to help a business get started or stay afloat, for partial ownership in the company. One example of an equity investor is an angel investor. Depending on your company’s situation, this can either be a good or bad decision. 

Becoming an entrepreneur is rarely something that people stumble onto. It takes a specific type of personality to embrace an entrepreneurial lifestyle’s demands and do it gleefully. Inspired by social media influencers, many people have become lulled into a false sense of security, believing anyone can launch their own brand and be a boss. The truth is that it takes enormous amounts of work, money, stamina, and mental toughness. Not everyone is cut out to be that disciplined for a sustainable period of time. Before you waste any of your own time, money, or mental health by venturing out on your own, you should do a self-assessment and ask whether you’re cut out for this lifestyle. The more honest you are, the more successful you will be in the long-term.

When outsiders view entrepreneurs, it’s easy to make certain assumptions about their lifestyle and their personality. Many myths exist to both dissuade and encourage people to pursue entrepreneurship, but it’s important to do your own due diligence before spending time and money on anything.

It’s common knowledge that 95% of startup businesses fail within the first five years. There are about 20 ways this can happen, the number one reason being a poor business model leading to a lack of market interest. The number two reason is a lack of money.