A few lessons from failure and what I would do different if I would start another business
In this post I want to share a few important tips for all future #entrepreneurs and future #business #graduates who dream to have their own business and stop working for the man and finally make a billion $ empire and drive a Rolls to work.
There is an old saying “before you can run you need to learn how to walk” and it’s the same when you start a business. There is some much #data on how to start a business from books, journals, internet and even school but nothing can prepare you the same as the real life and the moment you actually start.
According to the Small Business Association (SBA) 30% of the new businesses fail during the first two years after opening, 50% fail after five years and 66% during the first 10 years so if you tackle everything well from the beginning hopefully you won’t have to find yourself in between the figures above and thrive and in the end grow your business.
So, when searching for your business idea think about something that’s feasible, a product or a service that can bring you money from #day1, choose a product or a service that you’re able to do, it’s going to be much easier and you will satisfy your customers and yourself do a research of the #market you want to tap into, the research will tell you exactly if the product or your service will sell or not.
Another thing I would do different would be the #brand name and the #logo, try to go for something small and catchy preferably from one word only and a unique logo for your business, this will depend what type of business you’re in the options can be varied, when you will start trading you will get involved with different bodies and traders and the number one your #customers which they need to remember you so make it easy for everyone, choose a #smart brand name.
The third step is how you’re dealing your #finances, have a business bank account when you start and never ever mix your personal expenses with business expenses, in this way it will be much easier to calculate your year end profits and know exactly if you are growing or not.
The fourth and most important bit I want to share is about #fear, along the process and before you are starting, I know a few colleagues of mine they were always talking about starting their business but somehow they would invent excuses every time I would ask what and when they will start, this type of mindset will only put you and you’re project down or behind with weeks, months and even years, think the worst that could happen, you can loose some money and learn some lessons but if you won’t start you will always live with regret of what if.
So, what do you want to start? Start today, an entrepreneur is a risk taker, a hustler, you don’t need to have all the answers but be ready to take risks and to open yourself to new opportunities, that’s the only way to #succeed.