There is more to starting and running a business than just money and number of employees. Some people have to go through therapy even before launching into their new venture. Why is this so? Well, because society, with its ups and downs has inflected a sense of negativity into the lives of many. I mean, how can you stay positive and creative when your boss refuses to give you a promotion after five years or when job search becomes a new normal?
Nowadays, small businesses fail not because of poor management or finances. They fail because of the poor attitude of the man in charge. If you as the boss think the worst for your business, do not expect anything better from your employees. Before taking the leap and starting your business, here is a checklist for you.
As crazy as this may sound, it is true. Simply put, when you dream big, you give your business a long-term vision which it should target. When you think small, making plans and executing them becomes easy. Although thinking big has its advantages, thinking small allows you to take your first steps from your present position. As the saying goes, “Small drops of water make the mightiest ocean”. These tips should help you make those small steps. Entrepreneurs-Journey.com
- Concentrate on Value
Okay, you may have succeeded in cutting corners in office projects and still got some praise from your boss. Well, this won’t work in your business. Do not start a business that gives out half-baked products and then expect to get clients knocking on your door. Money is simply a form of value exchange. It only comes to you when you give out value to others who in this case are your customers. Before launching your business, put yourself in your customers’ shoes and ask yourself, “Is this product worth the amount I’m paying for it?” If the answer is no, take a step back and do your home work.
- Send Negativity Packing
And give positivity enough room to play. Negativity and success definitely do not belong on the same team. In today’s downtrodden economy, many entrepreneurs allow their businesses to experience a downturn. This is because they allow external circumstances to override their business decisions. Yes, we are not perfect and tend to blame others for our mishaps. But when you run a business, no one else is to blame but you.
The economy is not responsible for your business failure. Like it or not, there are businesses today making roof-breaking profits even in this downturned economy. How? That sense of positivity is not only a part of the boss but of the employees too.
You can’t give what you don’t have. Therefore, get rid of all that negativity by accepting responsibility for your new business. It’ll naturally flow down to your employees.
- See the Future In Your Business
Why do you think Bill Gates is one of the most successful men today? He saw the future in Personal Computers. Although, Microsoft is no longer a small business (as it has delved into other bizopps), it was once small, just as yours is today.
Just ask yourself, “What will be the impact of my product on society 10-20 years from now?” You would be surprised that you’d either have a fantastic answer to that question or nothing to say at all.
When looking at the future in your product, take note that 20 years from now, the economy would either be better or worse. Technology would also have advanced (definitely). Take these into consideration and find a place for your business.
It is really good to look at past successes or failures and learn from them. But dwelling on them is not the ideal thing to do for your business. Dwelling on past successes could cause you to relax and be ignorant of future threats to your business. Dwelling on failures simply leads to negativity and pessimism.
If your past is filled with business failures, the best thing to do is to accept it, learn from it and move on. Realize that the past is now beyond your control and that you can’t change it. This is an important step because entrepreneurs who fail to analyse and emotionally detach themselves from their past failures often end up being business failures in future. This should help you learn to leave your past behind and face your present business.
One of the attributes of a successful business is effective risk management. This means that for you to become a business success yourself, you must learn to face and manage risks. The transition from being an employee to becoming an employer can be daunting because you see the business from different perspectives.
Depending on your office, taking risks as an employee is out of the question because you have a boss who might not encourage it. As an employer, you are in-charge and make the risky decisions. These decisions can make or mar your business. Therefore, you need to learn the the art of turning a supposed risk into a business advantage.
The world is moving fast and so should you. In order to survive and grow, your business must evolve. Therefore, as an entrepreneur, knowing how to lead and manage change is fundamental for business success. As a leader, the decisions and actions you take on your business must show effective change management. Clarity, vision and integrity are all important during your business evolution and it’s your duty to make your employees understand this.
In conclusion, regardless of how many opportunities you may have missed, you can still be a successful entrepreneur. It is possible to run a small business in any economy; all you need is a will and a way.
Image source: Smallbusinesstrends