Being an entrepreneur and starting and growing a business is a very though challenge, but the rewards it will offer you are huge. As per a survey done by UK based company SME Loans, around 64 percent of UK workers want to start a company and around 83 percent of workforce aged 18 to 24, are dreaming about being self-employed. But the fact is that of all these people, very few end up creating their own businesses and even fewer people end up growing their businesses.
Many young businessmen have brilliant business plans, but the ideas are cheap and implementation is all. So, what are the crucial things to keep in mind before you start your own business?
1- Failure is a part of it.
Success never becomes linear. Each prominent businessman has experienced numerous setbacks and benefited from them as they evolved. Peter Thiel of PayPal would be just one instance of a businessman who failed a great deal prior to his massive success. Clarium Capital, the early hedge fund of Thiel, lost 90 per cent of its funds forecasted at $7 billion in 2010.
I’ve discovered that people tend to focus on the success stories of others and dismiss their shortcomings. Notice, the life lessons from failures provide entrepreneurs with the skills needed to implement their business strategies more effectively in the long term.
Surveys have shown the median age of high-growth startup managers is 45 years old. Getting started is never too late, particularly since older business owners seem to have a lot of experience, mistakes and lessons they can bring on.
2- Entrepreneurship could be life consuming.
Numerous entrepreneurs define their business as their “baby.” It requires more care and attention during the first few years; however, over time the structures of the business will become stronger.
The most successful business people enjoy their work and have a passion for it. They are convinced their service or product will be something the market wants. Hardly anything valuable comes easy, and you’ll have to make some sacrifices of your spare time so you can give your business the attention it needs to succeed.
3- You’re going to doubt yourself sometimes.
Doubt is a natural human feeling, particularly if you have worked for quite a while on your business but saw no progress. One method of resolving self-doubt is to evaluate what you did well and what you should do differently.
Writing notes is a great way to help you to remember past events during your startup path. As a businessman, your life is likely sometimes hectic, so note-taking or journal writing is an important tool for self-analysis.
We could always be stronger and do much better. Far too much doubting yourself will impede your efficiency. That’s why trust is a key characteristic that every entrepreneur should possess. Exuding trust instills trust in everybody else around you, be it your clients, your group or your shareholders.
4- The first few years are particularly hard.
Just 50 percent of companies with staff last the first 5 years, and about a third last 10 years or more, according to statistics from the Small Business Administration. These numbers show how hard it is to establish a profitable business.
One essential step in reducing risk of failure is building a good team. Your team must have a lot of experience and wide range. There’s always somebody around who understands things you don’t know.
5- Entrepreneurship can come with a great deal of happiness.
Gallup data showed that up to 85 per cent of people around the world are not involved in their jobs. On the contrary, several of the entrepreneurs I know love what they are doing. Job satisfaction is invaluable, and can make a significant contribution to a successful and happy life. If you’re not satisfied with your current job, it might be time to get serious about building that company you’ve always dreamed of.
Both ambitious and forward-looking business owners have developed many of the employments in our economy. They had an ambition and were prepared to stop at nothing for executing it.