Every year, people start new businesses, while others must close their doors. Recently, I saw some stats about small businesses in the U.S. that were pretty sobering: 20% fail in their first year; 30% in their second; 50% fail after 5 years; and a whopping 70% will shutter by their 10th year. Wow, that's depressing! I've made it past the 10-year milestone (whew!), but that doesn't mean I'm guaranteed success in the future. It's not like I got a home free pass in the mail that'll keep me going for as long as I want. You can find other statistics on the survival or failure rate of small businesses, and they may or may not match what I've just mentioned. But chances are, they'll be in the same ballpark. So, how does an aspiring entrepreneur avoid becoming yet another statistic in the failure rate?
That, people, is the million-dollar question! While I can't give you a fail-safe formula for success, I can give some advice if you're just getting started or thinking about opening your own business. While you might love the idea of working for yourself, you've got to do it for the right reasons. I hate my boss! Who hasn't had an awful boss? But it's not a good enough reason to take on all the stress and risk of going solo. I'm a visionary! Yeah for you! But that doesn't mean you can predict the future, or that a good vision is enough to keep a business going. I want to call the shots! So you're a bit of a control freak? That's OK, so am I. Just know that there'll be plenty of things outside of your control when you run a business... and you better be able to deal.
What An Aspiring Entrepreneur Should Know From The Outset.
So about that terrible boss... It's fine if a not-so-great work experience led you to daydream about working for yourself. If those daydreams led to a more fleshed-out idea and eventually a concrete plan, great! That's a better way to approach entrepreneurship than seeing it as an escape from a traditional job. Bora Bora is an escape. Running a business sure as hell isn't! If you're currently working a regular 9 to 5 gig — I know, it's probably more like 8 to 6! — that's a good place to be before venturing out on your own. Many successful entrepreneurs say that the experience they got in their first few jobs, often working for large corporations, was extremely helpful and gave them a solid foundation for their future business ownership. So soak up as much as you can, regardless of what you do or where you work.
When you run your own business, you need to be disciplined! You may not have a boss breathing down your neck asking why you were late or where the monthly sales report is (or if you're a fan of Office Space, the TPS report), but you still need to take care of business. So, make goals, set deadlines, hold yourself accountable, make good use of your time. Don't let important things slide (taxes, bills, things you've promised customers). And don't get sloppy about tracking your expenses and income. I'd advise any aspiring entrepreneur that they should plan on being very disciplined from the get-go. (And hard working, but did I really need to say that?).
Are You A Type A... Or A Type F?
Let's get back to the control freak thing for a minute... I mean, type A personality. It truly will be helpful if you're the type of person who likes to be in charge, be in the know about everything, have your hands in all aspects of a project or business, because that's what you'll be doing when running your own business. HOWEVER — and I say that in all caps and bold! — you cannot fall apart and completely lose it when things don't go according to plan. Expect that to happen. Prepare for that to happen. Have a Plan B, and C and even D. The more flexible you are, the easier it'll be to adapt to changing conditions, which are often totally out of your control. So maybe instead of being Type A, you're better off being Type F, for flexible.
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Be Oh So Quotable This Week!
I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Aspiring Entrepreneur – Tip #1:
"Genius is 1% inspiration, and 99% perspiration." – Thomas Edison
Aspiring Entrepreneur – Tip #2:
"Never give up, because you never know if the next try is going to be the one that works." – Mary Kay Ash
Aspiring Entrepreneur – Tip #3:
"You don't always need a plan. Sometimes you just need to breathe, trust, let go, and see what happens." – Mandy Hale
Aspiring Entrepreneur – Tip #4:
"Entrepreneurship is about solving problems, not getting fixated on them." – Harold Clarke
Aspiring Entrepreneur – Tip #5:
"Entrepreneurship is about the fight – the process of getting your product and service in the hands of consumers and building a company along the way." – Jon Snyder
Let's talk! I'd love to hear what advice you'd give an aspiring entrepreneur!
Are you an aspiring entrepreneur? Maybe you were once one... or you know of one. What advice can you share? I would LOVE to hear from you! Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week!
Oh by the way, are you searching for easy steps to charge more without losing clients? Learn where you're leaving money on the table and discover simple costs to cut PLUS get productivity tips! And the best part is it's all FREE! Get our Simple Tricks right here!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!
Disclosure: The Party Goddess! is a participant in the Amazon Services LLC Associates Program. This post contains affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through an amazon.com link. However, these are all products I highly recommend and support!