I’m constantly being asked at seminars, through e-mail and
just general interaction with customers/clients and friends
“How easy is it REALLY, to start your own successful online
business?”
Believe it or not It’s not that difficult to “start a business”.
It is however another story altogether to build, maintain and
improve a successful one!
Yes It’s true! Most new business do go “out of business”
within 1 to 3 years So why would anyone be foolish enough to
fight those kinds of discouraging odds?
Good question I’m glad you asked!
The answer lies in what YOU believe the word “most” really
means.
When we say “Most businesses go out of business in their
first 3 years” We must consider this in the context of sheer
numbers on a global scale. For example, there are billions
of people on this planet and millions of business start-ups
every year. When considered in this way It’s quite a bit
easier to understand the “bigger picture”.
Remember that there are huge differences in “most of a few”
and “most of a lot”, so when discussing the issue of business
failures One can easily forget the other side of the equation
Business successes!
When you’re talking about millions of start-up businesses per
year, you should do yourself a favor and consider the positive
side as well as the downside.
It is a fact that in all those business start-ups per year,
many do become successful And with the advent of the Internet
this number continues to increase towards the good on a literally exponential scale.
It’s not a difficult task to find these examples easily just
by surfing the net!
All of these businesses were started by “regular” people just
like you. People who shared one distinct quality, above all
others… The ability to realize a vision and turn that vision
into reality.
Is that all it takes, you might ask? No It isn’t.
A vision and even a yearning to create something useful to
others is not enough So, if there’s more to it than that
What’s the secret?
Again I’m so glad you asked!
You need a number of things to create REAL and LASTING success
in anything productive you wish to accomplish Any EXPERT
“worth their salt” will most assuredly agree.
Among these needed qualities are:
* Intestinal Fortitude (GUTS)
* Commitment
* Willingness to learn and grow constantly and consistently
* Sticktoitiveness (BE TENACIOUS)
* Integrity (BE HONEST WITH YOURSELF AND OTHERS)
* Ability to encourage and accept constructive criticism
* Refuse to give up on your dreams
You may say to yourself that this all sounds good and true
But you’ve heard it all before.
Just ask yourself one question before you go any further.
Do you practice these qualities on an ongoing basis yourself?
Then go one step further Are you willing to practice these
qualities in the future?
If you look at any “failed business” and apply these qualities.
You can learn a great deal about WHY “most businesses fail”
in their first 3 years. You can be assured that 99% percent
of these “lost dreams” did NOT make it a point to practice
one or more of these qualities On an ongoing basis.
The moral of this story is quite simple really
Get truthfully serious about “planning your work” and then
without fail At every opportunity go for it…
Knowledge of the business, sufficient capital, good experience,
and a unique idea at the right time are just some of the
characteristics of a successful business owner. Although
there isn’t any way that you can guarantee that you’ll become
a successful owner, you can greatly improve your odds by
becoming well-prepared for the task.
Why Small Businesses Fail
Success in business is never automatic. It isn’t strictly
based on luck – although a little never hurts. It depends
primarily on the owner’s foresight and organization. Even then,
of course, there are no guarantees.
Starting a small business is always risky, and the chance of
success is slim. According to the U.S. Small Business
Administration, over 50% of small businesses fail in the first
year and 90% fail within the first five years.
In his book Small Business Management, Michael Ames gives
the following reasons for small business failure:
1:Lack of experience
2:Insufficient capital (money)
3:Poor location
4:Poor inventory management
5:Over-investment in fixed assets
6:Poor credit arrangements
7:Personal use of business funds
8:Unexpected growth
Gustav Berle adds two more reasons in The Do It Yourself
Business Book:
9:Competition
10:Low sales
More Reasons Why Small Businesses Fail
These figures aren’t meant to scare you, but to prepare you
for the rocky path ahead. Underestimating the difficulty of
starting a business is one of the biggest obstacles entrepreneurs
face. However, success can be yours if you are patient, willing
to work hard, and take all the necessary steps.
On the Upside
It’s true that there are many reasons not to start your own
business. But for the right person, the advantages of business
ownership far outweigh the risks.
You will be your own boss. Hard work and long hours directly
benefit you, rather than increasing profits for someone else.
Earning and growth potential are far greater. A new venture
is as exciting as it is risky. Running a business provides
endless challenge and opportunities for learning.
These positive elements add together to give the entrepreneur
the best possible chance at business success. It will be many
years, perhaps decades, before we again see such a positive
environment for home business launches on the internet.
Winston Churchill said only 15 words in his commencement speech
to graduates of one of the most prestigious Universities in the world…OXFORD University:
“CHOOSE YOUR GOALS CAREFULLY AND THEN… NEVER…NEVER…NEVER
GIVE UP UNTIL YOU REACH THEM!”
Follow that philosophy and you can’t help but achieve success…
