What is the most significant gift successful entrepreneurship brings? We all believe it to be rewarding and filled with grandeur, but what is the true essence of owning a successful business? The examples of leading business owners from around the world show us that entrepreneurship is supposed to empower the business leaders and give them the power to change the lives of the people involved. The advent of new-age technology has changed the course of achievement, and it has enabled members of the younger generations to embrace success.
It would be wrong to state that the rate of success has increased among businesses in this decade. Over 70% of the start-ups fail within the first three years of genesis. Even then leaders like Jason Guck shine as excellent proof that ironclad will and aspirations can combat every adversity and make way for success. Apart from procuring the business capital and convening the right team, you need to focus on many aspects of your life that will give shape to your entrepreneurial dreams. Business aspirations are rarely entirely financial, so the process of setting up a business shouldn’t be purely commerce-driven as well.
What are you genuinely passionate about?
All famous entrepreneurs we know today, have excelled in their respective fields because they were (some still are) passionate about what they do. They have given their time and money to something they like. Unless you can believe in the cause you are funding and propagating, you will never experience real success. When you begin a new brand, feeling that passion burn inside you is imperative for achieving new goals. Instead of seeing your business set up a money-making machine, you should be able to see it as an opportunity to make a difference in the lives of those directly or indirectly involved in your business.
Do you have a vision for your life and company?
How can you think about meeting an objective or making a difference if you do not have a vision? Most of the times, business owners envision their future, their country’s and employees’ futures in a certain way. Where do you see yourself five years from now? Do you see yourself sitting in front of the PC, reading a motivational blog and waiting for the right moment as you are doing now? Do you see yourself diving into a pile of gold coins like Uncle Scrooge? You need a highly visible set of goals. No matter how long-term or short-term your business goals are, you should put them up on your office walls. Use bulletin boards, calendar reminders, put up glow signs if you need, but never take your eyes off those goals. These are simple yet effective ways of working towards a vision.
From where will you get the capital for your enterprise?
Business capital is never equal for two identical businesses, as long as the owners are different. Investment requirements vary incredibly between enterprises, and you need a thorough audit of your plans to find out how much you need right now. Before you jump with joy upon getting your seed money, you need to estimate the total cost of your business. You will need a comprehensive business plan that considers plans of initial production, first level packaging, transport and delivery costs, the payment for the vendors and expenses of third-party services. It is an extensive process, and it may take longer than you think. Next, you need to find the correct investor, who will provide you will the capital you need and at the same time stay out of your way during decision making. All of this takes perseverance, tenacity, intelligence, and experience.
What are your plans for the initial expenses?
New entrepreneurs often forget to budget their business expenses once they get their hands on the capital. The lack of funding is not the reason most start-ups fail. The absence of smart budgeting drives the final nail in the coffin. Think of it as spending money from a static reserve in the initial days. If you keep withdrawing cash for splurging on the top model of equipment and latest upgrades, you will soon find the coffers empty. It takes months and sometimes even years for businesses to break even. It is essential to make a few considerations before inaugurating your business –
Can you run your business exclusively online instead of working on a storefront?
Can you invest in social media marketing and online marketing instead of splurging on hoardings?
Do the software programs you need come in free versions?
Can you outsource simple tasks like printing or software security to dedicated third-party providers instead of hiring full-timers?
Making a few simple changes to your business plan can potentially save you hundreds of dollars, if not more.
Who is your mentor?
It might not be the Dark Arts classes at Hogwarts, but you need a mentor to guide you towards the right decision. In the age of round-the-clock web connectivity, it is not very difficult to connect with fellow business owners and thought leaders. Finding like-minded people is crucial since it will teach you the inner works of a business. It will help you learn essential lessons on business ethics, expansion, and environmental concerns. Having business leaders on your social media friend lists will keep your up-to-date on the status of your goals. Talk with people, grow your network and break down the silos, if you want to make an impact in the world of business and finances.
It is easy to understand that running a business is a highly rewarding experience, but it has its fair share of sacrifices. All the top world business leaders have given their share to make it to the Forbes list, Time Magazine covers, and Bloomberg lists. It is not enough to have the business capital and spending plan. You must also be ready to conserve your health and keep your life organized to make the best of every opportunity that comes your way.