Starting a new business is super exciting just like any other new journey. We have written great pieces on starting a business the right way stated below and we stick to our pointers; feel free to have a read if you haven’t. Below is however the three very vital things we recommend you consider before starting any business.
1. Possess the Basic skills to do the primary work of the business.
You will require having some of the basic required skills to start that particular business Or rather possess only some of the required skills, you can partner with someone who has a complementary skill set)
Unless you just want to invest in a business if you want to run one then it’s important that you possess the basic skills required to run it.
Especially at the very beginning if most successful entrepreneurs are honest they will tell you they had to get their hands dirty at some point.
There are also the basic skills of ability to sell. For any business to succeed the owner must sell the idea successfully to the customers, investors as well as partners. Selling is the most basic skill any entrepreneur should possess.
2. Get ready to perform the ancillary functions.
In the case that you are now starting a business you better is ready to run one. If you like making chapattis for example, don’t open a hotel, instead look for a job in one. If you are going to start a hotel you will be required to do more than just making chapattis. You will need to look for customers, Wait on them to arrive; you will also perform administrative, accounting and other functions.
You’ll probably need a well-executed IT infrastructure and many other things done, the list is endless. These are ancillary functions to the core business. Ensuring you get this ancillary functions right is critical to the survival of your business. We are also aware that one may outsource but the outsourcing and seeing them to success is still on you. Whether you like it or not you will still be involved directly or indirectly.
3. Realize that growth means you will have to let go.
This mostly applies to entrepreneurs who venture into businesses because they enjoy the primary work involved in running a particular business. It’s good to have in mind that your business will eventually succeed and outgrow you and it’s essential to get ready for this season. You will have to delegate this primary job to other people as you may get involved in other managerial functions. Make plans and prepare for success.
Starting a new venture is an exciting experience. Just like any other aspect of life planning ahead will help you avoid future possible challenges. Make these three pointers apart of your thinking through your new journey before you embark on it. Ours is to wish you success.
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