Many businesses out there fail for one reasons or the other. As more business opens daily, so many closes. Everybody wants to quit their “YES BOSS” job and own a business that makes them the boss.
Never make the mistake of quitting your day’s job to settle to run a business without proper planning, If not, you would end up totally off the road to wealth.
So many people don’t really know why they’re starting a business. All they care about is money. When money becomes your main purpose of starting a business, that is not very good.
For someone to have decided to start a business, he must also know there is a lot of work and sacrifice to be given. Despite work and sacrifice will not satisfy the odds of being successful, still it will be fulfilling.
As someone who has decided to start a new business, there are things I think you would need.
1. You need passion:
It won’t be any use if your purpose for starting a business is because of the making money opportunity surrounded by it. Nowadays it is the making money opportunity that is the drive force of a business and not passion. Which is so wrong . Its only passion that can sustain your business, even during hard times. Put your passion for your business first and watch how the money comes naturally.
2. You need the skills:
It’s quite funny when I hear someone say I have passion for this, but I don’t have the skills. Despite I find it amusing, yet it all makes sense when someone says that. As someone about venturing into a business, things will be a lot easier if you have experience on such business. You can’t say you have passion to become a web designer like me if you don’t have the necessarily skills to back your passion. Be knowledgeable and experience before venturing into a business.
3. You must be ready to take risk:
I mostly here people say that they don’t want to venture into a business that has risk. Who says business doesn’t have risk? In every business there is risk. I can remember when I newly started designing websites for people. The first work I got i was really afraid if I was up to the task. I was afraid of the remarks that I would get if my design was nasty. At the end, I did it and the person liked it. Never be constrained by your fear of risk, If not it will be very hard to progress in such business. Take calculate risk. “Never wait until you are very sure, if not you would never be sure”
4. You need basic accounting skills:
I hardly thought this one was useful, after all I got brains. But I found out I was deceiving myself. Try and invest sometime in learning some accounting skills. Am not saying you should be a certified accountant. Income statement and balance sheet should be your too major consigns.. A good amount of knowledge in accounting we help you start up your business with less stress.
5. You should be ready to learn, discover, and advance:
Just as you are embarking into a new business. You should be ready to learn things quickly and properly. Explore the external aspect of your industry. Don’t just be secluded in the learning of just your stuffs. Meet with successful entrepreneurs, exchange ideas, and learn from them. Be constantly learning and willing to try new stuffs. Be at Constance look, try and be successful, as you never know who would overtake you. This is one entrepreneur traits that should follow you throughout your enterprise.
6. You should be ready to delegate work (employ others):
You have gotten such an excellence business idea and about to kickoff. The question you should ask, Are you capable of achieving such idea all by yourself? If you can, fine. But it would be a good thing if you should have one or two people that are trusted who you can delegate some of the work to. You might not find the need of this at an early stage of your business, but once your business start to expand; it would get to the stage you will need to employ others. Be very careful when employing people, as they’re the life wire of your business.
7. You need a business advisor:
Usually these are bankers, insurance agent or accountant, but I think you need someone in business who you can talk with when times are good and when they are tough. Not necessarily a mentor but a friend who is wise about business. It gets very lonely running your own business startup.
In conclusion, the starting point of every business is offering a product/service others would love. Embarking into a business should be more than just hard work all through. You should try having some fun in between business working hours.
Opening a business can be one of the most stressful and exciting thing in life, yet it will be the most fulfilling journey that you will take, I guarantee it.