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Over the past three years, more and more people have decided to risk it all to become successful entrepreneurs. The U.S. Small Business Administration reported that a record 5.5 million new business applications were filed in 2023 alone.
During the pandemic, as work became fully remote and companies were forced to cut staff, people realized they didn’t need to go to the office every day to earn an income.
For Tanner Yarro, the creation of his company, Yarro Studios, was all done from the comfort of his home.
Based in Provo, Utah, Yarro uses online platforms to easily reach audiences around the world. Being online, you can market your products and run your business without the need for physical infrastructure.
Yarro shares its products on the global crowdfunding platform Kickstarter, where it has created and launched six products, received over $7.4 million in funding, and growing funding. Yarro’s products focus on tabletop role-playing games.
His latest project, the Diceomatic Retro Dice Spinner, launched on February 8th and raised funds within 24 hours. With more than 8,400 backers and his $15,000 pledge goal, the dice spinner has just over two weeks until fundraising ends, and as of Friday he’s already raised enough money to raise $1,053,956. Masu.
Yaro, along with his team of three, said, “The best thing an entrepreneur can do is surround himself with people who are smarter than he is, because that’s what will lead to success.”
Where you live can affect your business success
A recent study conducted by SimplifyLLC revealed that the state you live in can impact the success of your business.
SimplifyLLC analyzed which states are best for new businesses by looking at “the latest federal data across six metrics to identify the best and worst states for entrepreneurs in 2024” . “This includes things like job creation, consumer spending, inflation, business growth, corporate taxes, and whether educated workers are more likely to move in and out of the state.”
5 Best States for Entrepreneurs:
- Texas.
- Florida.
- Wyoming.
- Missouri.
- Delaware.
The 5 worst states for entrepreneurs:
- Louisiana.
- Washington DC
- California.
- Mississippi.
- New Hampshire.
Utah ranks ninth in the top 10 as the best state for budding entrepreneurs to start a business. The Beehive State was the second-highest state in job creation, with a job creation rate of 14.7%, behind Delaware’s 17.1%. The growth rate of personal consumption was 4.6%, ranking fifth. The corporate tax rate is 4.65%, ranking 13th.
Know your market
Knowing your target market allows you to tailor your products and services to your customers’ specific needs, preferences, and expectations. Understanding this can lead to increased customer satisfaction and loyalty.
On a Saturday in 2017, Yaro, who had always been interested in Dungeons and Dragons, went to a comic book store where Wizards of the Coast was hosting a public play for people.
“As we were playing, the Dungeon Master took out a whiteboard and drew a cave system. And we sat there for about five minutes while he drew, and… That’s a long time to sit in silence with strangers,” Yaro said.
After drawing, erasing, and redrawing new parts of the map, Yarro realized there had to be a better way to do this.
“I looked over at the guy next to me and thought, ‘Does anyone make something like a book of pre-drawn maps?’ And he said, ‘No, that’s a really great idea.’ I did.”
Even though the game was created 50 years ago in 1974, Yaro noticed that there hasn’t been much innovation in the field of D&D. And with that fact, he thought there was a lot of room to make money.
“So I went home, drew a map, went to UVU and had it printed in a flat book. Then I posted it on social media and it went viral,” he said.
“We’re going to find cool things from the past and reinvent them,” Yaro explained. “For example, I bought Demry’s Auto Dice on eBay for $500 because I saw a viral post about it on Reddit. I posted this and told the community (social media) that this is good for D&D. We asked, “Isn’t that cool?” This video has been viewed 3 million times, so we immediately started looking at ways to reboot it.”
“And the other way is to invent something new. And then spend hundreds of dollars on a 3D model and get a 3D rendering of the video and show it on TikTok and Instagram,” Yarro said. I added.
He emphasized that advances in technology have made becoming an entrepreneur less risky and more viable than before.
“A lot of the risks are mostly just money,” he said. “But the gig economy, AI and social media are taking away thousands of dollars that people would have had to spend upfront.”
Risks and benefits of being your own boss
The business landscape has changed and entrepreneurs no longer need to establish a presence in traditional hubs such as New York City or Silicon Valley to succeed, the SimplifyLLC report highlighted.
The rise of entrepreneurship can be influenced by many factors, including flexibility, financial necessity, or perhaps the inability of a 9-to-5 job.
For Jaro, it was about having a creative outlet to do what he loved and “work as little as possible.”
“School hasn’t worked out for me and I really struggle with a busy job. I don’t like to travel, so I really needed something I could do from a computer and be my own boss.” . It’s really multifaceted.”
“Once you experience the freedom of not having to work for someone else, I don’t think you can go back,” Yaro says. How can we go back to those times? ”
However, Yaro stressed that starting a company is not easy, and without a safety net to fall back on, it may not be worth the risk.
Approximately 20% of small businesses do not survive beyond the first year. According to LinkedIn, by the end of the second year this figure rises to his 30%, by the fifth year half are out of business and by the tenth year 70% are out of business. “The most common reasons for small business failure include cash flow problems, lack of demand for products or services, and lack of capital.”
When people who want to enter the world of entrepreneurship approach Yarrow with ideas they want to pursue, he says he is very open and honest with them.
“I’m obviously aware of how privileged I am and the safety net that I had,” Yaro said, noting that when he was just starting out as a single businessman, he was worried about the financial consequences if the company became a huge success. He emphasized that he had parents who helped him. Since it failed, the risk was not that harmful.
“So when those people come to me and say, ‘I’m married and I have two kids and I want to start this company,’ I always ask them, ‘You? Do my parents have the money?’ Because if they don’t, there’s a lot of risk and stress of trying to do it.”
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