“There’s lots of bad reasons to start a company. But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.” - Phil Libin, CEO of Evernote
When you became an entrepreneur, you never bargained that your choice would be compared to that of the roller coaster ride. I not a big fan of roller coasters; however, when my kids wanted to go on them, I would pull out my watch and I would look at how long it would take for the roller coaster complete its course. I would take a look at the loops in size them up figure out the risk and what I could tolerate and what I could not. At Knott’s Berry Farm, there was the Sidewinder roller coaster - 45 seconds. I told myself I can do anything for 45 seconds. The choice of becoming an entrepreneur is a big decision and it's definitely more than 45 seconds in length. It's not about instant gratification but it's more like planting a seed and nurturing and watching it grow.
Many people believe that 90% of businesses will fail in their first five years. According to US statistics, the survival rate of the business increases as many years as it can continue which averages about 50 to 60% survival rate in five years. You may be asking yourself why is that so challenging to be an entrepreneur. Wouldn't it be easier just to secure the 9-to-5 job?
No, not really. There may be many reasons that you decided to take the leap or start a business off the side of your desk for hopes of complete transition in the future. Many entrepreneurs choose the lifestyle and the business because they saw something different about the way things could be done, or they wanted the freedom to call their own shots. Maybe you wanted the life balance. For those of you who don't know entrepreneurs, they work long hard hours more than the 9-to-5 person but they do have that flexibility to call the shots.
Where businesses fail is when they try to scale up their business too quickly, they don't know their numbers, they try to do everything themselves, they fail to execute because everything needs to be perfect or they sabotage their success in getting their own way. You don't just build it and they will come. You need to put in the work.
When I became an entrepreneur there was lots to learn and the majority of what I learned was not what I learned in school. My experiences have come from real life mistakes and successes and many trials and errors. To the outside world, it may look perfect but on the inside was someone working really hard to pay attention to every detail so that if there was a mistake or issue that could be resolved quickly or no one would notice.
The biggest thing with any business- is knowing your vision, mission, and core values. What's that? Your compass. What is it that you do and how do you do it? Most importantly, it's about knowing your why. Why do you choose to do which you do? When you use this as your center of guidance you will make in decisions that will help guide you.
As you get started in your business it is just like going up the first slope, it gets very exciting you may make a few sales see some money coming and get excited and suddenly challenges:
Why isn't everything going smoothly?
Where is the money going to come for that? What you mean this cost so much? We need a return on investment?
What is the profit and loss statement?
Is it marketing or branding?
Should I hire or fire?
You start learning what you don't know. The negative self-talk comes in and you can hear yourself saying: I'm not smart enough I'm not lucky I did not have the resources I don't I don't I don't the list could go on. Your focus on all the reasons you can't succeed “t...