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Wednesday, 24 October 2018

6 bitter truths no one ever told you about small business

As  a small  business  owner,  nothing  motivates  like the  hope  that your enterprise  will  eventually buy you  financial freedom.

Sadly,  it's not every entrepreneur that gets  to see this reality. It has  been reported  that only 33% of small  businesses make  it  to t heir 2nd year anniversary. Although most entrepreneurs set out with foolproof business  plans, well  researched market analysis and  an  attitude  that could bring  down the  moon, they seem  to loose  motivation, money and the  enthusiasm to continue as  time  goes  o n. It is my opinion that such entrepreneurs  got more than  they bargained for because they were  not prepared  for the challenges  when  the  complex responsibility of maintaining  the balance in a densely competitive  market place came  knocking. Below are 6 little truths  every  small  business  owner should know about small  businesses.

1. It takes time to break even

 Many startup entrepreneurs entering  the  market  place come with the  illusion of  recovering  their  invested capital  in the shortest time  possible. This puts  undue pressure  on both the entrepreneur and the  business  in  general. There is need for every small  business  to establish  an  enduring business  brand  before going  to  maximize profits  as  no building can  stand firmly and securely without a strong  foundation.  It is important to avoid putting  the  cart  before the  horse to prevent business  failure.  Every small  business  entrepreneur must give himself ample time  to establish  a clean  chain of  command, mode of operations,  proper market presence, efficient bud geting  and  record keeping  strategy,  excellent customer satisfaction and  commiserate staff  salary and  allowance structure. As  a business  entrepreneur, you need  to understand that the market place is  designed as  a reward system  and revenue  is only generated based  on the  value  added.

2.  Starting a small business affects  you  emotionally

This is a rarely discussed factor  that affects all  small  business entrepreneurs.  The fact is that the journey into the  realm of financial freedom will  definitely  take it s  toll  on you emotionally, and otherwise. This happens  because you will  have  to work for longer hours, make complex administrative decisions and adhere to a strict budgeting structure.Society has a way of misunderstanding every entrepreneur with the determination to succeed; so you must get used to criticisms and feelings of loneliness. These are the price you as business entrepreneur must pay if you're to succeed.

3. Every small business entrepreneur is both a leader and a manager

It is important to be able to switch roles, as a small business entrepreneur, between leadership and  management. As a leader, the vision for, and eventual outcome of the business is your personal responsibility. This is usually an enormous weight to bear because you are to blame, or to be praised for the success  or failure of the business. As a manager, it is also your duty to coordinate the daily operations schedule of the business. Most small business owners make the mistake of outsourcing the management of the business; this is ill advised as you can't give a new born baby to a nanny to nurture. You need to prepare yourself for duties such as accounting, budgeting, employee relations, customer relations, branding, sales and marketing,etc, because swapping between these roles will be psychologically and emotionally challenging.

4.  Small businesses also pay tax

Many small business owners become frustrated when the little profits made are  swallowed up as taxes. Be that as it may, it is advisable to forge the habit of prompt tax payment to avoid legal action against your business which could affect your brand.

 5. Get ready for attacks and opposition

In preparing for competition, you should prepare for the  worst and  hope  for the best. Every business faces internal and external attacks and oppositions,  especially from more established corporations. It's best to create a unique market presence (brand) and perfect your unique selling proposition.

 6. You will make mistakes

Lastly, it's important to know that mistakes are part of the game. It's important to allow yourself make the necessary mistakes that build the right character and tenacity for success. Don't allow your mistakes to end your dreams, but use them as stepping  stones to success. Mistakes allow us to explore our strengths and weaknesses and to become aware of them.

Mistakes are the rungs in the ladder of mastery.


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