One day, a young man asked Socrates, the great Greek Philosopher, the secret to success. Socrates agreed and asked the young man to follow him to a river nearby.
When both were chest deep in the water, Socrates placed his hands on the young man’s head and pushed him into the water. The young man struggled to get out, but Socrates was strong and held him underwater until he started turning blue.
After some time, Socrates pulled his head out of the water and the young man took a deep breath. Socrates asked, “What did you want the most when you were in there?” The man replied, “Air.” Socrates said, “That is the secret to success. When you want success as badly as you wanted the air, then you will get it.” There is no other secret.
To build a successful startup, You need to keep a regular check on your costs. A lot of “aspiring entrepreneurs” want to start their own business for the money. They think that it’s a surefire way to get rich quick.
Others think that running a business will give them freedom.
When it comes to starting a business, a person’s motives will often tell you whether or not they’ll be successful.
I’ve heard a lot of these reasons firsthand, and I know the misconceptions associated with them. So, if you’re thinking of starting your own business, take a look at this list, and learn how to avoid these common pitfalls.
3 Reasons Why People Start Their Own Business (And What Can Go Wrong)
Money is, obviously, a huge motivator, and it’s clear to see why entrepreneurship seems appealing to those people who want to ascend to the upper economic class.
Being your own boss sounds glamorous. You get to make your own hours, work only with people you like, and manage your business however you want.
Complete freedom as an entrepreneur, however, is a myth.
You have to answer to your employees, clients, investors, and customers. If you fail to do so, you won’t be in business for very long. The customer, in particular, holds the key to your success. They decide whether or not you get paid. In some ways, this can make you feel even more out-of-control than if you were working for a traditional company with a reliable income.
If you have employees and hit a rough patch, you may have to forfeit your own paycheck to make sure they are taken care of. If an employee gets sick, you have to be the one to cover for them.
If you need startup capital, you’ll also have investors to consider. You’ll need to report to and consult with them regarding significant developments. In fact, making investors happy will take precedence over making yourself happy.
Don’t get me wrong, running your own business is a great feeling, and it does come with a feeling of power and agency. However, you can’t forget that you have an obligation to other people that must be met, even at your own expense.
Maybe you want to open a restaurant because you have fond memories of cooking Sunday dinner with your grandpa. Maybe you want to create a piece of tech to improve others’ lives.
It’s not uncommon for an entrepreneur to fall in love with an idea, put all their efforts into making it a reality, then find out that there’s no market for it. It’s difficult to admit, but just because you love your passion project, doesn’t mean that anyone else will. Don’t forget to ask the basic question: “Who is going to buy this?” Do your market research, and continue to test your product as you develop new aspects of your overall project.
Be realistic and honest with yourself. Passion is a great thing, but remember to look where you’re going while you have your head in the clouds.
Many energetic minds, wishes to be an entrepreneur, but wonders about the steps to be followed . Let me state some of the useful tips to start a business.
Initial step is to choose a niche business that you wish to start. The platform of the business can be of online or offline. If you ask me, I would suggest you to commence a business in online platform, because it is trending, accessible and affordable to everyone.
Next step is to pick a perfect business idea. There are numerous business ideas evolve around. Before you commence a business, make a research on the marketplace and choose a right business idea.
Third step is most important one, you should prepare a business plan for your dream business. Business plan figure outs working structure of your business. If not sure about planning the business model I recommend you to choose the alreadylike Uber, Airbnb, Just Eat, Tinder etc., because you can have a safe play here.
Fourth is establishing your business, if offline you can start your business in a piece of land. If the business platform of online, it is simple to establish your online business with a website. It is not necessary to be a techie person to start a online business, approach efficient webscripts.
Final step is to locate your business, initially focus on a smaller area, then with perfect business strategies you can explore more area.
ALSO READ: All about Customer Engagement