When you start your business for the very first time, you are entering the new world. You have never been in this world before therefore expect some shocks and surprises. These are part of the journey and they will help you grow. Running your own business might look easy when you are outside. You will find that the situation is different when you are inside. That is the main reason why statistics shows that more than 50 % of new businesses fail within their first 5 years. Entrepreneurs need to prepare to avoid shocks in the business world. Let us look at some of the main factors that all entrepreneurs should know before starting their businesses.
1. RECOGNIZE THAT YOU HAVE NEVER DONE IT BEFORE
The “run a business” part is a skill set. You’ve got to recognize that you’re signing up for something you’ve never done before. Make sure you take this seriously and learn the skill.
2. MAKE SURE THAT YOUR PARTNER IS ON BOARD
Make sure that your partner is on board. Take this note and take it seriously I’m not talking about your partner being involved in the business I’m talking about him/her being supportive of your endeavor. There are three reasons for this:
When you become an entrepreneur, you are making choices and sacrifices that have a significant impact on your life, and the lives of your family. If you want to succeed, your partner should physically and emotionally support you.
Entrepreneurship can be demanding. You’re going to encounter a lot of trials. You are going to be criticized, squashed down, attacked, condemned and have your confidence destroyed by the rejection that comes with trying to convince people (customers, investors, employees, etc.) that your vision of the future is real and possible.
A non-supportive partner could be a number one killer to your efforts. The last thing you need is to go home to a partner who is doubting, suspicious, and critical of your efforts. You need someone who is going to support you 100%, and cheer you on when you are ready to quit.
3. FOCUS, ON ONE THING AT A TIME
When you start for the first time focus on one thing. Even if you have other things that you believe can be successful. Settle into business first then start spreading your wings when you have the experience. Even a bird when flying, it spread its wings when it is high. Starting with so many things when it’s your first time will make you lose focus. I understand that you are passionate and you have a lot of ideas and opportunities that you want to try. The key to success is focused concentration on doing one thing and doing this one thing really well.
4. INVEST IN YOURSELF.
Read, study, learn, eat well, exercise, and get plenty of rest because being the best version of yourself is one of the best things you can do for your company. With no learning your company will not grow instead it will always be a Stone Age company. Self-upgrading yourself does not only benefit yourself it also benefit your company, your employees and your customers.
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Working a lot of hours without taking a break is a bad decision. Some people chase after money to an extent that they never take a break. Hire someone you trust and always take a break to go on holiday to sharpen your axe. If you don’t take a break, your work will break you.
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5. BE PREPARED TO TAKE RISKS
Be a risk taker if you are risk adverse a business world is not for you. In a real world where you have been, you are advised to avoid all the risk to avoid trouble. In a business world you take all the risky investments because they have high returns. Taking risks goes hand in hand with working hard. If you work hard you will always achieve the goal.
6. ENTREPRENEURS STRUGGLES
Being an entrepreneur is not an easy task you are going to struggle before you can achieve success. Startups are a struggle. To achieve Growth you have to struggle. Entrepreneurship is a struggle. Be real. Come to terms with the struggle. It’s not a friendly companion but there is always light at the end of the tunnel. When the struggle is over, you will have a heroic story to tell. Look at the struggle as an ascending stairway. The higher you get, the more difficult the climb. The good news is that you are also getting close to the top. Struggle until you are at the top.
Entrepreneurs need persistence because everything always takes longer than expected, often two to three times longer. It can be difficult to keep things going when you’re not seeing instant results. Persistence is also crucial because you’re bound to make mistakes, some big and some small. Messing up is a part of being human, but we learn and improve from each mistake. When you give up too early, you lose the opportunity to learn from your mistakes, and you are then just left with failure.
8. SELF DOUBTS
I can almost guarantee that there is not ONE entrepreneur out there who hasn’t experienced self-doubt at one time or another. Everyone, no matter how successful or confident they are or may seem, has faced moments of second-guessing themselves or their decisions.
