Everyone wants to Start a Business (i mean who doesn't). Seeing the nicely ironed suits, saloon cars, and beautiful office spaces you get the urge to start your business and get the ball rolling immediately. But is the road to success for your business paved with gold? Behind every new or growing Start-up, there are trials, disappointments, outstanding bills, owed salaries, lost clients, and struggles. I am going to give you a little insight into some of these painful truths when it comes to starting a business.
1. Your first business might not be successful
Even though this is not to discourage you, statistics show that 9 out of 10 businesses fail in their first 5 to 10 years (this doesn't mean yours will fail). Knowing this fact should help you vet your business ideas, and if they end up to be just something that might turn out a success, then you should put all the right elements in place that will help make its start and growth a reality.
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2. You can't do it alone
As the saying goes, a tree cannot make a forest. Same goes for running a business, if you have the idea of running it alone, that is a sign of failure already. You will need more hands to join you in making the business a success, like hiring an expert sales people, a brand manager, a financial officer, a product development expert, an accountant, and much more.
3. Nothing is guaranteed, not even profit
Yes, you read that correctly, in business, nothing is guaranteed. Am sure you're asking why you had to do that expensive market research to determine how the business might turn out. Well, the research is actually supposed to give you an idea of what and what to expect (not how much you will likely make in profit). Knowing this fact will help you not to jump ship the moment you feel your business is stagnant or drowning. It will teach you to hold on for a while to figure things out, then decide to either pivot or do something new altogether.
4. No such thing as a Perfect Business Partner
In most cases, before the business will even kick-start, there is already a quarrel about one issue or the other. (Maybe your even looking for a new partner). That shows that a perfect business partner doesn't exist. A tip that might help is to partner with someone who compliments your shortcomings, is patient and level-headed, and is willing to put in the right amount of work and effort that is required to make the business a success.
5. You may become unhappy
When a business starts with high hopes, and you are burning your capital without seeing results, it can be depressing and traumatising. This point might determine the future of your business. While some might quit altogether, the real entrepreneurs will learn from their mistakes and bounce back.
READ ALSO: 5 ways to raise funds for your startup business in Nigeria
As the above points go to show, starting and running a business is not for the faint heart, because it might not start rosy (in most cases it doesn't). But for those who are able to see it through, the rewards are endless.
So, even though there are downs in the process of starting a business, there will be ups if you persist.
If you have other points to add, kindly drop them in the comment section below.
Labels: Business, Startup, Tech News, Tech Worldwide, Technology