There’s always so much talk about starting businesses. Advice is given to those who hate their jobs or have been unsuccessful in getting one after trying for so long. At the same time, the fact that most startups fail within one to one and a half years of launching scares those thinking about going that route. Nevertheless, that shouldn’t stop you from trying. Here are a few pointers to ease you through when starting a business.
Just Start
Yes! The conditions will never be perfect, you will never have all that you need at once so waiting for the perfect time to begin is foolhardy. One entrepreneurship coach likened it to boarding a bus. Just get on it and you’ll learn the ropes along the way. Otherwise if you keep waiting for the ‘right time’, you’ll remain at the bus stop fantasizing about the destination.
Start Small
Your ultimate goal might be to challenge the big players in the market, but that doesn’t mean using lots of resources at the beginning. Concentrate on the main thing (delivering quality products and services) and develop secondary aspects slowly. For instance, spending so much money on fancy packaging or a fancy office may leave you out of working capital in a flash. Once customers are happy with your product or service, they’ll keep coming back and your client base will grow. As the business picks up you can comfortably upgrade without straining resources.
Research
Even worse than lack of starting capital is lack of information. Starting a business isn’t a light affair. Read widely, meet with those who have been in the game for a while. Understand the dynamics of the sector you’re going into. And remember, just because it worked a certain way for someone, it won’t be the same for you. Don’t try to copy-paste their experience to your situation.
Remain Authentic
Many first-time entrepreneurs fall victim to copying what others are doing. Going into a certain line of business because it’s making loads of money at the time. Frustration sets in when the millions don’t appear as fast as expected. To counter this, have a strong ‘why’. The driving force behind your decision to start a business. When times are tough and the temptation to quit lurks overhead, your ‘why’ keeps you going.
Patience
We live in an instant generation. People want instant coffee, meals, service, miracles and success. Even watching a ten minute video is a hard task. But good things take time. Look at the successful entrepreneurs you admire. Many of them endured years of obscurity and challenges before reaching the heights they are at. Patience shows that you have been tried and proved strong in character to carry the vision through.
