Analysis on vicissitudes of starting your business, ignorance has put many people in danger of losing what they have invested so much in while it is still tender.
It is not that these people do not have brilliant ideas, they do, but they are not familiar with what they need to do and what it takes to move these ideas to the commercial level.
Knowledge has been, is still, and would still be the key to get through any activity or plan easily.
When you are familiar with what you need to know and expect when starting up your business, there would not be any shock or anything that would be way beyond your control. After thinking through the good reasons to start your own enterprise, including making more money for yourself and the design of a working scheduled that would not take all of your time, you should also think of the bad things you should expect and how those things are going to affect your business.
In order for a tender business to gloom, it must either solve a problem, meet a need or give something the market wants. Starting up a business can be very challenging and only those that set their foundation right would be balanced. If you were an employee in an organisation, once you start your own business, you get to experience what it means to be the boss and as a boss, you can be flexible with your working schedule, that is, you can set the time you would want to meet with your clients without being disturbed.
All the vicissitudes of starting your own business have conditions attached to it which is, if you do it right and if you do not do it right. Starting with the positive vicissitudes of starting your own business, you would surely make a lot of money in the long run especially when you work really hard and when do it right.
When you bring out something that can meet a need or solve a problem, you would get rewarded abundantly for your effort if it is accepted. You are your own boss therefore whatever is done with any money gotten from your business at the beginning is solely determined by you. You can decide to spend it all on yourself, share it with family and friends or invest more in your business or in other people’s businesses.
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When you have a really good product or render a quality service, people would certainly talk about it.
For example, if Mr Ola is a soilless agriculturist and he does a really beautiful design with beds of different flowers on the walls of Mrs Obed’s parlour, you would expect that her family and friends would see it and acknowledge his work. They would talk about how magnificent it has made Mrs Obed’s parlour and how they wish it was done in their parlour as well. The women would go home and talk to their husbands about it and the men would discuss it with their friends.
Either ways, Mr Ola, the soilless agriculturist is being advertised and recommended. He would get more contacts eventually and make more money. You would get jobs from many clients if things go smoothly. You might even need another person’s help to deliver products or render services.
Expect personal satisfaction when you have done or invented something to solve a problem There is a kind of happiness that comes with knowing that you helped solve a problem or meet a need. It is ecstatic, it boosts your confidence and make you feel more in control. You would want to research more, think more, discover more ways and learn new things on how you can make the solution you invented better.
We would not argue on the fact that confidence boosts your chances of being successful because it is one thing to know you can pull off something and it is another to actually act on it.
Coming to the negative vicissitudes of starting your own enterprise, you should understand that some things might not go as planned especially when there is an issue of a wrong turn.
When the business is new to customers, you may find customers that would not be satisfied no matter how good your product or service is. They would always complain because they feel that if your product is new, there should be a large room for development. You don’t have the power to make everyone happy even when you give your all and there is nothing you can do about it. You may make mistakes at the beginning in a bid to satisfy everyone therefore, you lose clients, money and resources.
You should also expect to lose valuable time and money if it takes you very long to get contacts, advertise your business or even get recommended. A tender business blossoms gradually. Your product would not be recognised at that time and people would not trust your services. You would lose a good amount of money because customers would end up bargaining for your services to be rendered very cheaply so you have to adjust your prices to stay in that line of business. It is something you must do patiently especially when you are in the foundational state of your business.
You would also lose a lot of money in the long run if there are unforseen circumstances that cause severe casualties.
For example, a fire outbreak in your warehouse that got most of your products burnt or a robbery that took place in your headquarters, you would surely lose money massively.
More importantly, you need to know that there would be competition. Your product or service could never be the only solution that would be assigned to a given problem. Someone else would think and act towards that direction at some point. You should understand that some people have the solution to a particular problem already but don’t have the resources to develop and make it useful. They would not hesitate to develop their ideas when they get their hands on the resources.
If someone sells similar product or renders similar service as you, it can slow your business down and make it hard to get customers. To get back on track, you would have to find a way to make them see reasons why your product or service is better than your competition.
As an entrepreneur do not expect to have time for yourself at the beginning stage of your business. You would get tired most of the time and you would crave for more time to rest. When starting your business, you would spend sleepless nights on researches, you might spend part of the day asking questions and learning more things to put your business on the market. Your personal time and relationships would be affected and you would require support and understanding from family and friends.
Expect slow seasons in the short or long run because business would not always go smoothly. There would be times that it would feel like your business has gone undercover. It is not what the majority of people are craving and it feels like you should go into another line of business if you want to be rewarded.
Again, you have to let patience rule your business because most times, the fattest reward comes in the long run. You would also be required to pay more taxes simply because you are the boss now and as much as you gain from the society, you give back. Most businesses suffer more setbacks due to tax issues. The bigger your business and possibly the more employees you might recruit, the higher your tax.
Now, if there is an unforseen circumstance that causes casualties like a robbery and most of your company’s money is gone, you would not know how to deal with the tax payment. It becomes a problem because it is now a government issue. These things happen sometimes even when we try to prevent it, there is always not much we can do about it.
Having said all these things, there is a fine line drawn between the ups and downs of starting your own business. Knowing how to patiently handle these vicissitudes when they come is the legitimate way to a being a successful business owner.
Remember, knowledge, understanding, hard work and patience are the perfect pillars for a tender business to blossom in time. Be expectant.
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