Fortunately, all these can be learnt. All it takes is patience and willingness to learn. Having your own business has many advantages;
You become your own boss.
It can be mentally and physically draining working for someone. You are obliged to follow their rules which are sometimes unfavorable for you, and as is often the case, you never receive reward or recognition that matches your effort.
Your chances for growth increase tremendously.
Formal employment effectively ensures that your rise is at the mercy of others at the top who may intentionally stall your progress. In business however, your future lies in your hands. If you play your cards right, you may find yourself wealthier than you would ever be in employment.
You will find more fulfillment.
Watching your business grow from scratch through your own sweat and effort is a pleasant experience. Your business becomes an extension of yourself as you witness your life goals and dreams finally amount to something tangible.
It is often wrongly assumed that some people are born with a natural business acumen while others are not. This is never the case.
Most successful entrepreneurs begun as clumsy and ignorant investors. Their success often came after several costly mistakes and tough lessons that they learnt along the way, coupled with the determination and courage to learn and rise from these failures.
But painful lessons can be avoided if an aspiring entrepreneur sticks to the following guidelines;
1. Know Your Business
People often rush into making investments they know so little about. Just because someone you know is making easy money from a venture that looks simple doesn’t mean you will also experience similar success. Most of the time they know somethings about the business that you don’t.
For example, it is suicidal to begin investing in stocks randomly without fully understanding how the market works, and what forces affect share fluctuations. You need to first study intricate details about the technical aspects that are required and make yourself familiar with challenges you are bound to face in the field.
The internet is full of freely available learning resources that can provide valuable information about any business. It is also important to understand the consumer trends and how to make them work in your favor.
2. Craft A Solid Plan
A good business plan, complete with realistic revenue projections and expected expenses is vital. Include all details on what you require, running operations and expected challenges. This plan will enable you to gauge the viability of any venture before you make your move.
Businesses often start to break even after several months of operation. Until this point you will be pumping in cash with minimal returns. Having a cash reserve to cater for this is crucial, so before you start any business you need to factor in running expenses several months ahead.
3. Discipline Is Crucial
A business is not a ticket to unlimited freedom, at least not in the initial stages. You will frequently need to get up earlier and stay up late to ensure things run smoothly and fulfill consumer demands.
You have to be ready to go the extra mile in order to keep up with competition. Having a day off because of a hangover can cost you customers and much needed revenue. You cannot afford to lose focus.
Financial discipline is also needed. You will need to carefully manage income generated to accommodate all expenses and finance future growth.
4. Take It Slow
Avoid get-rich quick schemes. Ventures that promise obscene returns over a very short period often lead to loss and disappointment. Carefully weigh all ideas and avoid schemes that almost everyone is getting into.
Businesses follow the principle of supply and demand. If the market is flooded with similar products, the demand drops, and so does your chance for profits. Focus on the long term goals to propel your business. You will eventually achieve prosperity.
Having a business brings financial rewards and a sense of overall fulfillment. Starting one however is the hard part. You should nevertheless avoid doubting yourself and take the plunge, only if you have the aforementioned requirements covered. So now is a good time to start your business.
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For additional reading, follow this link.
- Ken Colwell PhD MBA
- Publisher: ClydeBank Media LLC
- Paperback: 287 pages
- Ilana Griffo
- Publisher: Paige Tate & Co
- Paperback: 200 pages
- Crown Business
- Steve Mariotti
- Publisher: Currency
Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API
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