A successful business owes its prosperity to a good idea that is properly executed. The accomplishments of the business entail much more than the accumulated savings. Entrepreneurship involves investment of money in a well thought of scheme that has potential for success. Sometimes profit comes immediately but in most cases it does not. It is at this point that the entrepreneur begins doubting himself or herself over the initial ideas that gave rise to the business. Whereas there is no need of crying over spilt milk a potential entrepreneur must brace himself or herself for challenges that come along with the business venture. One must be prepared to meet multiple failures before the mega success. It is a well known cliche’ but still good to repeat here; failures are the stepping stones to success.
Patience is the key factor that determines whether or not the business will thrive. It is the key to a self sustaining entrepreneurship. If the business person keeps up the good work that gave rise to the enterprise then ripe fruits are likely to be harvested in the end.Discipline also plays a major role in the equation because without it a venture may go haywire and the entrepreneur will have no one else to blame but himself or herself. Other than these knowledge of basic entrepreneurship is necessary in order for the business person to have a smooth sail in the execution of his duties. An example is a simple investigation into the industry which the entrepreneur wishes to indulge. Knowledge of how the trade fairs in the local market gives the business person leverage over one who walks blindly into it.
Keep it simple; The test of time determines whether or not an enterprise prospers. In this regard there are certain things an entrepreneur should cease and desist from doing if he or she intends to make a living out of the business. In other instances the same should be totally avoided. At the beginning of the business when it is still young and unfamiliar with the ways of the trade, the entrepreneur should endeavor to keep the business as simple as possible. At this point in the life of the business only the foundation ought to be built upon which the business will later thrive.
Be prepared for every outcome including the best and the worst. Business ventures may not turn out as anticipated. This is a fact that is not necessarily attributed to poor planning or inadequate investment. More often than not our state of mind influences business productivity. Fear of failure is inevitable in the mentality of every entrepreneur. It could be that the business person is afraid of managing conflicting interests such as family and business. The awful truth is that we lose some and win others. Do not be surprised if family attachment suffers at the expense of the enterprise. In worst case scenarios patrons run out of patience with the business and pull out their resources. Sometimes it could be that the entrepreneur just woke up on the wrong side of the bed and decided to unleash his wrath on everything he came across including the business itself.
Be optimistic; It is not a crime to bear such thoughts but it could have adverse effects on the life term of the business if not tamed. Pessimism confines a person to a position of inactivity because of fear of the unknown. This stalls the business because it impedes the ability to develop new ideas for the enterprise. It inhibits the possession of a positive mindset which is important for the growth of the business.
Taking a Dive; Making a decision on whether or not to invest in an enterprise is no rocket science. Entrepreneurs are made and not necessarily born. With a stroke of luck and a bit of genius a business can thrive in the most unforeseen circumstances. A person may not have taken a course in commerce or marketing but with due diligence and care in the management of the venture success can be rightly achieved.
The first step is normally to conquer any doubts that may arise in respect of starting a business. This is done through mastering the courage to believe in the product or services on sale. Confidence sells. It all begins by imitating what other success stories in similar enterprises have been doing. Once the skill is in command the entrepreneur can work towards cutting his or her own niche in the field. With time the entrepreneur should make an effort to find his or her own way of selling without looking as if he or she is copying someone else’s style. There is room for making all kinds of mistakes. Caution should be borne not to dwell in the errors made but to pick lessons for future endeavors.
Autonomy; Starting a business is one thing. It is another thing to run it and a whole different thing to earn from it. Just like a baby the enterprise needs to grow and mature at its own time. Attempting to rush it may cause it to collapse. Think of the steps of a stair case. Trying to cover all of them in one step is naturally improbable. It is nevertheless possible to take three at a go but for how long?
Once the enterprise jitters have been overcome the next common issue normally is to ensure that the business is self sustaining. It is better to run a self reliant business than to focus only on the earnings. True the aim of every business is to make a profit but hat happens when the reverse occurs? What happens when the entrepreneur has to keep digging into his or her pocket for money to support the business? Does this not defeat the whole essence of running the business in the first place?
At all cost a good entrepreneur ensures that he or she manages to get at least one customer and satisfy him or her with the product or service. Good word travels fast and the more the client keeps coming the better for the business. Once again developing new ideas is critical for this process. The entrepreneur must constantly keep innovating new ways of attracting clients.
Point of Balance; The ability to prioritize between conflicting interests comes in handy for any success-thirsty entrepreneur. Success calls for a lot of sacrifices in every aspect of life. It will affect most drastically social relationships because less and less time will be spent with family and friends.
When the demands of the enterprise suddenly shoot up then the business person will have no choice but to try and meet all expectations and exigencies. Relatives and close friends may have played a crucial role in financing the business. Therefore an entrepreneur will be faced with a diversity of demands that range from clients to family. The clients want the products or service upon demand and the family wants to see where the money went to and most importantly they want to know that they still play a crucial role in the life of the entrepreneur. So where exactly is the point of balance? This entirely lies with the entrepreneur. No hard feelings if some relatives are lost along the way. Even at war it is only natural that one troop loses to the other. There never can be two winners in war.
Employees; In this regard it is advisable to employ a minimal number of employees. Appointment of workers ought to be avoided and they should only be hired on the basis of necessity. The entrepreneur can engage in it solely. Expenses should be kept on the minimal and savings encouraged. These two exercises go hand in hand. The business should only suffer liabilities that are extremely necessary for the running of the enterprise. Collateral personnel such as accountants and typists can be hired as and when needed. Don’t get involved in to romantic relationships with your staff or employees.
Errors; In the world of enterprising there are certain mistakes that a man or woman can avoid when beginning a business. One of the most common errors is to invest in things that are not immediately required by the business. A good example is hiring attorneys. The fee spent on legal service is only beneficial to the business if there is an actual legal issue that impedes the enterprise from carrying on its day to day activities. Otherwise having a legal department could turn out ugly especially where the business is still young and does not have enough to spare on such burdens.
Another error is to blame yourself. So what if the plan did not go as anticipated? And so what if some clients decide never to come back or the bank refuses to advance a loan in order to save the business? The important thing as earlier mentioned is to learn from the mistake and move on. Life is so large and there is only one chance at it. So be happy. Investing in a bad idea may not be so bad for a first or second timer. Everyone has ghastly ideas once or twice in their lifetime. There is nothing unusual about betting money on the same. In life we do not always win all the battles.