6 Significant Things You Must Know Before Starting a Business

Jennifer Betts 0
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Why do they say time is money? Even Bill Gross has emphasized time in his quote. It’s not the idea, plan, business model, team, or, surprisingly, even the money that’s the most significant factor in a startup’s success. It’s all in the timing.

Some people spend their nights lighting both sides of the candle when it comes to work but end up being utterly ruined. Why does that happen?

Before answering your question, let us hit you with a bitter fact,

More than 50% of small businesses fail within the 1st five years.

Data from the Bureau of Labour Statistics (B.L.U.) shows that 20% of businesses fail by the end of the first year. 30% of the business goes down in flames by the end of 2nd year, and two-thirds of the business does not make it by the end of 5th year.

What do you think the reason is?

06 Significant Things We Need To Consider In Starting A Business

Time is not the only reason why more than half of businesses do not make it to the end. There are several other factors that you need to consider before you start your business.

Before considering all the factors, fear is the most important thing that you need to take care of.

In order to succeed, your desire for success should be greater than your fear of failure”

Without wasting any more time, let’s look at the 06 significant things we need to consider in starting a business.

Be Passionate about What You’re Doing

Studies have shown that an entrepreneur’s level of passion is an important factor in his or her level of innovation, tenacity, and business success.

Steve job says that “the only way to do great work is to love what you do.”

If you have no interest in what you do, you may forget your dream of becoming the next Bill Gates. If you do not love what you do, you will not put up enough time and effort. This is where your competitors can take the ball in their court.

So, you have to love and be passionate about your work.

Give Respect and Earn Respect

According to Thorsten Heinz, “you have to respect all your competitors.”

Here’s why. Your competitors make you great, and every brilliant strategy or failure teaches you a great lesson.

Richard Branson advises all businessmen that,

Strike the right balance between respecting your rivals and focusing on how you can beat them, and you will have a winning formula!

Respecting your competitors doesn’t mean valuing them, but learning from them. Remember, you are not the only fisherman fishing where the fish is; other fishermen are also present. Your slight negligence can make you go back to the drawing board.

Initial Investment

Suppose you decided to provide resume writing services; how much will you invest?

Initial investment means money, time, knowledge, equipment, machinery, etc.

Estimating the initial investment and startup cost is pivotal when you want to be on the top of your game. Lack of capital, insufficient investment, and poor cash flow management can really take a business back to the drawing board.

Benjamin Franklin says, “An investment in knowledge pays the best interest.”

You have to make a rough estimate of the investment you will need before starting your business.

For example: For a writing business, you will need a laptop or P.C., some writing skills, essential tools, and effective marketing tactics.

Analyse Your Skills, Strength, And Time

Do you know that Rowan Atkinson (Mr. Bean) is an electrical engineer? Even Lisa Kudrow (Phoebe from F.R.I.E.N.D.S) went to Vassar College to pursue a psychobiology degree.

You must be wondering how a science and medical student ended up in a completely different industry. Well, that’s all a matter of skills and interest. Mr. Bean had the skills to win the heart of 98 million fans, & Phoebe is the second most liked character in the show.

So, analysing your personal skills, strength and time is the most important thing. If you have the time for your passion, you will ace the game. If you have the strength to bear rainy days, none can stop you from shining bright when it’s sunny. You just have to have the guts to take risks because

“The biggest risk of all is not taking one” (Mallory Hobson)

Sell It Before You Build It

There are many Professional CV writers in Brisbane; why would someone take your services? How will you get the customers?

Remember, building a business isn’t an overnight project; you have to sell your services before you build it. Conduct market research, and approach the consumers based on their needs and requirements. You have to create a unique selling point for your services. Either provide the exceptional quality service or provide the cheap one.

For future entrepreneurs, Robert Kiyosaki has a piece of great advice,

First, in order to build a business, you have to be able to sell because Sales = Income. When income is lacking, it’s usually because the owner doesn’t like to, doesn’t know how to, or is simply reluctant to sell. Without sales, however, you have no income.

Have Fun:

Type “Coca-Cola – Open happiness” or “Coca-Cola Happiness Machine” on YouTube. You’ll know exactly what are we talking about.

Ollie said, “Do unexpected things to surprise your customers.

While doing a business, just don’t forget to have fun. Conducting fun activities is a great marketing strategy that will help you boost your sales. Plus, when you are a service provider, your main focus should be on building relationships not sales because, at the end of the day, it’s all about people.

No one can stop you from tuning the trump cards when you have your supporters. When you’re just focused on creating sales, you will return to the point you put the gear on.

Conclusion:

There are many things one should take care of while starting a business. Here we have discussed 6 of them in the light of some entrepreneurs’ quotations. Though you do not have to follow what everyone says, you have to respect their opinion. Keep taking expert advice, and be in touch with your seniors and peers because they can help you on your journey.

Plus, do remember that your competitors are not your haters. You do not have to hate other contestants of the same race, focus on learning from them. Focus on their mistakes and achievements, and you will grasp a lot from them.