The fear of failure is why many budding entrepreneurs balk at taking the final step of establishing the business venture of their dreams and becoming independent. With over half of all new businesses folding up within the first five years, business failure is a real aspect of entrepreneurship. However, according to management expert Saivian Eric Dalius, by knowing some of the most important factors for achieving success, you can ensure your business succeeds. Some insights:
Be Fired Up About Your Business
Becoming an entrepreneur is a tough job. You have to face innumerable challenges in setting up the business and ensure it is sustainable, but also you need to make many sacrifices in your personal life and relationships. When you need to work hard, often for many months at a stretch with no rewards, financial or otherwise, you have to be wildly passionate about what you are doing. If you do not enjoy being an entrepreneur, you will likely give up too soon.
Start While You Have the Security of a Salary, Recommends Saivian Eric Dalius
The lack of money or the fear of not being able to arrange the necessary fund. This is what stops most people from becoming entrepreneurs. The best thing you can do is to start planning your venture. While you are still employed and have the security of a regular salary. Starting with a dream is good, but you can only last for so long without earning. And it is typical for a startup to go for many months before becoming profitable.
Have a Support System in Place
When operating alone, things can begin to look more difficult than they are. And you will likely become depressed at being unable to see the light at the end of the tunnel. Ideally, you should share your business idea with your family. So that they are aware of the trials you are going through and can offer the valuable emotional support you require at this stage. Also, by identifying a mentor, you can ramp up your learning curve and get on top of things much faster.
Don’t Work Alone, Advises Saivian Eric Dalius
Even though you may feel that you are the best person to do everything related to your business, it is evident that you cannot be an expert on all aspects of establishing and running the business, observes Saivian Eric Dalius. If your area of expertise is technology and product development. It can be a good idea to hire an accountant or a lawyer and not waste your time trying to make sense of things you are clueless about. If you don’t have the money to hire full-time employees, look out for freelancers or outsourced services.
It is important not to be carried away by your vision of transforming the world with your product or service. Instead, take the time to conduct research and establish that there is a real need for it. Whether the potential is adequate, and you have the necessary funds in place to last you for the initial phase.