Being your own boss can be very difficult. It requires long nights and getting up early in the morning to get a head start on the day. Here are a few things I wish I would have known before starting a business.
It takes a lot of capital to start and maintain a business. Most new businesses fail within 3-5 years and then they may fail within the next 10 years. Business loans are great, but if you do not manage your finances correctly (including taxes) you’re absolutely doomed to failure- no one wants to end a business with a pile of debt.
A lot of the time entrepreneurs give up too early on their business. A business may take over 5 years in order to see profitable results. Keep in mind that perseverance is everything.
There will be many times when you will be rejected from other businesses or receive negative customer reviews. What do you do? Fix the situation immediately and move on. Not everyone will be happy with you or be pleased with what you’re doing. But if you maintain a positive and friendly attitude, you will build the right connections for a successful business.
Perhaps you’re in the position when you need to start over? Understand this…it’s okay! Ending a business is very painful, but if it didn’t work out simply start over and try again.
Being an entrepreneur is very challenging. Depending on the field of work, it can be exausting and mentally draining. However, if you do what you love it’s always easy to get back up if you knocked down. If you feel exhausted and having doubts, keep going! Those who make it to the top never give up. Stay encouraged, associate with like-minded entrepreneurs, and win the race.