The thought of owning your own business gets many of us very excited and a train of thought ensues. For example, you can set your own time, get-up when you feel like or work as long as you want. The freedom and choice to govern your own course of life has many of us motivated in this direction. However, it is wise to understand the rosy as well as the un-rosy part of owning a business.
1. Choosing your own time
Okay, so you set your own time when you want to work but when an issue arises with your client, you may find yourself working late hours or outside of your comfort-zone to get the work done. Even so, the rewards of flexibility in time far outweighs the disadvantages since you are ultimately doing it for your self and you are only more than happy to please your clients.
2. Financial stability
This is likely to be the make or break thing that people often overlook. The deep desire that an idea or a business plan that you feel would work may not always materialize that way. As a result you lose money and you may find yourself broke. It’s not fiction when you hear facts such as 80% new businesses go out of business in the first year alone. However, not all is that bad, if you plan ahead. This means being very level headed about your objectives and the cost to run your operation, overheads, cost of materials, cost of marketing etc. If you plan for the worst case, you will likely to succeed because you will be able to cut it out for longer to make your business work.
3. Is it the right product/service?
Who is to say that you don’t have the most brilliant idea of a product or service? The truth is that if the idea is borne out of you and you should not let your own personal feelings cloud your judgement. Really thing about the market for your product if it is completely new, ask friends, families and better still the very unknown people who you will market to. In this way you can gauge if there is an interest in your product. You may feel that others will catch up to what you are doing here, wrong! Unless you have the financial clout of Apple, your new product will be very hard to market. Having said that, products such as in IT can hit markets in a very short time and many have had success in that area.
4. Attitude of Mind
You won’t find this tit-bit of information in most books since for people to succeed they need a certain attitude of mind. This doesn’t mean that if you lack a certain quality, you will surely fail. It is more important to be aware of it and the desire to take action. You really need to have a good body of knowledge to run a business, if you are lacking in some areas, you will need to have that covered. The thing is that businesses are organic in nature and you need to nurture, feed and make it grow. This just doesn’t mean selling, marketing and showing a profit, it means the very heart of its operation ie. people, skills, work environment, your attitude, client interaction etc. You know what I am talking about.
5. A deep desire to Succeed
Thankfully most businesses are started with an inherent deep desire from the party that started it. Without this, there would be no love in doing what you do each day, you might as well get a 9 to 5 job. However there is a caveat to the ‘desire’ that you hold dearest to you and the sense of great accomplishments lying in front of you. This is being too rigid in your own beliefs and I personally have been a victim of this. You really need to grasp all the data points that are arriving each day as you progress from making an infant business to a great big business. This means not ‘reacting’ to situations and putting the fires out and then resting but really know what is important and what is not. Tim Cook mentions eloquently in his interview with Charlie Rose and I have posted a blog of this. He talks about how he is able to switch out the ‘noise’ in his daily working life. The seeds of great success has a great leader standing right behind it.