Should I have to Know something Before Launching my Own Business ?

Although entrepreneurship is a risky road to money-making, it is also the most desired and sort after in today’s world. Nobody truly enjoys the idea of having a mundane routine in which they waste 8 to 9 hours of their day at a regular job and are paid less than half of what they deserve. Moreover, the notion of working for a boss seems equivalent to slavery. Therefore, the reason why people mostly prefer starting their own business instead of working under someone else is that it gives them more exposure and several opportunities to grow.

From starting an academic forum that provides essay help to students in crisis to selling clothing items at an online store, the internet provides you with a platform to begin your business venture. However, as a young entrepreneur, you must consider the following things before you take a leap of faith,

1.      Starting a business is not an easy path to tread:

Running a business is no less than running a marathon. You suffer from losses and victories and are caught up in a constant struggle. Therefore, the key is to understand and bear in mind that with businesses, you’re never truly safe. It includes several risk factors and negligence towards even one of them can lead to detrimental results.

So, first of all, as you embark on this journey, you must ensure that you are well-aware of the economic situation of the country you’re working in as well as the countries you plan on working with if you decide to expand your business to an international level in the future. Next, make sure you have a contingency plan for effective risk management and can handle time restraints with quick analytical skills and critical thinking even when the business is on the verge of falling. It is rightly said that businesses have lucrative rewards but no guarantees at all.

1.      Focus on catering to the demands of customers rather than the product or service:

When it comes to launching a business, you never truly know whether there is a demand for it unless you conduct thorough research. The one advice to remember is that you can’t find solutions to every problem through sales alone. On the flip side, you can’t find solutions to absolutely any problem if there are no sales either. Hence, it is always considered best to keep generating sales.

In addition to this, you must make sure that before you launch into this journey, you have researched well enough. This is the only method that will allow you to understand the demand of the product properly. For example, if you’re deciding to sell washing powder, you have to understand that there are several other brands of washing powder in the market already. The competition is going to be strict, and you might as well struggle to attract consumers. Therefore, you need to formulate a strategy to compete with them successfully and to establish your place in the market. Hence, research and analysis of consumer demand will help you figure out a way to distinguish your product from the rest by making it more appealing to the consumers.

2.      You won’t get it right the first time:

As already discussed, launching your own business is a risky move. More than the stability, it requires a lot of time to settle and run on a proper pace. Therefore, if you’re assuming that you will succeed in the very first year of its launch, then you are wrong. It takes a long time to fully establish a name for your brand or product in the business market. Furthermore, you are bound to make several mistakes at the beginning that even include financial losses. However, it is only through experience that you will learn to make better decisions and to build strong relationships with your clients.

What is essential to realise is that you will come across many frauds at the start, and they will take advantage of your incompetence as a fresh entrepreneur. However, you must not take it to your heart but continue moving forward with optimism and determination

3.      Ensure that you hold adequate funding:

Anyone who is walking down this route should have an open mind when it comes to financial investments and gains. This means that you won’t instantly receive rewards or generate high revenue at the start of the business. Instead, you will be required to invest during the early stages without any financial return.

Hence, expecting optimised results and high revenues is a far-fetched idea. As a young entrepreneur, you must ensure that you hold adequate funds to invest and simultaneously, bear any financial risks. If you are planning to quit your day job to begin this journey, then consider holding it off for a couple more months. You can quit the job easily once you start attaining results.

4.      Apply the learnings of business school practically:

Do you remember the theories and techniques you learned in your business school? They seemed adequate and correct at the time. However, the real world is not as simple as it seemed earlier. In the real world, you have to deal with business partners, lawyers, customers, clients, and other economic and social factors. Thus, the idea is to understand the world around you, listen and learn from the experience of other entrepreneurs, but do what seems right in the moment and not what the books tell you. Usually, the best decision is to rely on your customers’ suggestions as you are seeking to fulfil their needs and demands.

Started by Dennis Kemp at November 22, 2019 - 10:23 PM