Many start-ups fail because entrepreneurs do not take the time to understand the dynamics of the start-up and business world. They are just excited about the whole idea of founding a business and getting the freedom that comes with it. When things don’t turn as they expected, they quit and go back to formal employment.

Here are 10 things to know before you start a business:

1. Business can be rewarding and fulfilling

The idea of starting a business is one of the noblest ideas anyone can have. A business is a highway to massive financial fortune and freedom.

It has never been contested that the most successful people are business people. They are the billionaires and millionaires of this world. They are the people who own Ferraris, expensive yachts, and private jets. They are the people that travel all over the world, employing hundreds of thousands and taking part in massive humanitarian projects.

No one can have such a life without engaging in business activity. Businesses are money-making machines and magnets that allow the founders to smile to the bank.

Business can also be very fulfilling. There are few things as fulfilling as seeing a product you created changing lives or a business you created thriving. Let me tell you the truth, there are no unfulfilled business people. Even if the company is not doing as good as they may want, they have something to be proud of.

2. Many businesses do not succeed

It is also important to note that very few businesses make it past one year. More than 60% of businesses fail before they turn one year. This does not mean that their founders were not interested in success. It means that wanting business success is not sufficient when it comes to growing a business.

With this knowledge, it is important to take the necessary measures because the probability of success is smaller than that of failure. Your business will not be exceptional if you are not an exceptional business person.

3. It will not be easy

Doing business has never been easy. It is extremely hard to scale a business. No matter how creative your idea is, you will have a hard time capturing the market.

It takes investment in resources, time, and effort. You will also need to hire the best people to make your idea a reality. Many things will happen along the way that will destabilize you.

If you think that it will be easy, you will find it hard and quit along the way. It is good to be mentally prepared for the bumpy ride.

4. You cannot just work from 8/9-5

Every time in business is working time. Every day and night is working time. Weekdays and weekends are all working days.

You cannot bring the 8/9-5 mentality and succeed in business. The founder of any start-up has to invest all their time in business growth. The employee mentality has to stop.

On average, the founders work for 14-18 hours. It is what they have to do because start-ups are extremely demanding. After all, you are the accountant, manager, HR manager, operations, sales, and marketing, etc. You are everything to your business.

5. You will lose money

No business person has never lost money in the course of business transactions. To put it best, the initial capital is always lost. You will invest blindly and lose money. Even calculated moves sometimes fail.

You may take a loan, invest it in a project, and lose everything. It is just how it is. This is why all business people are okay with the idea of losing money. They invest to win but even losing is part of the business.

6. Without sales, you will run out of business

This is very important; if you do not sell, you will go broke. No sales mean no revenue. No revenue means more losses. More losses mean it is just a matter of time before you close the business down.

This is why you have to become a salesperson. You have to. Everybody that says that they are not good salespeople will never make it in the start-up world.

It requires skilled and motivated salespeople to push their products out there and capture the market. This is why almost all successful business people were once salespeople. It is not a coincidence.

7. Business is about people and not products

People who try to sell products while disregarding the people’s aspects do not make it in business. This is why customer service is so popular in today’s business ecosystem. It is all about people.

This is why every business person ought to be a people’s person. Be charismatic and influencing. This is how you will get loyal customers who will give you repeat business.

A good product without good customer service will fail. A not-so-good product with good customer service will sell.

8. More capital does not guarantee success

Many people think that they cannot start a business because they do not have enough capital. This is a big lie. Others think that coming into the business world with millions in capital gives them an express success ticket. This is also not true.

Although more capital increases the prospects of success, it does not guarantee it. It is the how of business that brings success not the what. What you have is not as strong a factor as how you make use of it.

9. You may start small but you have to think big

There is no glory or reward of starting a business that is not growing. The reward comes with growth. Although you have to start small, you have to think big and work towards growth. These are the two mistakes people make:

One, starting big. Never start big. Do not hire ten employees on your first day of the business unless it is your second or third business. If you are new to the business world, it is advisable to start small and grow.

Two, starting small without thinking big. This is also equally dangerous. Do not settle for a small business after years of putting effort. Always desire to grow your business and go public. Also, have a desire to go global. Desire to also capture a dominant market position in your local market. This is the secret of growth.

10.           The secret is to keep learning

In business, every failure is an opportunity to learn. As I always say, you do not grow a business, you grow in the business. As you increase your business knowledge, your business can never remain small. Your growth determines how far your business grows.

It is important to keep learning and growing at all costs. Read business books, biographies of successful business people, have mentors, take an MBA, and everything else in that line. Most importantly, review why you failed and learn.

Conclusion

The secret to becoming a business person is to start. Just start your business. Dip your feet into the water and the water will part. With these ten tips in mind, your chances of success are higher. If you have an idea, just start and the rest will follow.

Let us know what is holding you back in the comment section. We will be glad to engage with you.