Do you have a stressful job that doesn’t fully satisfy you? Are you dreaming of something bigger, something that you can self-realize and will help you to achieve financial success? Building your own business from scratch is enticing for many people. But before you make a decision that will change your life, take some time to consider what it will really mean.
There are countless examples of how a business can succeed.
AirBnB, a $25B company, started in 2007 as a simple website created by Brian Chesky and Joe Gebbia. The co-founders designed the company originally simply to rent their flat, or actually- mattresses in their flat.
In 2004 Facebook was a relatively simple app designed to connect Harvard students with one another. Over the next year around a thousand users signed up for the website. Now Facebook has 3B users.
Software giant Microsoft was founded in 1975, in the garage of a young college graduate named Bill Gates.
Also inside a garage was the beginning of another famous company, Amazon. In 1994, Amazon.com began as an online bookstore that operated out of Jeff Bezo’s garage in Bellevue, Washington.
And the list goes on and on. You can continue reading such stories for an exceedingly long time!
All these ventures have a few things in common: continuous development, good marketing, an offer that responds to customers’ needs, favorable sales and communication strategies.
Their founders also had an invincible conviction that they will succeed. This is a major factor in every endeavor.
Read these steps to see if you’re ready to develop an equally effective business plan:
STEP 1 Your business starts in your head. Preparing yourself mentally for the transition from employee to owner.
Great business ideas can be enumerated endlessly, but most of them are not implemented. The reason? Sometimes there are objective factors – lack of time, financial capabilities or formal obstacles.
However, a bigger role in running one’s own business is played by mental and emotional qualities, which can either predestine one to be an entrepreneur or could become a serious obstacle to it.
For some, the most important thing in a job is stability, functioning according to a top-down plan and moving within one’s specialty. This is not a bad thing and can ensure a successful working life- but it is not enough to run your own business.
On the other factors that being an entrepreneur requires:
Willingness to take the initiative, strategic planning, setting continuing business goals and meticulously pursuing them – the essence of business is not simply to rest on your laurels from one single successful venture, but to constantly seek new avenues for development.
Independence – the business owner often performs important tasks independently or supervises them. In this process, it is essential to be able to reliably assess the consequences of actions performed and draw conclusions.
Perseverance in pursuit of goals despite formal obstacles, mistakes or failures.
Decisive decision-making and risk-taking – in business, time and quick action often count, and success is determined by the ability to take risks.
Mastery over one’s own emotions – this is extremely useful in dealing with customers.
On top of that, there are many other skills, such as leadership and organizational skills that becoming an entrepreneur requires. If you are able to master your fears and work on your character, running your own business can give you a lot of satisfaction, and not only financially. It will also provide you with independence, flexibility as well as unlimited opportunities to grow and earn money.
STEP 2. See what you will be up against. Reducing the risk of failure.
Fear of failure is one of the main inhibitors to success. Successful entrepreneurs, however, have learned to overcome this fear.
The most important thing in learning how to overcome your fear is to get used to what awaits you as a business owner. Build a solid factual foundation, learn how to plan or identify risk factors. The more familiar you are with the latter, the more effective you will be in countering your anxiety.
To start, focus on a few key aspects of running a business:
- Perform thorough research. Get to know your competitors, and find your audience base as well.
- Make a financial statement of intentions – estimate expenses and potential revenue streams.
- Choose channels and sales methods, outline your marketing.
- Set specific goals. Develop a plan for how you will be developing your business in the future and what will be helpful in doing so.
- Clarify potential problems and determine how you can deal with them.
Remember that starting a business does not equal drastic changes. It turns out- it is more beneficial to act step by step, although it requires a lot of patience. Then you’ll not only better systematize the knowledge you’ve gained, but you’ll also acquire the right habits. As a result, you will gain greater awareness of your actions, better estimate your opportunities and prepare for the risks that await you.
STEP 3. Turning theory into practice. Grow your business!
Running your own business is constant work, that includes work on yourself. Development never ends, nor is it limited to sales and marketing alone.
In practice, entrepreneurship equals taking full responsibility for everything that happens in your business. Therefore, you need to learn how to be the boss, which means:
- communicating effectively and negotiating favorable terms;
- being a leader and managing people;
- having the vision to create a brand that people can trust;
- and responsibly managing your finances and those of your company.
A business owner must be a renaissance man who can thrive in many fields, even if they delegate a large part of the tasks to their employees. If you want to succeed, you must be a role model and set the right standards.
Mistakes and failures are a natural part of your path to success. How do you learn from them?
As a first-time entrepreneur, you are subject to various stumbling blocks, mistakes and oversights. Here are the most common ones:
- Focusing only on the idea – it is important, but it does not determine the failure or success of the business. Without proper presentation and promotion, your idea will become worthless.
- Paying too much attention to the details of one business area, and neglecting those that seemingly do not affect sales, such as the personnel management system.
- Insufficient understanding that the company is a machine in which all the cogs must be oiled.
- Lacking a business plan with an accurate projection of profits and costs, potential avenues of development or model.
- Not defining the target customer group – if your product or service is aimed at everyone, it won’t really reach anyone.
- Looking only at potential profits without considering all the costs of doing business.
- Planning without action – you will never be 100% ready to start your own business or implement some project. The longer you put off making certain assumptions, the harder it will be for you to realize them.
- Lacking knowledge of the financial and legal basics of running a business.
In fact, those who have succeeded have repeatedly come close to failure. Their success was bought by many years of hard work, not just a momentary flash of genius.
Even the best entrepreneurs are not free from making mistakes. The most important thing, however, is to learn from them and not duplicate them as you continue to develop your business.
P.S. Looking for substantive support for your business idea? Don’t be afraid of asking for guidance, advice or inspiration – every business is a goldmine of versatile knowledge. Read professional literature or take a course that will prepare you step by step to run your own business. Turn your dreams into real success! Here is a great online course to start with.