Two Bumpy Mistake of a Growing Entrepreneur
Hi everyone greetings to you all. I have really missed everyone here and when I say I have missed everyone, I mean it. Well, it's good to be back again.
By way of introduction, I want to ignite the engine of our discussion today by saying that the latter part of last year was really a wonderful, epic, and eye-opening season for me. It marked the beginning of a new phase for me as I pioneered a business of my own and in the process, I got to learn very key things about business and how to keep your business buzzing as a beginner.
There are obviously many reasons why businesses fail and hey listen to me, this doesn’t happen because those businesses were meant to fail but because the business failed to learn the lessons they were supposed to learn on time.
I just might like us to look into two of these mistakes
- Starting Up a business by impulse and motivations.
I have learned not to do business by impulse. Ever heard of impulse buying before? Sure you have, the same applies to starting a business at impulse or motivation.
Let me tell us a little story of myself, I started learning a trade in 2015 and by last year I was already done with it and was trying to build my own brand but since it was a mega-trade that I needed enough funds to begin, I had to think of other ways of generating funds to start and at this time, my master had already broken communication with me and that would mean that I was on my own and home without cash.
Thinking of a business to engage in is as difficult as cramming a mathematics formula. I began talking to some of my role models in the business sphere, presented them with some business ideas and plans and the response was all positive and the same as though they all planned what they would say.
I remembered telling one of them that I thought of passive laundry to keep me busy while I generate funds for my brand and his response gave me so much hope and I felt like I had a client already. "He said why do you want to do it passively go into it fully. Now my hope was that he would be the first to patronize me if I start but the truth of the whole matter is that it was just motivation.
I sent serval messages across to him some weeks after and all I got was one excuse or the other and finally, I gave up on them.
Here is the thing, promises are good but as an entrepreneur, it is folly to base your business on promises.
Businesses grow in proportion to the number of public views we get and not by the number of persons making us promises.
If anyone here has ever come across the book titled “Start-Up Nation”, there’s a certain chapter that talks about the 80-20 principle, that out of 80 persons that sees your business, 20 will always come back to patronize you.
Business growth and prospect is by location and strategies and not by promises.
I am not a social media influencer but I always like to make my observations there because I think there are people who might get helped in the process.
The Mistake of Impatience
Like the saying goes… a patient dog eats the fattest bone.
When an entrepreneur steps into a business with the mind of making an immediate profit from the business, it simply tells me that he is not ready for business. Now the first day I started my onsite business, I made sales that weren’t up to half a dollar and I was so pissed.
Business prospects should never be a major concern at business inception but turnovers. Any entrepreneur that pays so much attention to the profit at inception rather than growth is one who is aiming for failure.
From my observations, I came to realize that the reason why many businesses fold up easily most especially businesses with little capital base is because the management of such businesses had failed to understand that it takes at least three months or even more to normalize the profit margins of the business.
Two weeks into my onsite business, I had already started drawing up many gigantic financial plans for a business that is just two weeks old.
Business is like a man who went to explore a field and when he had found the field and the treasures in it, he went away and sold all he had just to purchase that field so if we must grow in a business, we must learn to become apprentice even when we are the Landlords of the whole empire.
As a matter of fact, a boss at the beginning of business differs nothing from an apprentice though he is the owner of the empire under hunger and modesty he remains until the time the business has really grown.
Now, this is where many entrepreneurs miss it. Before you start touching the business reservoir, be sure that there’s a backup somewhere in case of uncertainties, and in my case, HIVE was the for me and now I can easily put back what I got from HIVE to build the business because the business is standing.
Thanks for reading through my blog please do well to leave a comment, reblog and upvote. Thank you.