Starting something that means a great deal could be an intriguing experience. There is an adrenaline rush when someone for the very first time calls you an ‘Entrepreneur!’ and then with this, there are things to learn and there are things to re-learn.
Therefore, this article is aimed at making you aware of the aspects you need to know when you start your own business. Some pointers here may sound negative and discouraging, but they are important in terms of knowing what you are up against.
A sense of satisfaction
To begin on a positive note, starting your own business will create an immense sense of satisfaction. An entrepreneur’s job as you know it is extremely challenging and demanding at the same time. In the beginning, all roles such as marketing, financing, sales, distribution, invoicing are taken care of by him/her alone. These things are stressful and often creates a lot of strain on the business side of things.
If you own business however small it might be, you will be the first one to wake up and the last one to go to sleep! Amidst all this, there will be one thing that will overrule all of it; and that is a great deal of satisfaction that you are finally not being bossed around by someone and are living your dream. Not many take this path, but the ones who do are the ones who invent something new.
There will always be a competitor
Your product will never be the first of its kind. There will be someone working on the same thing at some other place. The same product you see at x amount will be sold by your competitor at an x-y amount which is smaller than x. Your customers will obviously go in for the smaller pricing in the competitive market. Therefore, it should be the business model that you should look into.
A business model is the blueprint of your entire plan. A tweak here and there and some scrutiny with alternate plans to bring about creativity is all that’s required for you to make the product look different. This will not just be a good strategy but also be something that is unique and one of a kind.
It will never always be sunny
This is one of those things that the faster you learn the better it will be! Not all days will be rosy and amazing. In fact, there will be very few days that you will make good profits to sustain and make it up for the off days. It’s hard to not make any significant progress all throughout, but it’s important to maintain the progress once conquered.
As long as you believe in the vision and trust the path, it is OK to move on. The times that you don’t make money in the offseason. You should begin by analyzing the offseasons of your business until the customer is again willing to engage so that you can plan accordingly.
I cannot begin to stress how important this is and will be for anyone who is trying to start something big. As an entrepreneur, you are entrusted to talk to people of all sectors and domains. Sometimes you have to pitch the same idea over and over again, and it could get out of control where you lose your temper, and worse, get bored with it. Sometimes you will be asked to talk to people with different mindsets and intellectual levels. Trying to help them understand what you are trying to do and most importantly, how you would do it, will either inspire them or confuse them. Hence effective communication with different people with diverse expertise is an important skill one must master.
Tagged as an entrepreneur, in my opinion, is the easiest step in the ladder (although some believe it’s extremely hard). The hard part is after being recognized as an entrepreneur!
It’s no joke that the job is tough, and one has to deal with the physical, emotional, social pressure one has to face every day. It’s a lot of pressure and performing everything at the highest level is hard. There will be times you will be cranky, tired, emotional, and there will be nothing you can do about it. If you are not willing to endure all this, they may be being an entrepreneur is not your cup of tea.
Losses will occur!
The path that you are trying to go on has never been tested. It’s unique and one of a kind. When you start off, you are likely to make mistakes, and financial losses are bound to occur. For instance, some customers may be unhappy and would want a refund. You might have to incur some temporary losses for a while. The resource usability will not be optimum and there will be a financial strain on the things you do. You should, therefore, think of looping in investors, venture capitalists, personal loaners, and other people who can think of logically partnering with you.
It’s also OK, to use your personal line of income unless it’s not pinching your pockets on a daily basis; but the former option would still help in the long run in terms of sustainability.
Some of the pointers above are indeed discouraging. You might wonder, what is the whole point of starting a business when there are such chaos and tension luring around it. Well! I would say take your time to decide. Once you enter in the field, you need to give in all the hard work you can. Otherwise, it’s a long road that will lead you nowhere. Understand your product from a third-party perspective and check if the business process is worth it or not. Platforms like Viewham will help you along the way to validate such business ideas. Log in at Viewham today to know where you can make maximum profits in the market.