I can’t imagine how young entrepreneur start a business and in the shortest possible time leave the business for another thing and expect the business to grow. That is not always the case especially for new businesses, because the vision of the business is with the entrepreneur that started it.
Statistics have shown that 90% of startup businesses fail within the first five years and 90% of the 10% that survive, fail in the second five years. That is to say there is every tendency that only 1 out of 10 new businesses survive beyond 10 years.
What then is the reason for that? The answer is not far away, business is like conceiving, delivering and raising a child. That is you’ll need time, dedication, focus and hard work to make the business stand out and to stand on his own. The following tips outline the basic steps required to build your business until you’re free or independent from it.
You conceive the idea
First of all, just like conceiving a child at an early stage, you can’t determine whether it’s male or female, white or ebony, so also in business. You come up with the idea of the business on paper not knowing how it will work, how much you need to invest and at this stage the idea might not make sense.
You’ll need to devote sometime to work and come up with clear ways of what the idea will entail in other to clearly give you the insight on what the business is all about.
A poorly conceived idea can spell disaster in the long term as at the onset of operation, the cracks on the wall of the tank might not be visible.
Develop a plan
When the gender of the baby is known, then what the baby will use becomes obvious and becomes top priority for the baby in other to develop properly to maturely. For instance, if the gender of the baby was to be a male, then you’ll know what type of cloth to buy, the food to feed him, shoes to buy and so on.
This is not different with business when the idea is fully understood. The entrepreneurs will develop a plan of action that will start and develop the business. The plan can be the mode of operation to take, intended people to hire for the business, who to target, money to kick start the business and so on. Then the entrepreneur begins to take action.
Nurse the business
The child doesn’t know anything when it enters the world. It then becomes the duty of the parent focus their time and strength to the baby as the child develop continues. This is to be sure that solid foundation is laid. What you feed the child, how to rock the baby, what they’ll say to the baby all will determine how the child will develop.
As you begin to take steps of action, this is also vital to how the business develop. The input you put will determine how the business will develop. At this stage the business will need your time, dedication continues planning and dedication in other to translate your idea into reality.
The business begins to stand
The baby over time begins to learn how to work. They work and fail and try again with the parent supporting them. Gradually they begin to work by themselves. The child is still under serious supervision and still been told what to do and how to do it.
Also in business, your first success is a good sign of progress in your business, but does not mean you’re there yet. You’ll need to fire on and know that you still need to make your idea and plans in place. Leaving the business at this stage will make the business on a down ward spiral.
Nurture the business
As the child begins to understand about life, you still continue to show him the path to be successful and influential in life. Then you begin to allow the child take decisions just to know how he can fair when he’s alone.
As your business grows you hire people and let them know why they’re hired. After working with people for some time, then begin to allow them to make some decision to see how they can handle the business when you’re not there.
Business is like raising a child that means you’ll need time to build your business before it can be independent of you. You’ll need to start by laying a solid foundation for the business to start and deliver the dream for starting the business.