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3 Things that are essential when starting a business

2019-04-09 Business No comment

I have been talking to people, I don't know if it's because we are in the first quarter of the new year, or have more confidence in the economy, but I realize that there are more people who want to start their own business. As a business owner and a social entrepreneur, I think this is a good thing.

I am often asked about the idea of ​​starting a new business. To be frank, I like the adrenaline surge, vision-driven and strategic development of new business opportunities. If you've been thinking about starting a new company, there's no time to start getting into entrepreneurial thinking and think about whether it makes sense to you.

If I am the first time to start talking to someone as a new owner, I suggest that they remember three essential things:

  • Do you really want to be an entrepreneur?

The first question is the hardest, but you have to sit with it for a while. I talked to a lot of people who started a business, and then they were dull and returned to the safe embrace of 9 to 5 years old. Being a business owner is not as "charming" as it seems.

Of course, you have a flexible schedule [sometimes] and the ultimate decision maker to decide on size decisions, but being an entrepreneur is not for everyone. In fact, you will never work as hard as you do, especially in the early years. Twelve hours plus a few days, including weekends, are not uncommon.

Being a business owner means everything is on you. You may have someone else working with you. You may be one of the leaders who allow his professional team to be their professional, but as an entrepreneur, your responsibility is to understand every area of ​​your business: sales, marketing, legal, financial and accounting, Administration, marketing, research and development, product development, etc. It takes a lot of time to understand all the areas of the business and make sure they work. This is an endless process.

  • Do you really want to do business with your friends and family?

Many times, especially small businesses, you have friends or family members who decide to do business together. It makes sense to do business with someone you know and trust, but do you want to do this? Your relationship may be affected if there are any issues.

This is a good scenario: you have been working for 12 hours and are doing well within your responsibility. Your business partners and good partners may not be as hard-working and disciplined as you are, so resentment begins to build. This is a factor in conflict, and as tensions intensify, your business will experience an exponential decline in internal friction.

Another possibility is that you don't do business with any friends or family as your partner, but maybe you decide to hire the same good partner to be one of your first employees because you trust him. What happens if he doesn't invest in working hours or work that you think is critical to business success? There are countless examples of business owners collaborating or hiring friends or family members simply because of the way in which business is affected [and relationships] from work to fraud. It is very difficult to separate your business from your relationship without destroying them.

  • Decide if you are Cupcake Baker or the owner

Many people are passionate about something in life, which is great. Maybe they like to make cupcakes, or they like music and want to sell instruments. No matter what your interests or interests are, if you have one, you won't just do that job. As a business owner, the most important part of your business is the vision, sales, etc., and the path that the company has defined in its business plan.

If you like painting and you decide to open a paint shop, then you won't spend a day painting. You will spend a day selling paint, dealing with customers and managing books. The same applies to cakes and even small parts. Business owners who want to develop their own company will not bake the cake alone or run the company.

If you want to grow, you must focus on the entire "business." As a business owner, cake making, painting, music or gadget making is just one of the elements, but it is certainly not "commercial." The business is to promote your products, price points, finances, customers, cash registers, accounts receivable and accounts payable, and payrolls.

In short, don't get me wrong. For me, as an entrepreneur, I will not change anything in the world. I like to be a business owner and dig deeper into all the elements of my company and brand. It is exciting and exciting, and no day is the same. However, any business owner will tell you that the points mentioned above are critical to understanding whether the entrepreneurial path really meets your requirements.

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