A reality check for new business owners

Discussion in 'Starting a Business' started by Damien Lee, Jun 24, 2015.

  1. Damien Lee

    Damien Lee
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    When starting a business, it's nice to think big and be ambitious. But I recommend that every person embarking on a business should just get real. Every business, during it's infancy is small and unlikely to be profitable. That's perfectly okay, it takes time for any business to start generating significant revenue.

    This may sound simple, but it eludes a lot of people. Many think they will turn into multi-millionaires with their new business, unfortunately the chances of that happening are slim. Most successful business people either just survive or they get to live comfortably. That's okay too, that's nothing to be ashamed of and sneezed at either.

    I'm just taking the time to give all potential business owners the hard truth. It may not be what you want to hear but it's better to be prepared to avoid dissatisfaction.
     
  2. tsubibo

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    Wise words. Makes me think that the most important thing in starting a business is perseverance. You might not make it big the first time or the second time, but that does not mean you should give up. Keep your head held high and keep trying.
     
  3. Diane Lane

    Diane Lane
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    Most small businesses don't turn a profit for at least 3 years. It's good to know that going in, so you (and your family) can appreciate that it will take a lot of hard work, dedication, and sacrifice. It also takes money to make money, and starting a business on a shoestring budget is difficult, because there are start up costs involved. Even with the smallest of businesses, there are necessities such as business cards, advertising, office supplies, supplies needed to make products, if you'll be producing items, office equipment such as a computer, printer, phone, etc.
     
  4. healingforce

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    You're perfectly right about this. Every person who is about to start a new business should take in consideration what you just said as it si mandatory to , at the end of the day, make some profit in order to keep up the business. Dreaming glory and success is perfectly normal and cool but we have always to keep it real and not ignore anything if we plan something in business.
     
  5. Corzhens

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    What I can say regarding this thread is for new business people to pray and believe in themselves. No matter how good you are in business, there is that chance for failure. I find business the domain of lucky people. I have seen this in my husband and his sister. My husband had tried so many small businesses and all failed while his sister was not even trying but always successful. So there.
     
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  6. Diane Lane

    Diane Lane
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    I agree, @Corzhens, sometimes it seems a matter of luck, or falling into the right circumstances. Two people could have the same idea, budget, and both work very hard to make a business work, and while one could succeed, the other could fail. Often, it seems that having the right contacts can make all the difference. If people are willing to share your information with others who may be interested, that certainly can help to get the name and products or services out there. Sometimes it seems a matter of timing, and other times the success of one business over another appears to be random.
     
  7. Corzhens

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    @Diane Lane, I mentioned luck because I know of so many people whose capability to succeed is almost nil but they prospered in business. Take the case of Henry who borrowed money to start his shoe repair business. In due time his business grew until it became Shoemart and later on it changed its moniker to SM, that largest shoe store in the country. Henry Sy is the richest person in our country.
     
  8. CrowdedHighways

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    Definitely! When I was unemployed, I had hundreds of innovative business ideas flowing around my head each day. When I became an entrepreneur, I understood how many of them had been utterly unrealistic. By the way, this should not discourage you from being creative, this should encourage you to be creative AND realistic. Believe me, it is possible to be both.
     
  9. clevelandslim

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    Always remember that you are working in a dynamic start-up, don’t just run off and randomly approach.A person should do is set priorities in terms of your goals. If you are new to the industry you better start researching. There is nothing worse than being pitched.
     

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