Why starting a business is very hard and how you can be successful?—Here is why
You would have read or listened to people who expressed how hard it is to run their own business. The challenges faced while starting a business,
” 20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.”Bureau of Labor Statistics
But it may tempt one to ask if it is hard as described. You might ask in your mind: if it is hard, why do people still venture into business and are making a real profit?
Keep reading to see the answer to the question.
Does running a business seem hard as they describe it? Yes, it is!
Running a business could be very challenging. The day you start up a business is the day you have to face realities and the unknown.
Related Post: How to Grow Your Business on Social Media.
While gearing to start a business, many entrepreneurs gave up before they started, because of the fear of failure and unknown.
The bitter truth is starting a business can be difficult, it does not just require hard work, your mental health has to be in place. You also require a dose of determination and consistency for it to pay off long-term.
The funny thing is a customer may like your product or service but end up buying a different product because it solves their problem or meets their needs either mentally, financially, emotionally or physically.
People venture into businesses because they have a passion for it or they want to solve a problem, however, that doesn’t mean they won’t encounter challenges. It is your passion that keeps you going.
You might have missed: Automation: Why You Need to Start a Side Hustle.
We all might have heard or come across the word “hard work pays,” they went further to say; “if you put a lot of hard work into what you do, you’ll reap a bountiful harvest.”
Let me daze you, it is not always true!
If it is by hard work, construction helpers should have been earning more to balance the equation. As long as you are hardworking, there is a need to work-smart. It is expedient to know what is important, then work towards achieving it.
Starting your own business is not and has not been a get quick rich scheme, never! That moment you have an idea and you assume everybody will buy your product and boom life happens!
The truth is you’ll make cool cash with time, but it is important before you start a business talk to an expert in that field or make researches. This will help avert mistakes and loss.
Remember, “there is nothing new under heaven.” That same business you want to start, someone is already running it, make research, learn from people experience, mistakes and success story.
You might think with the rate of technological advancement it is easy to scale your business through smoothly without stress. Well, that can be true if used well.
My Advice in Getting it Right.
- Running a business becomes so hard when it is a one-man business, the loneliness that comes with it is much. The way-out is to get support, family and friends can help in a time like this.
- Have an ideal product: Get a product that solves a problem and not just proffer solution.
- Know your ideal customer: ask yourself this, who are my customers? Where do they live? Customers don’t just buy for themselves (they buy for their friends and family).
- Use the internet as a tool to leverage sales.
- Have a sales strategy and tactics.
- Be human: be reachable, be kind, be professional and keep to your word (integrity). “Kindness and integrity is the strategy in business.”
- Buy your product from the right vendor.
- Ensure you watch your competitors closely.
To some people starting a business takes a lot of their time, this has left many entrepreneurs worn out and affected their physical health and mental health too.
I will recommend that entrepreneurs have a to-do list and schedule their activities from going to the gym to feeding right, meditating and taking vitamins.
Don’t copy, be your original self to strive, leverage on what makes you different and be unique. It will tempt you to do it like everyone else, don’t do it!
Pay attention to what makes you special and what makes you stand out. Knowing the right people to work with is important, don’t just hire, also learn to fire. Know what you want and stay there.
Thank you for reading, drop your comment below and please, please and please share with someone.
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