Stop and read this before starting a business

So, you are thinking of starting a business? Easier said than done. A man once told me every business opportunity looks fantastic until you actually start the business. Below are some points to note before venturing into a business. If after reading this and you are still convinced you are ready, then you probably are.

1. Don’t start a business if you are clueless about the industry.

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This is not rocket science. If you don’t understand the business, why even start? If your answer is, well that guy over there is doing it and making loads of money; the chances are that you will fail big time.

Firstly, know the industry and if you can work there for a while, do it. What’s wrong with that? Or, you can assemble a team that understands the industry, that’s if you’re so lazy to learn about the industry.

2. Don’t start a business if you think you will have free time.

If you think, oh well now I can quit my job and have all the freedom I need. Well sorry, you aren’t getting anything because starting a business is even more hard work.

You’re thinking of how to get customers, your team, how to better your services. Most entrepreneurs will understand what I’m talking about.

You may get free time, but that’s after years of nurturing your business.

3. Don’t start a business if you have no stamina

If you don’t have the mental strength, the tenacity, the endurance, this is what’s going to happen; you will quit along the way. Everyone wants to talk about the rosy side of entrepreneurship. No one wants to talk about the hard part, that night you spend thinking of strategies to get new customers, how to pay off that debt.

Things may not go too well at first; do you have the guts to move on?

Take a look at big companies like Toyota, Ferrari, and others. There have been here for long. They endured.

4. Don’t start a business without a steady means of income.

New business is like a newborn baby; you have to support the child until he/she can take care of himself and fend for you. You need money coming in because it takes time before you start making real profit in business.

5. You are not ready to go into business if you don’t know how to close.

To convince a girl to go on a date with you, you got to close. To persuade a friend to let you use his car, you got to close.

In the world of business, closing skill is even more important. To sell your product, to enter into a partnership you got to close. Do you want better terms? Guess what? You got to close. More customers? You got to close.

Closing is not a skill you are born with; it’s a skill you learn.

By Ernesto

Email address: [email protected]