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When starting a business

When starting a business

Things to know before starting a business

The greatest barrier to success is the fear of failure. – Sven-Goran Eriksson

There are many people who want to become entrepreneurs and there are as many reasons why they want to become entrepreneurs. For some, they are tired of being employees, for others it’s the only choice in this economy of downsizing.

Whatever your reasons for wanting to become an entrepreneur, here are three things you really want to know before you stake all that you have on that business idea that is currently swimming in the brain.

  1. Do not take a Business Plan for granted,

Undeniably there are a good number of businesses that have been successful without a written business plan, but trust me, those entrepreneurs had a business plan, just that it was now written down on paper, yet they did have a plan. Do not settle for a ‘head’ business plan, your chances of success is greater if you have a well written business plan, that clearly states what you intent to achieve, how you will achieve it and what resources you will need to get it done. Don’t go writing that business plan just because you want a loan from the bank or some investor, the plan is for you, for your success, it is your guide to getting things down right.

  1. Do not hire friends!

It is really tempting to hire friends. They may share your vision for the business and genuinely want your business to succeed. But ‘wanting’ is a whole different from reality. Friends take too many liberties – they come in late, and you cannot be hard on them, they go beyond ‘reasonable’ use of the company phone for personal calls and you cannot bill them, they mix business meeting time with time to catch up on friends’ conversation and so on. They may not intentionally want to run your business down but the liberties they take because they are friends could kill your business.

  1. Do not be afraid to get things wrong

We all have fears, when it comes to starting a business it is normal to have fears, we all fear the unknown. Even if we have been successful in the past, it is no guarantee that we will be successful at this new business, thus it is natural to have butterflies. But as the old saying goes ‘we can only know the results by trying it out’ , so do not let fear of the unknown stop you, just remember even if you fail you can get up and try again…Edison did it a thousand times before he finally got the light bulb to work…so you get the point.

Carl Schultz

Africa's no 1 Breakthrough Coach focusing on personal development, growing your business and developing leaders.