As kids, when someone asked us what we wanted to be when we grow up, our answers were grand, but that’s because we, at that time in our lives, allowed ourselves to dream.
As adults, we’re more pressed by real life, and society’s conditioning so our dreams often take a side step. I see this a lot – people have dreams of starting their own business, but they’re too afraid of failure, resulting in rejection to take that leap and let their dreams become reality.
This should stop now!
Knowledge Brings Comfort
You know the saying – knowledge is power. Well, in this context, and only if you apply it! knowledge helps you get over your fears and become the business owner you envisioned when you sank all your time, money, and effort into it… Some think they know it all and start their business ……….without acquiring the knowledge they need to succeed. It’s why so many businesses fail. Owner Incompetence!
If you want to run your own business, you need to do your homework. Not just about what this dream of yours needs to become true, but also about how much you can extend your abilities to create it.
Planning this stuff out in advance will help you get the results you want in your business.
Here’s what I mean:
- Create a Business Plan
The business plan is essential here. It can help clarify the entire picture, from where you are right now, where you want to go, and what you need to do (or acquire) to get there. Make sure you ask someone who has had success at this to take a look at it.
- Single out the Competition
When you enter a market, any market, it’s vital to see who you’ll be competing against. Google some of the brands and businesses that roughly do similar things as you want to, and find out why they’re successful, and better yet, look at the ones that are not excelling. You remember the old adage ……. people learn from their mistakes …. but smart people learn from their own mistakes and the mistakes of others.
- Think of Your Abilities
Now it’s time to take a very close look at what you can realistically do, and not what you think you can do. It’s so important to be objective here ……..I’m more referring to the introspection of your own abilities.
- Find Ways to Overcome Your “Cons”
If you’ve done the step above and realized “oh, no! I know nothing about accounting,” then this is an area where you’re lacking. You need to overcome it, which in this example would be hiring an accountant to help.
- Get Assistance If You Need It
Your dream may be to do everything on your own and become self-made, but don’t get too caught up in it. It’s fine to admit you’re struggling, and it’s even finer to get some professional help. Unfortunately, I watch business owners slowly bleed out all their savings because they are too stubborn to get some help.