factors affecting entrepreneurship

scalable startup entrepreneurship
August 23, 2022
factors affecting entrepreneurship

Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more information

One of the major factors affecting entrepreneurship is wanting results too quickly. Blogging and building your brand online takes time and patience. You also have to be strategic as digital entrepreneurship takes using tools like KWFinder to be successful. The vast majority of people are living paycheck to paycheck. In fact, 78 percent of Americans are living this way. It is even worse in other parts of the world.

So, to be an entrepreneur you are not guaranteed a paycheck like the employee is. Of course, there is nothing wrong with being an employee. There are plenty of employees who love what they do for a living. That being said, these working professionals have a ceiling on their income. There are only 24 hours in a day. So, only so much time you can provide a service to others. In addition, you are only paid for the work that you do. You are not paid for the work that other people do.

I always advocate starting a home based business. Network marketing may be deemed a “pyramid scheme” to some, to others it is an opportunity. There are so many revenue streams you can start building this week. Revenue streams that even business school does not teach students. For example, creating courses with Podia. Podia doesn’t take transaction fees either. You pay 1 monthly payment of $33 USD and can make as many courses as you want.

Factors Which Affect Entrepreneurship

Of course, there are other factors affecting entrepreneurship if you are aiming for a brick and mortar business such as…

  • Political Factors. Political factors play a huge role in the development of entrepreneurship in a given geographical area. …
  • Labor Markets
  • Taxation.
  • Availability of Capital. .
  • Raw Materials.
  • Infrastructure issues.
  • Legal Factors.
  • Authorship/Referencing

So, what types of business you are aiming to create will dictate how these factors will come into play. The better way to go is to create a brand or business online. Content creators such as YouTubers are one of the fastest growing business models in existence. Yes, it takes time to build a YouTube channel but it is also free to do so. Remember, you will need at least 1,000 subscribers and 4,000 hours of watch time in order to monetize your channel.

LEARN MORE ABOUT THE 6-FIGURE BLOGGER COURSE

4 factors of entrepreneurship

The 4 factors of entrepreneurship are…

  • economic development
  • culture
  • technological development
  • education

The other factors affecting entrepreneurship are monetary. It definitely takes financial resources to to build a business. That being say, it cost far less if you are seeking to become a digital entrepreneur. Digital entrepreneurs create products or share other people’s products and earn income online. It is also passive income unlike the linear income employees have to keep showing up for work in order to receive.

Money doesn’t grow on trees we were taught. Untrue. You can create digital money trees that can pay you for years to come. Yes, you do need to nurture and take care of these digital trees. That being said, it is not that hard to take care online properties. You simply need to be consistent with your content creation. You also need to be smart in how you create your content.

For example, never write a blog post about anything that comes to mind. You should always do your keyword research before creating any form of written or oral content. I use TubeBuddy for my YouTube videos. TubeBuddy helps me to find long tail keywords that people are already typing into YouTube. A major mistake new YouTubers make is making videos about anything that comes to their mind.

how to be an entrepreneur

The biggest factors affecting entrepreneurship is time and money for many new entrepreneurs. Again, if you decide to start your business online you are ahead of the power curve. The reason being is you will have no employees to hire unless you choose to hire a virtual assistant. Fiverr is a great resource in order to hire professionals to make a logo, create a website or anything else for you.

Remember, you are your own boss. So, you dictate how much you are going to earn each month based off your actions. I highly suggest checking out the 6-Figure Blogger course. It covers the specific areas of your blog or website you need to enhance so that you can start earning more online. There is no guaranteed paycheck being an entrepreneur. So, you have to be willing to create content and regularly. Again, the more value you can generate for others the better off you are going to be.

So, put you focus and time into helping to solve a problem that other people have. People want to be fitter, have more money and more time with their loved ones. Can you create a course around something like that to help them? I do at rundreamachieve.com and create running courses to help athletes perform at higher levels in endurance races.

Share Other People’s Products

You can also earn supplemental income by sharing other people’s products also known as affiliate marketing. It also doesn’t cost any money to do this. For example, I pay my affiliates at rundreamachieve.com a 40% commission for sharing my running courses. My Sub 3 Hour Marathon Pro course sells for $197. So, each of my affiliates earn $78.80 USD every time someone purchases my course using their affiliate link.

Also, you earn 40% commissions on all of the running courses that I have created. Why hasn’t this source of revenue creation taught in our school systems? I love education, hold an MBA and finishing up a DBA (Doctor of Business Administration) currently. That being said, I love self-education more. Would you like to sign up for free to be a rundreamachieve affiliate? Do so and start earning additional passive income.

Closing Thoughts

The key strategy is to create online resources that can help others succeed. The focus should always be on how you can solve a problem within the marketplace. Would you like to keep in touch? If so, be sure to subscribe to the Internet of Business YouTube channel. I am to make 1 new video there each week to help entrepreneurs and employees build their brand and business.

There are so many revenue streams you can create. You just have to think outside the box. Remember, this style of earning income is not taught in our school systems. We are taught to be workers and employees. In addition, how to climb the corporate ladder. There is plenty of money to be made but limited time. So, create content and products that can help you to get paid over and over again, without you having to be somewhere.

LEARN MORE ABOUT THE 6-FIGURE BLOGGER COURSE

The following two tabs change content below.
Nathan is a 2:19 marathoner, former member of the US Army World Class Athlete Program and Doctoral of Business Administration (DBA) Candidate at the University of Missouri-St. Louis. He brings over 10 years of online entrepreneurial experience in helping people learn how to blog, earn income online and build passive income streams outside of what the school system teaches.

Latest posts by Nathan Pennington, MBA (see all)