You have decided to start a business. You have an entrepreneur head on your shoulder and you are set to hit the ground running. Starting a business is not an easy task; it takes dedication, hard work and an insane amount of time. With this however comes some great perks. You will be your own boss and can work hours that suit your lifestyle. In the long run with a team of people and a financially successful business, you will reap the benefits. 10% of businesses become legitimate. Plenty of preparation will keep you in that minute percent.
Before you embark on the journey and make the decision to start up, here is a list of things that must be considered before you begin.
- Don’t say “no” to any task or anything: You need to be able to operate as a one-person team before financially you will be able to hire staff and pay their wages. This means you need to dabble in all areas of business while you operate as a one man band. From finance to marketing to cold-calling and sales, these are all things you will need to do in order to grow your business. If some of these aspects intimidate you, think about getting a business partner to fill the areas you feel you cannot. Being an entrepreneur, you need to schedule your time wisely and ensure you aren’t just completing the jobs you enjoy and leaving other avenues (perhaps marketing and brand awareness) aside.
- Make a decision and run with it: It will take you a while to find a space in the market that’s right for you. With no boss above you telling you and guiding you what to do, you will need the ability to make a decision and run with it. You will also need the comprehension to have the ability to say, “this isn’t working. We need to change it up”. Imperfect decisions will happen and mistakes will inevitably be made, having the capacity and brains to notice this and adjust is what you need.
- SWOT Analysis: Probably the most common way to troubleshoot barriers to entry is to create a SWOT (Strengths, Weaknesses, Opportunities, and Threats) board. It may seem a little “business 101”, but this a helpful method of visualizing where you’ll run into issues. It’s amazing to see how many young founders there are who jump the gun when it comes to analysing the market they want to do business in.