The road to business success is littered with failures. But categorically speaking you don’t need to be one of them. There is no magic in turning a business idea into reality but it’s important to grasp what it takes at the outset. Are you made of the right stuff?
Love what you do. If you have a passion for your business it will help you overcome obstacles and difficult times – you can bet there will be some. Going into business is risky. If you’ve researched your business idea to the nth degree you should be conversant with the risks. However it’s also important to understand the risks to your lifestyle and family. Some people are comfortable risking everything. Others are not. It’s important you know which group you are in. It helps if your business plan is tempered with realism. This includes costing out and funding a slow start and a busy one, and being comfortable you can manage both scenarios. Running a business is no job for dreamers it suits hands on, practical people.
Be realistic about what you can achieve in the first 6 months, right up to the first 3 years. Typically it takes longer to establish a business and make a success of it than most people imagine. Of course you might get very lucky, but you probably won’t. Patience therefore is an important attribute. The other side of the coin is realising when adjustments are needed to keep things on track. Some people pick a bad idea or start underfunded. If there comes a point when it makes sense to call it a day, do it sooner rather than later. It frees you up to start again. Most start-ups don’t evolve into viable businesses. But most people don’t try. Those that do succeed are the triers and even well -known entrepreneurs have a failure or two on their CV. But they are where they are today because they kept trying.
Two people are often more productive than one and more successful than someone going solo. Partnering up with someone with complementary skills and know-how also goes some way to mitigating your business risks. Starting a business can be lonely and stressful. Teaming up with someone you gel with can make running a business a more enjoyable experience. If you do end-up running a business on your own, buy in good advice in areas where you feel exposed. But don’t rush to hire the first advisor that comes along. Get recommendations from trusted sources.