{"id":19707,"date":"2021-12-28T09:00:11","date_gmt":"2021-12-28T15:00:11","guid":{"rendered":"https:\/\/www.suretybonds.com\/blog\/?p=19707"},"modified":"2022-08-16T11:22:42","modified_gmt":"2022-08-16T16:22:42","slug":"suretybonds-com-2021-entrepreneurial-insights-survey-report","status":"publish","type":"post","link":"https:\/\/www.suretybonds.com\/blog\/suretybonds-com-2021-entrepreneurial-insights-survey-report\/","title":{"rendered":"SuretyBonds.com 2021 Entrepreneurial Insights Survey Report"},"content":{"rendered":"

What motivates entrepreneurs to start a business?<\/strong><\/b><\/h2>\n

Taking advantage of the factors that motivated you to start your business can help you deal with the unavoidable risks of entrepreneurship. Whether the risk is external and out of your control or internal and manageable, being able to operate outside of your comfort zone is a crucial component of turning your entrepreneurial motivations into a thriving business.\"Motivations<\/span><\/p>\n

Some motivations can aid in overcoming specific risks of starting a business. Forty percent of the entrepreneurs surveyed in<\/span> SuretyBonds.com<\/span><\/a>\u2019s 2021 Entrepreneurial Insights Survey responded that filling a gap in the market was their primary motivation for starting a business. In a<\/span> Guide on Risk Management for a Small Business<\/span><\/a>, the Small Business Administration notes the importance of addressing competition in risk control management and implementation. If you\u2019ve identified an area of the market in which you have a competitive edge, keeping up with potential competitors may help you make sure you\u2019re mitigating the risks of losing that edge.<\/span><\/p>\n

Other entrepreneurial motivations such as great ideas and wanting to work for yourself should be kept in mind during difficult risk management processes. Embracing the uncertainties, fear, and discomfort that small businesses face, while necessary, is not easy; staying mindful of the reasons you started can keep you motivated to grow your business as you work to manage the associated risks.<\/span><\/p>\n

One-third of entrepreneurs are hindered by attracting customers\"1\/3<\/b><\/h2>\n

While one-third of entrepreneurs surveyed by<\/span> SuretyBonds.com<\/span><\/a> responded that attracting customers was the largest obstacle in the creation of their businesses, figuring out how to build a customer base is an issue faced by almost all entrepreneurs. Certain hardships of attracting customers are unique to specific industries, but many are shared across the board.<\/span><\/p>\n

Optimizing pricing, customer services, marketing research, and other tactics to retain previous customers and attract new ones is easier said than done. Here are what some of those respondents had to say about attracting customers: \"Quotes:<\/span><\/p>\n

Of those who encountered trouble with capital, 100% experienced it with obtaining funding<\/b><\/h2>\n

Our findings show that accessing capital and finding funding is one of the pain points entrepreneurs and small businesses face, regardless of the quality of their business. Many of those surveyed stressed this difficulty:<\/span>\"Quote:<\/p>\n

The Small Business Administration provides a<\/span> guide to funding your business<\/span><\/a> that begins with<\/span> calculating your startup costs<\/span><\/a> before outlining some of the funding options available to entrepreneurs, including:<\/span><\/p>\n