Nobody is born a career expert. A career is something you develop an interest in. Then, you take the time to learn and master it.
This also applies to business owners. No one is born a great business owner. Before you become great, you must first go through some struggles.
What are these struggles? Read on to find out.
Fear of Risk
Owning a business is a big risk. Imagine the capital, time, and effort you are bringing into play. Since it is your first time, you are not used to seeing the consequences of your actions and decisions. You are still afraid to gamble.
This is normal. However, you must learn to get past it. You have to remember that your capital and experience will not grow if there is no risk.
As a solution, start with small risks. The advantages in return are also small, but the point is getting yourself used to taking risks. Then, work your way up as necessary.
This may be easier said than done. But the moment you step into the business world, taking risks should already be at the back of your mind. Remember, business success results from a series of risky actions and decisions.
So, start planning and calculating your risks.
Choosing the Right People
Running a business is a social function. You cannot do it alone. Aside from your buyers, you also need other people to help you out.
For first-time business owners, this is a struggle: Who are the right people for my business?
Choosing who should be a part of your business is very crucial. Some start-ups fail because they did not hire the right people. Why? Those people did not possess the qualities needed to complement that of the owner.
And for this reason, they will find it hard to see the same vision that owners have for their business.
Having the right employees does not mean having perfect people. Perfection does not exist. In choosing people, hire those who are willing to learn with you. Choose those who can see what you see for your business on a long-term basis.
Life-Business Balance
Managing a business for the first time brings a lot of excitement. It also gives you the jitters. You will be managing your own products, services, and people all at the same time. Sounds exciting, doesn’t it?
However, newbies tend to focus more on the excitement and growth of their business. They forget to live their life, and so, they are led to stress and burnout. This will also affect the business itself.
Remember, your life is more important than your business. You cannot ignore your personal life in favor of your new career.
Strike a balance. Create a schedule where you can take time for yourself and for your business.
Willingness to Learn
Running a business requires knowledge and experience. However, the experience is not developed overnight. You must study and work hard to master your craft.
Hence, you must be a willing learner. There will be trials and errors, but charge them to experience. You cannot have the right attitude if you do not commit errors. Business experience is best learned through business failures.
With the right amount of patience and perseverance, your inexperience is solvable.
Unsteady Paycheck
Being an entrepreneur requires your full attention. Often, you must leave your current job that provides you with a steady paycheck. It is daunting because there is no guarantee your business will earn the way you expect it to.
Some people can earn a decent amount in months. Other people take years. This is why many aspiring entrepreneurs quit almost as soon as they started.
As a solution, you can ease in your transition to this career. Try to juggle your sources of income first. Once you are ready to focus full-time on your business, then do it.
However, most successful businesspeople dive in right away. They are not afraid of losing a steady paycheck in exchange for the possibility of becoming successful. This challenge helped shape them into the business people they are today.
Timing
You will never find the perfect time to do something. There is no perfect time to execute your plans, to do your presentation, or to offer your latest services. First-time business owners always fall into this trap.
This behavior stems from doubt or laziness. Regardless, you may end up filling your head with excuses to delay something. It causes even more delay and leaves nothing accomplished.
To avoid this bad business habit, practice the good habit of doing things now. Start with small actions, and then move on to bigger ones. Before you know it, you have already achieved success.
Lack of Experience
If there is one quality all first-time business owners share, it is the lack of experience. As the saying goes, there is always a first time for everything.
Being inexperienced is not bad. You will overcome it in time as you go. The problem starts when you are too proud to ask for help, or when you do nothing to improve on yourself.
To solve this, expose yourself to situations where you can gain more experience. You can read books, attend seminars, and talk to people for more insight. It also helps to find a business mentor who will give you guidance.
The process may seem tedious, but it results in competence and confidence.
What makes a great businessperson?
Being the child of a wealthy businessperson does not make you a great business owner. Completing a business program does not make you an expert. And even the descendants of business families do not automatically possess their ancestors’ skills.
A great businessperson is a product of their own hard work, discipline, and willingness to learn. They do not mind the struggle of owning a business, because they know that is part of it.
If you want to be a successful entrepreneur, you may wish to follow these simple tips for a healthy business introduction.
[Read Next: Do you Have What It Takes to be an Entrepreneur?]
