Not everyone finds "enterprise paradise". Many who will sum up the courage to leave their comfort zones and start a business will find themselves feeling disillusioned and, quite frankly, a little betrayed. Suddenly, the road they were convinced would lead them straight to their land of milk and honey is riddled with all sorts of obstacles and complications. Today I share with you the five fastest ways to start-up business hell:
Don't do your homework
As exciting and fascinating as your ideas are, it is your responsibility to ensure that they can be packaged affordably,
marketed successfully and sold for a profit. Research is not something you do before you start a business only; you have to constantly investigate and monitor the development of your business
Don't get help
Since the dawning of our democracy here in South Africa, we have had many strange encounters with one another
in the business arena. You hear of people stealing people's ideas and gaining great wealth off of them. This has debilitated our ability to trust the system, to seek help from people with skills very different from yet beneficial to us. The problem is a great majority of start-up entrepreneurs require help, and those who don't get it fall victim to avoidable errors. Hiding under a rock to avoid dealing with a situation will only drown you further into start-up hell
Assume you are covered
In their excitement to show the world what they are capable of, many entrepreneurs tend to side-step their responsibility to double check themselves. Are your projections accurate? Do you know enough about your product, what are the agreements with your suppliers? Such questions can only be answered once asked. Don't assume that your enthusiasms and passion will get you through all the phases of growing your business. Always be five steps ahead of yourself!
Don't pay yourself
This may sound very different from the advice we were once given regarding entrepreneurship. However, imagine the rough months for a moment and contemplate whether the old school of thought would do you any good. If you are paid, you are likelier to be more productive and focused. Take away the paycheck and we have a desperate and disheartened entrepreneur and boss on our hands
Perhaps the romantic notions of doing business in your pajamas at the breakfast table is to blame for this bad habit, as seen the movie Jerry Maguire. Here's the realistic version though: you are required to be at your best to sustain in the tough times. That means eating healthily, exercising, enjoying healthy relationships with friends and family as well as keeping spiritually and emotionally fit. The stronger you are, the more focused you are- repeat and believe.
(C) RSGG Mashabela, 12 September 2013.
In : Entrepreneurship
Tags: start-up "business mistakes" management "small business development"