Since the majority of startup small businesses fail, how can you succeed?
Before we answer this, who am I? I have set up and sold 4 small businesses over the last few years, all of which continue to be successful, so I know a few things about the subject.
Now, let’s get to the main points:
It is important to know what, when, why, where and how you are going to start your business. Unless you have clear focus, don’t even try, it will just be a waste of your time and energy.
In addition, you will want to do whatever courses are available that might help you achieve your goals. For instance, in my case, before starting my most recent venture, I completed a Certificate 3 in Business Studies, a Diploma in Digital Marketing, a Diploma in Sales, and, a Diploma in Project Management.
What I mean by practice is not to just dive straight in and learn on the job, no, what will really help you is to observe how SUCCESSFUL people have started the same kind of business that you are attempting to start. How can you do this? One effective way is by getting a job in the industry where you intend to work. Once you have done this, observe the process. If it truly is a successful business, they will have a highly organized and effective process.
Another possibility is actually starting the business. I know, I know, I said don’t do this, however, this suggestion has a little difference. Start the business with no expectations. Become the marketing director, accounts manager, sales director etc… do everything yourself. The problem with this approach is that it will take up huge amounts of time, amounts of time that will be saved, if you are able to work in a successful business that someone else has started. Yes, this suggestion is the harder of the two routes, however what it does do is go from theory to a complete practical knowledge of the industry, to become fully immersed in it.
There is a reason why 4 out of 5 small business start ups fail, the rewards are hard to achieve and take inordinate amounts of time to achieve. How can you get over this obstacle?
The key is to Pursue. You need to be focused on your goal, and, never to look away or be distracted from this purpose. How long can you focus on your goal? Only you can answer that! However, realistically, it will take you some years to truly progress in your endeavor. If you are someone who gives up easily, you should really not try to start a business. Instead, look for a well paying job.
If it is all such hard work, why bother? The rewards can be huge. Consider just a few:
*Time – Have a flexible schedule, spend more time with your family or other priorities.
*Passive Income – Depending on the type of business you intend to start, it may keep paying you even when you are not working.
*Capital Gains – You have the possibility of achieving significant R.O.I on the outlay involved in starting your business.