If you’re looking to launch a business or just started one, you stand an 80% chance of failure. Research conducted by Bloomberg shows that 80 percent of small-scale businesses fail within one time of a year after beginning. If you’re one of the many new entrepreneurs, leaving a steady job for a job that is uncertain is a major risk. It could cost you not just the capital that you’ve invested in your company as well as the overall economic security for your entire family. There are some things you can do to ensure that you have a chance to succeed.
The First Step is Always the Hardest
Derek Halpern of Social Triggers shares some great advice from personal experience about how to begin any project. According to him, “there’s ALWAYS a gap between what we believe that we must accomplish and the things we actually do. Whatever objective you’re pursuing, like creating a company or working on some aspect of it as social media, it’s the initial step “to just get started.” A lot of people wait several months or even years before making this first step, and in reality, they rarely even begin anyhow. In his video, he explains his “Before I go to sleep tonight” method to help you overcome this obstacle. It’s fairly simple. However, first, some contradictory suggestions: begin at the last.
“You read a book from beginning to end. You run a business the opposite way. You start with the end, and then you do everything you must to reach it.” — Harold S. Geneen, Telecommunications entrepreneur, stated by Small Business Blog
It is essential to have an end goal in the back of your mind. The problem with goal-oriented goals is that they’re usually huge and complex, that they are difficult to break down into manageable components. Derek suggests beginning with something you can accomplish without too much effort today. Make sure to do this prior to going to bed, and you won’t have to stay up longer than you normally do. Accept his challenge, and make a comment on his post on the one thing you’ll do this evening before going to bed. Re-do it.
Remember When to Quit for the Day
Entrepreneurs always have more work to complete in the course of a day than they are able to accomplish. This could become an excuse for anxiety or insomnia when you fail to complete everything you’re planning to accomplish today, even if it’s simply impossible. The key to success is efficient time management. The biggest hurdles to effective time management are Learn to say no to things, people such as events, vices, etc., that don’t help you manage your business. The most important thing is to establish boundaries on the amount of your time is dedicated to your business and set a quiet time.
When starting any business, be sure to thoroughly determine the amount of time and funds you’ll need to get to the break-even level. It’s probably two years away and more likely to be about five years from now. In the meantime, as the traditional catchphrase goes, go for it. However, at the same time, be sure to establish limits to stop it from becoming a major issue in your life and negatively impacting your family members. These basic tips are often ignored and considered to be a given by many. They could also be one of the main reasons why most small-scale enterprises fail to take off.