By Michelle Wanjiku
Because of the current economic times and lack of jobs for so many youths, starting a business is the next viable source of income for a majority of these young people.
As an entrepreneur you are bound to come across various challenges how you manoeuvre these challenges is what will determine whether or not your business succeeds.
So How Do you Go About Ensuring Your Business Succeeds?
1. Always Evolve
It is very important for a business to revise its strategies every once in a while. In order to succeed, you need to adapt to what is working for you. This means that you need to find out what is working and what isn’t and come up with new strategies.
This is the only way you will ensure you continue to move in the right direction.
2. Keep Your Costs Low
When it comes to starting a business, you probably don’t have a lot of money. This means that you should not spend too much money at the beginning in order to sustain your business especially since you may not be making a profit yet.
A common mistake that kills most businesses in the beginning is not checking their spending in the initial stages of your business. You need to ensure that you don’t spend your money unless you completely need to. Keep your expenses to a minimum.
3. Do Your Research
This cannot be emphasized enough. You definitely do not know everything and in the world we live in today things are changing at a very rapid speed. This means that you should always strive to learn new things.
This will help you adjust your business to suit the environment you are operating in. You cannot afford to be lazy; it will lead to the failure of your venture.
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4. Trust in Yourself
As an entrepreneur you are bound to face some challenges that make you doubt whether or not you are on the right path. Sometimes, it could even be some of the people close to you making you doubt your vision.
You don’t have to always look for validation from other people, just because they don’t believe in your vision doesn’t mean that you are wrong or bound to fail. After all the only person who needs to trust in your vision is you because you know what you want to achieve and how to get there.
Other people will get on board only after they see you have succeeded, this is just human nature. If you listen to everything people say you will never venture into entrepreneurship.
5. Make the most of the little capital you have
As a new business you will definitely be short on cash. This means that you will not be able to do everything you would want, however this should not stop you.
You can use what little you have to build something that will convince investors to come in so that you can have a lot more business funds. However, most investors want to see where their money is going so you need to have started something on your own.
To get money to start your business you can save up and get loans from family members which can help you get established. The most important thing to remember here is to use the little cash you do have wisely.
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6. Learn Respect
Yes you are the owner of the business but for it to grow and succeed the employees have to be actively engaged. This means that once you get to the point where you need to hire employees ensure that you treat them with respect.
If you hire a HR professional, then let them do their jobs don’t step in and try to dictate how they do it. You need to respect that they can do what you hired them to do. This will motivate your employees to work harder which in turn means your business prospers.
7. Think Big
Another very deadly mistake most entrepreneurs make is dreaming small. Yes you are a shop owner but don’t look towards owning a bigger shop but an international supermarket chain.
Having a big dream will make you work harder which will then help you achieve the smaller ones.
When you decide to go into business, it is important to remember that planning is very vital to your success and you should not expect instant results. It takes time and patience to grow a successful business.