5 Ways to Avoid Unnecessary Obstacles on the Entrepreneur Path
Unlike the various fields where people know what is right and what is wrong, business is a twitchy profession. Twitchy, because there is no specific right or wrong in it. If it works for you its just great, and if it doesn’t then well it just doesn’t. so what do you do with something so umbalanced. You can’t really afford to invest all your time, money and resources in one idea and just lose everything if it does not fair very well with people. So before you take the trial and error method as your modus operandi for the job, stop and think. What if everything could be done without you having to fail much? Or at all? What if you know the right paths and that is where you tread when you work?
Well here are a few points that highlight some sure shot paths you should prefer to not take on the route to success:
1. Reasonable losses are reasonable
Even though I do claim that lesser the mistakes the better you are at your trade. But the thing about any trade is problems and losses are inevitable. You have no rule book to refer to and some stuff will just turn out to be a hurtful loss to your business at one stage or another. But don’t be too disheartened because you have to accept that aspiring entrepreneurs have more to win as compared to what they have to lose. But still the only way to combat the feeling of losing is to keep tabs. You should know whether you are losing a little more than when you are winning. Because if your ideas are falling on deaf ears and people are unable to relate to them at all; you need to change your thinking and approach to your work. So making mistakes is cool as long as its in a limit and helping you learn not drowning you in the pool of bankruptancy.
2. Foundation Strength
Ideas, brainstorming, marketing: all of this comes later! Even before you begin, what is more important than everything else in your enterprise? It is having a sustainable idea. This is the basic spark i.e going to determine whether your business will light up or it won’t. In a nutshell it’s a big thing. Now what that idea is, how passionate you are towards it, what are your intentions to make it work? Everything is secondary. Your idea should have the basic capacity to sustain you. It wouldn’t be a good business if you open an expensive coffee shop (from the scratch) right next to Starbucks! It would be a fool hardy decision which will definitely only harm you. So think of the market, the competition, people’s tastes and whether you love your work or not. Bear in mind little things like that and once you come to a conclusive trade that ranks “above average” on all parameters, BAM you just go for it!
3. Understand Yourself
This is probably one of the toughest and yet the most important steps when starting a business. Now look, when you are employed in a normal job; you have targets set for you. Your work, behavior everything stays related to your co-workers, managers, everybody. But in case of entrepreneurship all you do is surrounded by you. No one is controlling or listening to anything. Its just you. So you have to understand who you are if you ever want to succeed. There are undoubtedly many faults etc in every person but if one understands his own faults and capitalizes on his strengths there is no stopping him. And that is exactly what you should do if you want to reach the top. As a person and as a worker there is bound to be a particular set of characteristics that describe you. Some people work better under pressure, while some tend to crumble under deadlines. You will seemingly grasp your behavior with time, just always be attentive to your actions. And once you can pin point where you lack you can either Develop ways improve upon your weaknesses or hire the proper people to make up for the faults.
4. Keep the Competition in mind
Entrepreneurs start off with full vigor and win successfully in the market. And when their profits seem to blur they keep bringing new stuff to the table. They blame themselves for not being up to the mark sellers and henceforth failing. But what they never realize is the fact that maybe its not them that is causing them to fail. They always fail to put the competition in the equation.
Most businesses start accidently but there are others who knew what they had to do even before you started with high school. I am not trying to freak you out or something. But you have to understand that in the beginning years you will not suddenly boom to zenith. The growth will be gradual and rather slow. You will have to be patient and devote yourself to your work without giving up everything in a huff! Pay attention to the competition and don’t let it get to your nerves! It is this competition that will help you come up with better ideas and help you progress. So learn while you grow is the mantra here. Be aware of the present and assess the future well. Understand the changes in the industry and make sure you come to adapt them (and still win too)!
5. Keep a whether eye on the future horizon
This is one profession which as unstable as the whether. Yes, if you are starting a business you are sure to lose and win erratically. There is no finality or certainty in what happens. But we can’t just let fate’s mysterious design unfold before us and sit down sans action. No that would be the stupidest thing to do. So even if everything is muddled up and unsure of, we have to be in charge of however much we can control. Like for instance, if you are just interested in a small time enterprise without long term promises, you will try to function from your home itself. But in case you know from the beginning that you are up for the bigger fish, you will surely buy a small office and establish your business therein. All your set up will depend on what you expect from the future and which direction you wish to sail your boat. Even your sponsors and way of presentation should all be done while keeping in mind what you intend to make of your work in the near future. Of course short term goals are what keep us going, but a simple big plan is what will help us to succeed!