Most entrepreneurs have no idea what they are doing. Let us fill you in on the need to know the basics.
Being a business owner has never been easier and harder. On one hand, you are faced with an array of daily challenges that keep most from ever taking the first step. One the other hand, the internet has become a resource that is boundless with information and opportunity beyond most people’s wildest dreams.
Business in 2019 means that you must be willing to try, fail, and adapt. And in this brief post, we are going to cover what that means.
The reality is that most business owners for the first few years have no idea what they are doing. You wake up early in the morning, you set up a routine for yourself, and you try and fine-tune it over time.
Most businesses fail within their first year of operation. Even more, don’t last past two or three years. But, the ones that do have a good chance. The reason isn’t because of some grand enlightenment that happens, it’s because of a combination of education, luck, and drive.
Being a business owner means spending 17 hour days for the first few years understanding your business to the last detail. Why? Because if you don’t know how to handle most of the problems yourself then your eventual team won’t be able to either. It also is when you learn the most about how you operate best and why.
It means missed opportunities for love, family, and friends. It means being stuck inside longer than any person should be.
Build Your Educational Reserve
But it’s not all bad. You get the chance to experience things that most people don’t. The mistake that most people make is not documenting their progress over that time via notes or a journal to compile.
Everything you read, everything you do, can be used to build a resource that can help your successor or future business manager. At the same time, as you pursue learning more about the business itself, such as the difference between debt and equity you will pick up more of the structural know-how needed to run it both effectively and efficiently.
Failure & Improvement
Regardless of if you do everything right or do everything wrong, sometimes you will fail. Orders will be late, business will be bad, and you may take a hit. But that’s the best part, you get a chance to improve upon those mistakes and failures.
The time you spend investing in your business arms you with an appreciation for and a skill set for the business that can’t be taught in a classroom and is transferable to all other areas of life. Everything from risk management to negotiation will make an impact on your life. Business is as much about transformation as it is about creation/development.
If, after reading this post, you still are interested in getting started, then you know everything you need to make it happen.
Have you ever run a business? Or have another experience or tip to contribute?
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