Entrepreneurship is hard and it’s not for everyone. In this article, Makamba Online gives advice to first time entrepreneurs.
- Hold yourself to your word
One of best pieces of business advice is that your word is bond. If you make a commitment, no matter what happens, you have to deliver. Not only is your business’s brand at stake, but your personal brand and reputation, too. Poor business decisions could put your entrepreneur status at risk. Although the sources vary, it’s often stated that most businesses will fail within the first 18 months. The No. 1 general reason why so many businesses fail so quickly is because they don’t realise how hard it is, how “all in” you have to be, and how much talent it takes to be a successful entrepreneur
- Building a business is a periodical commitment
By starting a business, you have made a decision that does not allow you any time, in your first year, to do anything but build your business. You are not allowed to watch or follow family time programmes on TV. It’s a substantial sacrifice and you have to realise the level of commitment required. If you have this ambition of building a business, you have to make this mental commitment. Then, anytime you have for family or leisure time is an added bonus. In fact, you have to ask yourself how big of a business you are actually trying to build. The bigger the business, the more years you will need to nail onto year one.
- Be practical about your money
The first and most important thing is the importance of practicality when it comes to money. Some entrepreneurs start businesses and don’t realise the importance of generating money and managing profits. Instead of focusing on the present financial needs and building an actual company, they are too busy thinking about how much money they will be making four years from now. It’s a complete lack of practicality.
It is not nailed in stone that following this advice will guarantee your business will survive the first year, but without these considerations, you are not setting yourself up for success.
Author: Gesture Chidhanguro