3 Indispensable Things to Know When Starting a Business

3 Indispensable Things to Know When Starting a Business

I have been talking to people and realized that more people are interested in starting their own businesses. This is a wonderful thing as a social entrepreneur and business owner.

I am often asked my opinion about starting a business. I tell them that I love the excitement, vision driving, strategy development, and adrenaline rush of a new opportunity. There’s no better time than the present to think about starting a company.

Three things are essential if you’re a brand new owner of a business.

Are You Really aspired to be an entrepreneur?

Although the first question is often the most difficult, you have to be patient with it. Many people have failed to start a business and have returned to their 9-to-5 jobs. It isn’t as glamorous as it seems.
Although you may have some flexibility and be the final decision-maker on big and small decisions, being an entrepreneur can not be for everyone. In the beginning years of your business, you won’t work as hard as you would if you were a business owner. Twelve-hour-plus days, including weekends, is not uncommon.

It’s your responsibility to run your business. There may be other people who work with you. While you may be a leader who allows your team to be the best they can be, as an entrepreneur you have to know every aspect of your business, including sales, marketing, and legal. It takes time to understand all aspects of your business and ensure they work correctly. It is a never-ending process.

Are You Really Interested in Getting into Business with Your Family and Friends?

It’s not uncommon for small businesses to be started by friends and family. While it is natural to want to be in business with friends and family, do you really want to do this? Your relationships could be affected if you do not address them.
This is a great situation: You work 12 hours a day and do great in your areas. You may find that your business partner, a good friend, is less hardworking and disciplined than you, so resentment builds. This is a recipe for conflict. The likelihood of your business surviving with internal friction decreases exponentially with increasing tension.

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You might also consider that you are not going into business with a friend or family member as your partner. However, you may decide to hire the same good friend to be your first employee because you trust him. What happens if your friend isn’t putting in the work and hours that you believe are necessary for success? Many business owners have had to partner with or hire family members only for the business to suffer (as well the relationship) due to work style or fraud. It can be very difficult to separate your business and your relationships without potentially destroying them.

Choose if you’re the Cupcake Baker or the Business Owner

People have passions in life that are important to them. Maybe they are passionate about baking cupcakes or selling instruments. No matter what your passion is, you won’t be limited to the work you do. Vision, sales, and other key aspects are the most important parts of your business. Your business plan will outline the direction of the company.
You can’t paint if you don’t love to paint and open a shop. Your day will be filled with selling paint, managing customers, and even managing the books. The same goes for cupcakes and widgets. A business owner who wants to grow their business will not only bake cupcakes but also run the business.

You must focus on your “business” if you want to grow. Cupcake baking, painting, music, or widget making is only one aspect of a business owner’s business. But it’s not the whole “business.” Your business is your promotion, price point, customer, cash register, accounts receivables, payables, payroll, and other elements.

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In conclusion, don’t get me wrong. As an entrepreneur, there is nothing I would change. Being a business owner is something I enjoy. It allows me to look into every aspect of my brands and companies. It’s exciting, invigorating, and never the same day. However, any business owner will tell you that these points are crucial to determine if you’re on the right path.