After years in business and having several early businesses fail. I have learned a lot about what makes a business succeed. I work with businesses everyday that started without the knowledge needed to do this. They often end up with money and IRS problems. They struggle to pay the rent and buy product. If they are successful they often have problems due to lack of organization and leadership skill. I have found there are 3 things that cause them to fail.
1) Do what your good at and you will be successful
You like to work with your hands so you start your own handyman service or you enjoy sewing so you start a custom dress shop. You get the idea. This will not bring success. Not unless you happen to have a rich partner or spouse that is willing to help you to keep your dream alive. This is very seldom true. I have tried several businesses minus the rich part. It only works when you become a true business person.
A true business person has knowledge and skills. Skills found in sales, advertising, accounting, dealing with employees, and so on. Knowledge gained from continual learning. Unless you can find someone that can show you the ropes and give you guidance, then you simply have to learn those lessons yourself. Finding a successful mentor to help you along the way would surely be worth their weight in gold. Most new business owners cost themselves valuable time and money fixing the mistakes they made trying to learn business themselves.
2) An Incredible idea is all you need.
It certainly HELPS to have an incredible idea. Many businesses have started this way, unfortunately their numbers are few. You may have an incredible idea, but if no one knows about it then there is no guarantee you will succeed. You will need to learn how to advertise, manage employees, and live on a budget. When you don’t have these skills you can quickly get into financial hot water and lose your business. No one wants that.
Once again it comes back to the knowledge and skills needed to run a profitable business. These skills are available to you, you just need to take some time to find them. There are a lot of people willing to share their business knowledge with you. Take advantage of them.
3) No one can make your business profitable but you.
Owning a small business means lots of hard work and long hours. It can be hard to stay motivated when you work hard and the reward is a long ways away - or perhaps never at all. Running a small business can often be lonely and frustrating. You often work 80 hours a week to avoid working 40 as an employee. You rarely see family and friends. Unlike being an employee in someone else’s business you are never near like-minded folks that you can bounce ideas off or just shoot the breeze with.
The only way you run a successful business is when you get the knowledge needed to run your business. When you reach out to other professionals that can help you with what works and what doesn’t, you save yourself time and money trying to figure it out for yourself.
You're responsible for where your business goes. And know this: If you're an entrepreneur, you're not like most regular folks. We are not wired the same. Most people don’t understand our kind of drive, the NEED to have a business of your own. Keep in mind that this NEED still needs the help of others.
We need to seek out others who "get us, and get our dream". I have found a few people like this and it has made a tremendous difference for me.
I find them at the local chamber of commerce, networking and industry events, seminars, and through my business coaches (yes, I have them). It isn’t always easy to find them but they are out there. They are ready to give you a hand up and provide excellent advice and training. You are going to have to get out of your comfort zone to find them, I had too. I have to tell you, it made all the difference between succeeding and failing.
No one person is complete without Peers that enrich your life. I'm sure of it and I highly recommend it.
"In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later."
Harold S. Geneen
Wishing success always,
Dawn Harpell
dawn@harpellenterprises.com
FREE 7 Day Online Marketing Bootcamp - Intense instruction on how to use Social Media to increase YOUR business endeavours $$$
Harpell Enterprises – Dedicated to helping others achieve financial success in their businesses. We are the place to go when you need information on making your business succeed!
FREE Online Marketing Training – Every Wednesday night at 9pmest Need a website and domain name for your business?
Check out these great website building companies
Citymaker.com or GoDaddy.com