Starting a business can be stressful and frightening. You are putting yourself and your ideas on the line, which is certainly enough to make anyone feel vulnerable and nervous. Most of the time you will be wondering if people will want to purchase your product. There will a small voice asking you if you are actually meant to be an entrepreneurship, or if it’s just some crazy dream . You may worry if you’ll even be able to stand a chance against the competition.
Remember once again that everyone has experienced self-doubt. You are certainly not the only one who has felt the way you do. I’m positive that even those extremely successful entrepreneurs we all hear about on the news, still suffer from self-doubt. But they’ve learned how to overcome these negative feelings, which is why they are so successful today. Keep this in mind the next time you are doubting yourself.
No matter who you are, when you have a dream and are committed to achieving it you will face critics and experience many rejections. The greatest obstacle to success is your fear and belief in what a critic says. Instead of running or quitting, be strong and make a choice to move forward in spite of what they say. In that way, you will leave them with nothing but to wish you well. This is an opportunity to develop the skills, strategies and resolve to continue forward. Let your naysayers become your greatest motivators. Let them fuel your desire and show them just how wrong they are about who you are and where you are going.
When disappointment come, rest assured it always does, it’s easy to let it get you down on a number of times. However, for the sake of the company, the team, and your sanity, you’ll have to learn how to deal with the situation in a positive manner.
Failure is never fun, and it’s all too easy to let emotions to get the better of you. No matter how sad, frustrated, or angry you may feel at the moment always have self-control. You will be disappointed when you fail to achieve your goals, you will be disappointed when your company fails. To manage disappointments always seek to handle the situation with self-control, understanding, and respect.
Ever notice how being turned down stops some people from trying again, while others bounce back from rejection stronger than before? Everyone experiences the sting of rejection, but mentally strong people use that pain to grow stronger and become better. Rejection can be a good teacher. Use rejection as an opportunity to move forward with more wisdom.
Rejection, in any setting, is difficult to swallow. For entrepreneurs, it can make or break you. A business plan rejection, a loan rejection, a partnership rejection. Entrepreneurs often make the mistake of taking rejection personally. We all have feelings, after all. It’s important to note, however, that just because your idea got shot down or your partnership was rejected, it doesn’t mean it’s a reflection on you. Don’t let rejections get to you. Instead, look at the rejection for purely what it is: Was it a bad business plan? Was it the wrong partnership terms? Was it the wrong timing? Rather than blaming yourself, assess what the real reasons for rejection were,
Entrepreneurship demand sacrifices, and if you don’t make those sacrifices you’ll never be able to succeed. You are going to sacrifice your family time, sometimes even family assets. Some entrepreneurs sacrificed a comfortable, well-paying, stable job to follow this route. For the first few years of your business, you’re probably not going to be making much money. In most businesses, entrepreneurs and their families end up investing heaps of their own money to get the business going. If this is the case for you, you’ll be making even more of a sacrifice since your potential safety net will be gone. Many entrepreneurs don’t even take a salary during their first several months of operations, at least not until there’s a steady line of revenue backing them up. Be prepared for this.
13. SLEEP DEPRIVATION
Sleep is vitally important, but no matter how hard you try to preserve healthy sleeping habits, you’re going to sacrifice some sleep in order to run your business. In some cases, you’ll be working the whole night to get that last proposal together. some days you’ll be getting up super early to make a meeting or get all your tasks in order. You’ll be lying awake at night, restless and wondering about the future of your company.
Whatever the case may be, your sleeping habits are going to change when you become an entrepreneur, and you’ll have to make the best of them no matter how they end up.
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If you enjoyed reading my “13 THINGS ENTREPRENEURS SHOULD KNOW BEFORE STARTING THEIR VERY FIRST BUSINESS.” you would benefit from reading these tips on how to become successful. Redesign your life and take complete control of your dreams. To help you start your very own business read this guide How To Become Successful ?Learn The Secret of Millionaires.
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