Taking up the journey to start something different and turning it into a business is hard enough; but, failing at it, and moreover recovering from financial losses is perhaps the hardest thing anyone will ever do.
Learning from other’s mistakes is a wise choice that one can take while starting something on your own. It’s reported that around 85 percent of the start-ups/small businesses close down in the first three years of their launch. In this blog, we try explaining what those fail-factors are and tell you what might have gone wrong and how it could have been rectified. We list out major pointers that will help you NOT TO repeat the same mistakes that others did in their entrepreneurial journey.
Create a Powerful Message
Quite often, many people are obsessed with making money and taking things really fast. It is important to take things on an accelerated pace, but it’s also important to know the direction in which you are headed. If the direction is unknown, then a lot of things can deviate from the original plan missing the goal by miles. So, the first thing you need to do is to get a vision statement. This statement has to define your goal as a leader; simply put, it has to represent you in your absence!
Know that your Time Bound
A lot can happen in a short interval of time in a small space. Your success has to be measured and quantified. Set a realistic goal and do whatever it takes to fulfill them. Make it a choice to not miss your deadlines and meetings. Be someone who respects the time and the things it can do for you. Learn skills that are important at various levels. Understand the strengths that you have and the goals you can set in due time.
Make friends with Numbers!
Financial stability is a must if you are trying to do something new on your own. Although you can get third-party people to do it for you, doing it on your own would mean that you cannot be fooled. Try to learn and develop a good grasp of your sales numbers, net profits, gross margins, cash flows, revenue, return rates, etc., associated with your business. You need to learn how to be cost-effective with the limited resources you have. With this in your skill set, you will be able to handle your finances well and keep things knit closely.
Start from the bottom-up!
Many CEOs these days are dependent on their peers and other people and ask them what to do and what not. They do so either because they are not sure about the work they are delegated with or maybe because they feel incompetent. If a person who has worked his way up from smaller things, he would be confident about any work was given to him at any time. The same holds extremely true to anyone who is willing to be an entrepreneur. At any given point in time, if someone refuses to do what is asked of him, then the leader must be able to substitute work until he finds a suitable replacement.
According to an entrepreneurial survey, 50 percent of small business owners do not take holidays or vacations because of their work. They are often seen at their desk or in their offices working even on weekends. All that you will achieve as an entrepreneur will be because of your hard work and there won’t be any kind of entitlements whatsoever. So stop cribbing and get going!
Build the Network
Not one person comes with all experience. It takes time and a lot of it, to understand and know the market, to take strategic decisions and most of all to sustain. Surrounding yourself with people who know what you are trying to do, in other words, who understands you, and most importantly who are willing to share their expertise with you can serve you well in the long run. They will let you know the kind of bumps that you are likely to face and the kind of uncertainty you can predict. Therefore, it is always nice to include knowledgeable people in your friend’s circle.
Having said all this, it’s important to craft out things as an entrepreneur envisions about the company. You need to carefully analyze what would work for you and what would not. These building blocks will serve you well at some point and will give you a head start.
To do something, you need to start somewhere, and Viewham is a good place to start. It is not just a site designed to make money, but it’s a site that is designed to support a ‘modern-day business leader.’ Log in to tour the site, at www.viewham.com.