To build a strong, successful business there are certainly things you need to know. Hopefully, this article will help you understand what constitute weak points in your foundation! So, what are these weak points I’m talking about?
1. They don’t have enough start-up capital
2. They aren’t patient
3. They don’t plug into a system, or at least a mentor
Could You Plant A Garden Without Seed?
It doesn’t matter how big or small your new business is, it takes money to make money. I get a kick out of these people who think that they can make a million dollars by spending $100.00. I just want to shake them and scream, “Come on people! Are you really that naive”? Sure you don’t need millions, a full suite of staff, computers, software and Power BI to analyse it all, but come on. The thing is, successful entrepreneurs realize the dollars spent are investments NOT expenses. Understanding this makes a huge difference!
Everything Needs Time To Grow
I bet you are wondering what the heck patience has to do with the success or failure of a business? We live in a time when we just expect everything to happen FAST! You must learn to be patient grasshopper! We need to remember that building a business is a lot like popping popcorn. Hopefully, you are old enough to have experienced making popcorn the old fashioned way. You have to heat the oil, then you test a kernel and see if the oil is hot enough to pop it. Then you pour in the rest of the kernels and enjoy the show!
We would get so excited as kids when Mom or Dad said, “let’s make popcorn”! I’ve loved doing it once in a while for my grand kids also. The only thing is, it doesn’t always come out as good as the microwave stuff! You had to be patient when you made popcorn the old fashioned way, right? Sometimes if things aren’t happening the way you want right away you just want to quit! Building new start-up takes time, like most things worthwhile in this life. You need to learn, grow, test, and repeat! Over and over again. Don’t quit! Persevere!
Do You Have A Super Hero?
Lastly, if you’ve never been involved in any new enterprise before, you just don’t know what you don’t know! It helps to have someone who has gone before you to help explain how it all works! What we don’t seem to realize is that this is true in all areas of our life! If we want a successful marriage, we talk to friends or family who have one! I certainly wouldn’t take marriage advice from someone who has been divorced three times, no matter how well meaning they are! Same with finances, health, sports, etc. There are all kinds of coaches and mentors, and financial experts, etc. that we plug into all the time!
Why on earth wouldn’t we want to do the same thing with something as important as a new business? I’m not saying these are the ONLY reasons some businesses fail, but if you do these three things you are definitely building on a strong foundation.