You have thought long and hard about starting your own business, maybe even left a secure full-time position to pursue your personal dream. There are many others in the same position as you – taking a leap of faith to build their business from scratch. Despite the intentions of these brave entrepreneurs, many businesses will fail during their first couple of years while others will succeed beyond their wildest dreams.
Why do you think there is this disparity?
Starting your own business can be exciting, demanding and even downright discouraging especially during the startup phase. Being successful in business is definitely much more difficult than it looks from the outset and you need an unending amount of determination, patience and hard work.
Stay On Course
Many business owners start out purposeful and then when things go awry they get distracted and lose their motivation. They may give up too easily or adjust their business plan or concept before they have even given their original dreams a chance to succeed. Ensure you have a solid business plan before you commence business and then stay the course. Don’t be the entrepreneur that chops and changes from one business idea to the next, you need to invest the time to learn and grow your business.
More Effort Equals More Success
Now is the time to assess your actions honestly – how much effort are you spending on your core business rather than non-critical work. Reading emails or social media pages and holding long informal business meetings can in many cases be a form of procrastination. Stop spinning those wheels and get back on track.
Is there a particular aspect of your business that you are truly passionate about? Why did you get into business in the first place? If you are not passionate about your business, then maybe you are wasting your time. You need to have some dedication or interest within your field to help sustain you during the tough times. It can be all too easy to forget why you went into business in the first instance.
Manage Your Time
If you want to accomplish your goals, you need to plan your time accordingly and complete tasks which will help you get there. Focus on quality rather than quantity and try to avoid being distracted by the lesser important tasks which can be outsourced to others. Becoming an expert in a particular field can take time – don’t expect to get everything right at the start. Sometimes you can learn more from your mistakes than from your immediate success. Whatever happens – just keep doing your best.
It can be very easy to lose that excitement and conviction when things get tough, but in time, if you maintain your passion, stay on track, keep that passion and work smarter rather than harder, you can increase your chances of success.