Five Things You’ll Wish You Knew Before Starting Your Own Business
Being your own boss, having the doors of success thrown open before you as you stride this world like a conqueror. This is the promise of starting your own business. But like all worthy endeavors it is fraught with danger and pitfalls that many before you have fallen into. As a young executive, a board member, triathlete, inventor, patent holder, investor, and starter of businesses I have observed many come so close to achieving their dreams but fail due to all-too-common issues. In the hopes that you will not, below I will go over some of the problems all of us encounter when starting out.
- Set the ground rules for your business!
I see this so often: When starting their business, they fail to ask the most basic questions about what they’re doing! Is your business legal or illegal? Does your business need money? Why or why not? If you cannot answer these questions, find someone who can. Local libraries or universities often keep someone on hand to know these things.
2. Study the greats!
There are so many examples you can follow when starting your business. Choose a trailblazer and copy them exactly. Like Steve Jobs? Name your company Apple and start production of computers. You’ll know which computers to make and not make because you can look at what computers were successful and which weren’t. History is here to teach us, you just need to listen.
3. You can never know when The Businessman will visit!
Once you’ve established your business it is only a matter of time before The Businessman will visit. Inexperienced business owners will attempt to barricade their doors or other feeble measures out of desperation. They do not know that there is no lock that can keep Him out, there is no weapon that will keep Him at bay. You must endure Him and pray each night that when He comes His gaze will not fall upon you but rather a marketing rep or someone from design. Many won’t admit it, but you need a little luck to become a billionaire!
4. Appreciate your employees!
One of the hardest lessons to learn is that you can’t do everything by yourself. You need to surround yourself with positive and hardworking people who share your vision and your goals. Remember that it is up to you to create a workplace culture that is welcoming and attractive to the right talent. Do right by your employees and they will do right by you is what my grandfather always said and what I truly believe. Do not look up the Wikipedia article about him.
5.Gross and Net Profits are not two different things!
People keep mentioning that they are, and I am not entirely sure why. Profit is profit and if people around you keep saying this, cut them out of your life entirely. It's a real “red flag situation” that they do not know anything about starting a business.
In Conclusion
It is my sincere belief that inside every one of you that reads this beats the heart of a true businessman, not some lowly and pathetic entrepreneur. It is my honour to share a small sliver of the wisdom I have accumulated over the years, for the true businessman is in the business of business, which is business for the sake of business, and there is no nobler a pursuit. Now smash that like and subscribe button as I prepare another article titled “Five Things You Should Know About Handshakes!”
