Starting a business is a challenge as it requires varying degrees of dedication, patience, and skills for it to grow and not plunge straight into failure. Some people even have successfully created their career out of it. A study commissioned by the U.S. Small Business Association revealed that small businesses do not necessarily fail in their first year. However, this news is not a cause for joy either. It is because fifty percent of small businesses fail within their first five years.
So, how do you avoid this? How do you, as an entrepreneur, ensure that your business survives even after five years? What are some tips you must learn and what are the pitfalls you must avoid?
- Surround yourself with the right people.— A lot of people will be around you throughout the day. How you feel or how you think at any given moment may be a direct result of those who around you at that particular time. Thus, choose people wisely. If you want a more positive career outlook, surround yourself with optimistic people as they will always choose to see the brighter side of things. However, know that their ideas will not be practical all the time. Pessimistic people may derail your confidence to succeed. The upside is that they will be able to give you a different perspective on matters, like pointing out a problem you may not have noticed before. In the end, surround yourself with people of distinct characters as long as they help you grow.
- Channel your focus.— As an entrepreneur, it is understandable that you would want to achieve so many things. However, to be disorganized and to have an unclear focus is detrimental to the success of your small business. Instead, focus on one goal at a time. Know which tasks are worth your time and effort and which are not. Develop a strong business plan as it will help guide your company to the path of success. Also, develop a strong career plan for you to achieve what you have always been dreaming of.
- Do not be afraid to be unoriginal.— This tip might come off as a surprise because for so long, entrepreneurs have been told that they should come up with a business idea that no one has ever thought of before. The truth is, someone already has thought of it at some point in the past or the future. However, this does not mean to not come up with original ideas at all. It only means to learn the basics, which already are not your ideas, to begin with. Learn successful business models. Learn how people became a success in their respective career. Remember, investors nowadays are not looking for unproven start-ups. They are looking for tried and tested business models so that they can earn their money back and then some.
- Start a culture within your company.— As a boss, you can start a culture within your company to inspire your employees. A healthy work environment will most likely produce productive and effective employees. Isn’t that great? Start by setting examples for your employees and soon, it will be adopted to become the norm. If your company practices are great, then employees will be more than happy to stay.
- — After building your business from the ground up, it is now time to sell. A business will not be called a business if you do not start selling and start earning. Pre-selling is a method that also works. It can be a way to measure your ideas’ and products’ worthiness if you are able to sell it to a prospect. If you can’t, it means that you either have the wrong person or the wrong product.
The challenges of starting a business are daunting. Though it may be hard, it is not impossible to do and even make a career out of it. You can also learn from the mistakes and failures of other business owners. Apply the lessons in your life. Tweak your business plans in accordance until you are satisfied before setting it into motion. Good luck!
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