I’ve heard people say I have a business idea and want to put the business idea to work. The idea of people to be entrepreneurs has been encouraged by the government and private sector and also we’re frequent been reminded in our local media and social media as well.
The idea of people to be entrepreneurs has been encouraged by the government and private sector and also we’re frequent been reminded in our local media and social media as well.
I am a big fan of whoever wants to be an entrepreneur but am here not to discourage but to give you 8 better truth no one want you to know.
Do you have a business idea? Are you an aspiring entrepreneur or have been an entrepreneur? Whatever point you’re, here are the 8 bitter truth no one told you about starting your business.
1. Your business idea (s) grow old
No matter how sound your idea is today, it might be obsolete tomorrow. In business keeping your customers is vital and to do that 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 I have seen people who will tell you that you can do achieve business success within 24hours.
That is a false especially for new businesses and people who have jump into a business because someone said in 24hours you can make huge success have been welcome with a huge surprise 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 job
Due to huge unemployment in the country, people are thinking of starting their business as an alternative for been unemployed. They focus not on the business development but how the business will generate money overnight.
4. Business involves lots of trials and errors
The business method that was working for XYZ corporation might not work for you. You’ll have to do some trial and error to determine which business model works for you the best. Many business models, business product or services where to develop from trials and errors. Develop yours and know which one works best.
5. innovation is key yo success
The business world is fast moving and constant changing of strategy is key to success. The person that response to the change in days rather than weeks stands the chance to stay in business. Come up with new business strategies in other to stay in business. Today business is about velocity (speed).
6. You’ll need investors in your business
You’ll definitely need investors if you want to expansion the business and improve the business services. At the onset of the business operations, these might not be necessary, 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. With good business fundamentals and strategy, investors will be more than willing to invest.
7. Business profit doesn’t come on a daily basis
No matter how successful a business is, there are days that you don’t make a profit. That does not necessary means the business is crumbling, but it might be the business bad day. but a strong business will always bounce back and on a good day, the profit will overshadow the back 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 to focus on other important things.
Doing everything by yourself might work for a new business owner but cannot be sustain when the entrepreneur keeps doing everything by itself and the business is growing because the business owner might not cope with the pressure and stress.
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