Here are 15 Things All Entrepreneurs Must Know About Starting a Business:
1. 100% of businesses fail within 10 years
The good news is that only about 30% of small businesses survive past their first year, while more than 50% make it to three years. This drops off significantly after that though, with just 2 in 5 making it to 7 years and 1 in 6 reaching 10. So yes your chances are still rather low but so long as you run an optimized business you increase your chances of success exponentially. It’s also possible to improve these numbers by getting proper funding for your startup or taking support from the local government. And lastly, there are some tips on how not to get robbed when you start a business – check out this article.
2. You probably know less than you think
It’s a common mistake to believe that you know more than all of the people around you. It makes sense really – if everyone else is just a bunch of idiots then how could they possibly be as proficient as you at their jobs?! In reality, though it seems as if no one knows anything about what your future holds or how to accurately judge the value of your business before it begins being successful. Even those with decades of experience have been caught flat-footed by newer technologies and ideas so don’t worry too much about getting laughed out of town because you’re confident in your idea and expect it to succeed.
3. Get (and stay) organized
According to Paul Haarman businesses fail due to poor organization and lack thereof more often than any other reason. If you want to run a successful business you’ve got to be organized. For example, keep track of all your expenses and income in an Excel file or something similar; make sure you set aside time for meetings with clients though it doesn’t seem like they need one at the moment; and learn how to prioritize tasks so that your employees know exactly what needs to be done and when it needs to get done by.
4. There’s no such thing as overnight success
It takes months or years to build up a reputation online and offline as someone who knows their shit and is good at what they do – it’s even harder if you’re just starting out as a new entrepreneur. Doing this also means not taking shortcuts such as buying followers on Twitter, paying for likes on Facebook or asking your parents to write positive reviews of your business online. It takes time to build up a reputation and it only gets harder if you’re trying to fake it until you make it.
5. Get used to saying “no”
The first few months after launching the business are likely going to be terrifying because every other day you have to reject offers from clients who are willing, able and ready to give you money in exchange for what you’ve got. While this is never easy it’s important that this is done so as not to take on more than can feasibly be handled by yourself plus an assistant or two at most just so that you don’t have any legal issues later down the line. You’ll get a feel for what you can and cannot do over time but, in the meantime, just say no to every request that doesn’t fit within your business plan or vision.
6. You’ll have employees before you know it
Unless you’re planning on going into business all by yourself – which is entirely possible depending on who your target market is and how many of them there are – then it’s pretty much a given that sooner or later someone else will be working with you at your startup company. So make sure to train them from day one so that they know exactly what needs to get done and how they should go about doing it because otherwise, things could quickly fall apart if a major crisis occurs since no one knows to handle themselves under pressure properly.
7. You’ll probably make mistakes
We all make mistakes in life and some of them are worse than others, but this is especially true when dealing with business matters since they can easily result in you losing money or having your reputation ruined overnight due to one quick yet regrettable decision. Just remember that it’s normal to not know what you’re doing at first – just don’t let that stop you from trying the best that you can. To learn more about how not to screw everything up follow this link.
MUST READ: canvas tcisd
8. What goes around comes around
This is something I’m still figuring out myself so bear with me here: if you’ve done something shady for example selling fake products or pirating software is commonly known as “grey hat SEO” then put yourself in your customer’s shoes just for a second. Although they may not have the skills to track you down should you choose to renege on your promise of providing them with regular updates or support if anything should happen, chances are that someone else who does will find out about it and tell them about your little business plan. And while sometimes people don’t take action even if they know exactly what’s going on, I’d say the vast majority would do so which is why it pays to be honest and upfront from day one.
Conclusion by Paul Haarman:
Starting a business is no easy task but it’s definitely an experience worth having at least once in your lifetime, providing you do it right of course. So if you’re starting out on your entrepreneurial journey then I wish you good luck and hope that this article has provided you with some insight into the challenges that lie ahead for businesses like yours or mine.