This is not to discourage you from actualizing that next business idea, but starting a business can be quite the gruelling process.
And sometimes you can do everything right, make the right business connections and even succeed in starting that your awesome innovative idea and still, you will fail.
Welcome to the business world, here are 8 pungent truths about starting a business:
1. Your Business ideas Will Grow Old
No matter how sound, fresh and innovative your ideas are today, they might be obsolete (out of style) tomorrow.
In business keeping your customers is vital and since ideas are a moving target (they keep changing), you need to keep on coming up with fresh ideas that keep them and bring in new customers.
2. Business Is Not A Get Rich Quick Scheme
Business success doesn’t come in a day. You don’t start your business today and expect instant success overnight whether it is an online or offline business.
But there are people who will tell you what you can do achieve business success within 24hours.
That is false advice especially for new businesses and people who have jumped into a business because someone said in 24hours you can make a huge success. After you go into that business you will be surprised and hurt to find out that it was not so.
You’ll need to build your trust first before people will trust the business. Business success comes with time.
3. Business Is Not A Substitute For A Job
Due to huge unemployment in the country, people are thinking of starting their business as an alternative for being unemployed.
They focus not on business development but how the business will generate money overnight. You can have an actual 9-5 job and still run a side business.
4. Business Involves Lots Of Trials And Errors
The business method that was working for another corporation might not work for you. You’ll have to do some trial and error to determine which business model works best for you.
Many business models, business product or services and strategies were developed from trials and errors. Develop yours and know which one works best.
5. Innovation Is The Key To Success
The business world is fast moving and constant changing of strategy is key to success. The person who responded to that change in days rather than weeks stands the chance to stay in business.
Today, business is about innovation and velocity (speed). Come up with new business strategies in other to stay ahead in business.
6. You Will Need Investors In Your Business
You’ll definitely need investors if you want to expand your business and improve your business services.
At the onset of the business operations, these things may not be necessary, but as the business grows, you’ll definitely need more money to expand and to cope with the demand for the business.
As an entrepreneur, your job is to find these investors. It can be a daunting task but it’s worth the risk.
As long as you have good business fundamentals and strategy, investors will be more than willing to invest.
7. Business Profit Doesn’t Come Daily
No matter how successful a business is, there are days that you won’t make a profit.
That does not necessarily mean that your business is crumbling, but it might just be a bad business day. However, a strong business will always bounce back and on a good day, the profit will overshadow the bad day loss.
8. Business Requires Outsourcing
Sometimes in other to accomplish more and focus on developing the business, you’ll need to outsource certain jobs.
For instance, you can outsource a bookkeeper to audit your accounts and a business blog will outsource the content, which leaves you room to focus on other important things.
Doing everything by yourself could work for a new business owner. But the business cannot be sustained when you keep doing everything by yourself.
At some point, the business will stop growing because you cannot cope with the pressure and stress.