Starting a new business can be, and often is, stressful, especially for people who are doing it for the first time. There are myriad of hurdles to clear and some of them can seem quite scary. Risking a new venture is often compared to a leap of faith and it is no wonder many of us bulk at the idea. According to the Small Business Administration (SBA), only about half new businesses survive the first two years. The good news is that most of the common mistakes that lead to failure can be avoided.
Reflect on Your Intentions
Before you do anything, take some time to think about your goals and ways to achieve them. It is often best to write things down, so you can have a nice overview of your thought process. What are your assets? Can you count on outside help? Is there a family member or a friend that can help you out during the initial phase? One of the most common mistakes that lead to bust is overlooking or underestimating one’s weaknesses. Being honest with yourself at this stage is absolutely crucial and can help you immensely down the road by identifying potential problems and preparing solutions before they become a nuisance.
Choose Your Field Carefully
A majority of your waking hours will be devoted to your business and if you choose something that you don’t enjoy doing, or are at least comfortable with, it can quickly turn into a nightmare. We all get fed up with our jobs now and then, but as a business owner you won’t have the luxury of taking a mental health day off once things get overwhelming and the whole idea starts looking like a chore. For instance, people often go into stock trading because they hear that stock options make money but going through endless listings and looking for best ones can be a tedious process for some of them. On the other hand, there are those who enjoy that process and don’t mind spending countless hours weighing all the possibilities. Pick your business carefully, because you will spend a lot of time dealing with it.
Create A Feasible Financial Plan
The operative word here is “feasible”. Concocting a pipe dream that isn’t grounded in reality and based on your wishes rather than possibilities is a sure way of ending up in the dust, wondering what happened and where did your money go.
Hire the Right People
We all witnessed the last free agents’ season in the NBA and saw how teams scrambled to get Kawhi Leonard or Kevin Durant. The reason is simple. In sports, as in business, the best team usually wins and you need the right people to make that team. Choose based on their abilities and talents, but also on how they fit with your core values and ideas. Toxic locker room presence exists in business and you need to avoid ending up in such situation. That is why new business owners usually hire friends and family because those are the people they know and trust.
There will come a time when all you want to do is curl up in a ball and cry. That is when you summon up all your inner strength and the last ounce of defiance you have and carry on. Things will get tough and things will get messy. It isn’t a question of “if”, only of “when” and that will be the real test of your fortitude. Often, simple perseverance will be enough to get you through the rough patch. Combine it with a lot of hard work and you have a chance of becoming successful. Without those do, you don’t really stand a chance.
Keep Your Eye on The Ball
Whatever you do, you must keep an eye on your end goal. Every action you take should be aimed at achieving it, one way or another. This can be harder than it sounds, since running a business on a day-to-day basis can make you lose sight of your long-term goals. One of the recommended tools that can help you with this is a written journal you should update regularly. It should help you stay focused and on track, regardless of the immediate challenges that you are confronted with.
People think that having a great business idea is all they need to become rich and successful. The truth is that even the best idea is worth very little if you don’t have the ability to make it work. How you solve problems associated with bringing that idea to life will ultimately determine whether or not you become a successful businessman. It is all about the execution and that has far more to do with your personal traits and determination than with anything else.
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