A Reality Check for Every Startup Enthusiast
Almost every successful individual who emphasize the importance of gaining financial independence underscores the need to diversify revenue streams or have multiple income sources.
The idea has always sounded appealing, who wouldn't want to be a business owner, let alone own many businesses? It's something I believe most of us want to achieve. Individuals like Jeff Bezos or Elon Musk have reached their current heights through engaging in several businesses.
It's not hard to understand that becoming richer becomes easier as your business portfolio expands. While starting a business seems like a very good thing, establishing one isn't easy; it's not all smooth sailing. The reality is, a lot is involved in every business startup.
I'm not a business consultant, but having had a firsthand experience with a small business that I started years back, I gained useful experience. These experiences were learned through a period of failures until I realized there were checks I needed to have done in the first place.I share three in this post:
Assess Your Readiness: Should You Get a Job or Start a Business?
Can every one of us start their own business? My answer would be no. Not everyone has the capacity to start a business, not to mention growing one. A person may possess good marketing skills, but that does not automatically translate to being a successful CEO or entrepreneur. Successful leadership involves a broader set of skills and qualities beyond marketing expertise.
Sometimes, it's best to learn and acquire practical experience in certain jobs to build yourself up before branching out.To be able to start a business, I believe that you will need a good business idea, broader set of skills or how you can hire those who have, plan effectively, and must be a risk taker.
Most times, people will say you can never get rich by earning a salary or working for someone, but I would say it depends. There are those who have never worked for their own business but for others and have become rich. I would say that as much as starting a business looks like a good idea, it can be a bad idea to leave your job and start a business when you are not fully equipped to do so on your own.
Is Your Ambition Grounded in Knowledge?
Seeking knowledge about the kind of business you want to pursue is always the beginning of your business success. Many people get inspired to start something they realize they have no idea about and eventually end up failing.
So, it's crucial to ensure that you have an adequate amount of information about the business endeavor before embarking on it. Conducting personal research through market surveys and studies can help provide insight into the risks involved in the business idea you have, as well as the strategies needed to grow and thrive.
Evaluate Your Business Goals Wisely – One Venture or Many?
Should you consider starting a business, understand that focus is crucial for success. Maintaining focus aids in setting clear goals, making strategic decisions, and directing all your energy towards achieving success.
For example, if a business yields a monthly profit of £1000, it's wiser to concentrate on enhancing that business rather than hastily adding more. Consider a new startup only if it promises a good return or something higher than your existing business.
Focus is key; dedicating attention to growing one business until it thrives can be more profitable than managing multiple ventures to increase revenue. Initiating any startup can be challenging, but I believe that through continuous learning, we can overcome any challenge.
Let me know your opinion
It's true starting one business isn't that easy as it takes a lot of money, time, and effort
Exactly, and It can be challenging but can also be a rewarding ones you get it going
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Thank you
Very good recommendations. There is a lot of material on the internet with advice and recommendations on this subject, but very few mention the lack of skills, either personal skills or international skills, that need to be polished before starting a business.
It is always good to encourage the entrepreneur, but doing it with realistic suggestions, will not only be well received, but also well accepted and effective. For it is very painful to risk investing perhaps all the resources and savings, believing that it is better to be a cacique than an Indian and end up as miserable because of a miscalculation.
Thanks for the valuable insights
Yes, as you grow your tentacles in different areas of business your riches starts to grow but it's not as smooth. Therefore to become more successful in any business endeavor, knowledge is important. Study more to expand your horizon
Certainly, diversifying business can indeed contribute to wealth growth, but it comes with challenges. I will surely study more, thank you
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I think it makes much sense to focus on one business at a time until it is built sustainably before starting another. For me, I believe the set of skills to have before starting a business is something that many overlook. One needs to understand at least the basics of a particular sector/domain, if they want to build a thriving business in that said domain.
Thank you for your insightful submission
It true starting one business isn't that easy as it takes a lot of money, knowledge, time and effort before starting one business. Before starting a business we need knowledge and seek advice or ask from people who know a lot about the business or we should go to where they are doing the business and acquire a lot of knowledge, so that when we start the business it will flourish and not collapse. And about people saying someone will not be rich if the person is working or earning a salary under someone, it's a lie, cause I will say it depends. After all, some people never have their own business but they are rich.
As I said earlier, starting one business requires a lot of money, time,effort and knowledge.
Thank you for this insightful perspective. With this, I would say that while knowledge certainly equips us with the skills needed to succeed in any endeavor, the definition of success is subjective
You have very good business start up ideas here . The most important thing when so desired to start your own business , you do need to have deepening knowledge about such line of business that you so desired as a person. And passion is an actual fuel , capable of proppelling the given business to success.
I agree with you on passion. Indeed passion fuels success. Thanks :)
I think every business enthusiast needs to read this, an article with everything you need to know as a business enthusiast.
Thanks for sharing sir Collins.