Most people have amazing business ideas that are seemingly sure-fire cash cows if they could just up and leave that day job and plunge into the world of entrepreneurship. After all, why put this much time and energy into someone else’s business when you could just be pursuing yours?
I laugh in Swahili if you think it’s a smooth ride on that journey.
Starting a new business is very exciting but can also equal being thrown into a different level of adulthood, shouldering way more responsibilities, and bearing more risks. It is important that you do your homework and take scrupulous steps before you embark on this journey.
Don’t be discouraged. The greatest things you can do in life are the things that scare you the most.
Here are 4 important things you need to know before starting a business
1. Money is not enough.
It is really important to raise capital for your business, however, a sound business model is what generates consistent cash flow.
2. You are not the business…well, except you are only selling yourself.
This point cannot be emphasized enough. Avoid situations that make you struggle with differentiating your personal finances from your business. As a matter of fact, see yourself as an employee or shareholder.
3. Your new team won’t know everything
Your business is all about the people whose hands you’ve implored to help carry your business off the ground and especially as a start-up, you may not be able to employ the best of the best. It is important that you focus on your team and their needs and continually train them. The best of the best got trained to become that.
4. Maintain a Strong Work/Life Balance
Burnout is a real thing. Dedicating 16 hours a day to your new business isn’t the guarantee to a successful journey as this will eventually cause you to burn out and become a lot less productive. Instead, you can find ways to streamline your operations to get your work done easier and faster when you work fewer hours.
Bonus Point: Take one day at a time
Start small and take incremental steps one day at a time. It’s a journey.
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