Doing business is not child play and one mistake can bring you down to square one. It is good to have a role model whom you study from a far and learn how they run successful business empires.
A mentor is even better as you can have one on one with them. It is vital to study not only success they have achieved but the risks, insecurity, failures that they have undergone before the success pick was seen or noted. Many a time we see only the success and not the journey to that success. These are some of the situations that successful business people undergo of which it’s good to know as you start the good journey of entrepreneurship.
- Failure – Most entrepreneurs have experienced detrimental failures, depression and stress. What brings them out is non-acceptance to give up; refusal to be failures and motivation to keep going. Where failure comes you have to encourage yourself. It is vital for you to rise up, dust yourself and start walking again. My advice is that no one should give up to failure
- Risks – Business is about taking risks. It is about swimming to deep and unknown waters. It is putting your life, resources on a firing line ready to take charge. This call for individual with a risk appetite going forward. Taking risks requires hope and a lot of faith that all will work for you.
- Cash Flow Management – The struggle to pay bills is evident. It is good to learn on how to manage this by always asking a down payment. It is also good to pay your suppliers in 60 to 90 days period. This is real jigs in business
- Hiring Employees – These consumes time and sometimes you don’t get the right employees. The stuff retention is a real challenge. Sometimes you have no resources to pay them well. To conquer this, hire fresh graduates and train them, grow with them. Let them be your close people that you trust.
- Time Management – Time is a scarce resource and for you to succeed, you must manage this resource well.
- Delegation – Many businesses people struggle to delegate. It is vital to trust people and let them do some roles for you as a business owner. I call this plumbing system. It is vital to develop your leaders around you to be like you or better.
- Choosing what to sell – What are you good at? What is your market niche?
- Market Strategy – What is the best way to market your product/service?
- Capital – Little Capital – Work with what you have and keep goods books of accounts do that someday you can borrow from the bank
- Self doubt – This is a serious condition that every entrepreneur must work to kill. Believe in yourself at all times, take charge of you decisions and do not blame others at all. It is good to manage yourself and fully control your emotions