Why does your dad or mom insist that you look down while walking? The reason is simple – for you not to trip and fall. Similarly, there are certain don’ts that every entrepreneur must adhere to in order to ensure that his/her business or brand does not fail.
According to a report released by the Small Business Association (SBA), thirty percent of most new businesses do not survive within the first two years of its launch, fifty percent fail in the next five years, while another sixty-six percent vanish in the first ten years. These numbers are more than enough to prove to you that starting your own brand or Business Empire is no child’s play and that it takes more than just a dream.
You are normally bombarded with a lot of things from people around you on how to start a business, what you must do, and what you must definitely not do. Some of these things include the need to plan, the need to arrange for finances, etc… However, here are four things that you normally do not hear about or rather hear about less frequently in a very low pitch. Read for more info here.
- If you think you can accomplish it less than the usual time taken by others in your field, then you are most likely to be wrong. It will take more time for plans to materialize even if you are an expert. The logic is as simple as the fact that there are 24 hours in a day for all.
- Although you are materializing your dream, you won’t even spend more than 20% of your time doing what you actually love doing the best. For instance, you plan on starting a handmade boutique because of your love to make things. However, for the business to flourish, you will need to spend more than 80% of your time in other things like looking for raw materials, finding investors, marketing, etc…
- You might have a solid 5-year and 10-year plan in place and would have even calculated all the cash inflows and outflows accurately. However, there will come a time when you will definitely run out of funds. This is common. Rather than sulking over it, the key is to get through the misfortune by planning for alternative funding options as a part of your Plan B.
- You can never escape the role of marketing. No matter how much you put yourself out there in the world, without proper marketing channels, your business will not go past the growth phase of its life cycle.