As an entrepreneur, many of you have received the wisdom of heeding only the best business advice i have received from some of the finest entrepreneurs in the world. The bottom line: it takes a whole lot to begin a business and eventually grow it into profitability. Funny enough, the scariest lessons have come from perhaps biggest successes despite the best intentions. What lessons can we learn from the people who started everything, only to go bankrupt?
In business there is much trial and error. Starting a business from scratch without experience is like going to the dentist without being a dentist first. You don’t know what you’re doing. The result could be disaster. Starting with the right foundation will ensure that your business will be much more successful. Incorrect information or bad advice can kill your business before it really starts.
It’s funny how entrepreneurs treat their own business like a personal responsibility. They see themselves as the CEO of the company. They expect others to act in a way to protect them. Yet when they go down and out of business, others rush in to fill their shoes. What a shame this is.
As they say, knowledge is power. Of course some people with vast experience will not hesitate to pass on what they know. But for someone new to business, this advice might seem old fashioned or even foolish. How can one be so sure that something will work? One cannot.
You must take risks to test the market. Successful business people take calculated risks to build businesses. A risk-taker is much more likely to build a thriving business than someone who does not take any risks at all. There is a fine balance between being conservative and being reckless, but not at the expense of the business itself.
Don’t expect to follow the same path everyone else has followed. You can do things differently, which often turns out well. You should try something different, at least initially, to see if it can work. If you find that it can work, then maybe you can use that to expand and make your business even bigger.
It is extremely unlikely that you can make any business plan or devise an advertising campaign that works for you. Everyone has their own way of doing things. Some entrepreneurs turn to expert consultants, while others prefer to keep their operations in house. The key thing is to figure out what works for you and then adapt it to your circumstances.
You have to be passionate about what you are doing. If you don’t enjoy your job, then it won’t matter how much effort you put into it. You are either going to succeed or fail. If you don’t enjoy what you are doing, then you aren’t going to get very far.
So, if you are looking for business advice to help you start your own business, you need to tread carefully. Many entrepreneurs go into business for the first time with little or no experience, but with determination and a bit of luck they soon find themselves with a thriving business that makes them lots of money. Before you embark on this journey, though, you need to make sure that you have all of the facts and research so that you don’t lose money.