A Very Motivating Article for Starting Your Business

Ralph Charell said “Avoid the crowd, do your thinking independently, be the chess player not the chess piece.”Would you prefer to?Be your own bossEscape 9-5Work for yourselfBe the chess player& Be the producer of products and provider of jobs.Well, it’s a fact that we spend nearly 35-40 years with 40-50 hours each week in a job. We live from paycheck to paycheck without much flexibility in terms of freedom and financial betterment and often our active status of a job brings cash flow to us.That is why it makes sense. Instead of living flat broke from paycheck to paycheck and without much freedom and flexibility why not invest your time and money to start a business of your own.Before we get ahead here is an important question:What holds people back from launching a business?Answer: Fear of failure in terms of financial loss and lack of courage to shoulder up the responsibility.These fears are valid because research by the U.S. Bureau of Labor Statistics shows that nearly six in ten businesses shut down within the first four years of operation. Another research indicated that 29% of new businesses never make it into their second year and 65% of businesses close their doors within the first 5 years. The ratio may vary from country to country but often failure percentage is quite higher.But contrary to the above research, there is another research that indicated that it takes 3-5 years for you to realize a decent profit from your business. People quit because they not persist longer and they blame market and other circumstances. It’s very surprising that more people want quick profits and are not willing to give the persistence test. And, in the process they lead themselves to the path of failure and frustration.Well, how do you begin your journey toward opening a business of your own? The following steps are foundational keys to business success:IDEA: The first step is an idea and your idea should not be completely new, it can be just an old idea with some little improvement. If you look businesses around you’ll find much to learn from them.Where to look for ideas?Russell Conwell said in his book ‘Acres of Diamond’ to look for ideas under your own feet, because it lies in your own industry, experience and background and many business experts have stamped Russell’s opinion with strong authenticity. You may also connect your experience in one industry with another industry to borrow the ideas or to create something entirely new for emerging consumers.What if someone is rejecting your idea?Frederick W. Smith who in 1962 came up with an idea for overnight delivery. He went to university professors for a feasibility study and they rejected his idea as they thought no one will pay more when U.S mail is available”. Despite of rejection he invested in his idea time and money and went on to become a hugely successful business tycoon.Capital:The second thing to start your own business is capital. It can be your own money or you may borrow. As usual it’s advised to start small and grow gradually. Note it down that: Google started its company with just few computers; Packard and Hewlett established Hewlett-Packard (HP) in Packard’s garage with a low initial capital investment and Walmart started by Sam Walton as a small store in Bentonville. Also not to forget the rags to riches story of Dhirubhai Ambani.Sales:Although after idea and capital there are certain other things that are important to start a business such as business consultancy, getting a license to start, determining business location, etc. but the ultimate thing is ‘SALES’. Business research consultants summarized their analysis and decades of research in two simple statements which are:Businesses succeeds because of high salesBusinesses fail because of low salesYour job as a business owner is to prioritize sales over all other activities.Conclusion:Consider that the market is becoming too competitive, unemployment rates will rise, recession and inflation is eating our money and having a running business will safeguard you. Think to give 3 years for testing a business possibility from 35-40 years of service so that you work on our own plans instead of your employers’ plans.David Rockefeller said “Success in business requires training and discipline and hard work. But if you’re not frightened by these things, the opportunities are just as great today as they ever were”.

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