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4 Lessons You Should Learn if You Want to Run Your Own Business

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Written by McVicker   
Sunday, 23 April 2017 19:46

It’s the dream, isn’t it? Having your own business and being your own boss. Of course, just because it’s what most of us aspire to doesn’t mean it is easy. It’s quite a bit different from the standard nine to five. For that reason, there are some new lessons to learn and some serious things to consider before you take the plunge.

 

Here we’re going to look at some of the most important things that you really need to understand in order to succeed.

 

Failing and Failures

 

The first thing that you really need to pay attention to is that if you’re going to run your own business you will fail. That doesn’t mean the business will fail (though it might, 1 in 9 new businesses does) but that some of the things that you will try will simply not succeed.

 

And that’s okay. Just remember that:

 

 

  • Failure and being a failure are not the same thing. In fact, they’re almost exact opposite. If you fail regularly at things (between the successes) then you are unlikely to end up a failure. This is because you’re learning and expanding your understanding. As long as you don’t fail the same way repeatedly, you’re progressing and more likely to succeed in the future. And so you’re not a failure. A failure is somebody who hasn’t tried anything and hasn’t tried to reach their dreams.

 

  • Every failure is an opportunity. It might not make you any money. It might, in fact, drive your business into the ground. That doesn’t mean you can’t take something incredibly valuable away from it, though. As long as you learn the lesson that the failure is offering you, you can still walk away better off and wiser. That’s why so many new ventures prefer hiring people who’ve got a few failures under their belt. These people are unlikely to make those mistakes again.

 

  • Accepting failure is how you avoid a catastrophe. Failures can go completely out of hand. The general reason that’s the case, however, is because the people doing the failing didn’t know when they had to cut their losses and try something else. There are many reasons for this. For example, there’s the sunk cost fallacy or excessive optimism. Whatever they may be, sometimes you need to accept you’ve failed and try a different approach.

 

 

Other people know more than you do

 

No, this isn’t necessary the case in every area, but it’s going to be true in most areas. There are going to be experts who know things you can only dream of. And that’s okay. Your task is to find out what they know and then use that knowledge in your company’s best interest.

 

The best way to do this is to ask. Simply get in touch with people, ask them questions and listen to what they have to say, get academic help. You’ll be surprised how many people will gladly give you information in exchange for only a little bit of encouragement.

 

In fact, showing an eagerness to learn and becomes knowledgeable about new fields is a very likable trait. After all, all experts like to be listened to and counterintuitive as it may seem, when we do other people a favor we like them more than if they did one for us. So don’t be afraid to just ask for the information that you need. Even if somebody does call you names, what have you lost? Nothing. You’re a little better off, actually, as you know who to no longer try connecting with in the days to come.

 

Aim to grow quickly

 

Small businesses are the most vulnerable. A downturn in the market, a bigger competitor that decides to drive you out of the market, or somebody who decides to gobble you up are all bigger dangers at the level.

 

For that reason, you need to grow quickly. That means re-investing your profits back into your business and taking well-calculated risks to get your company out of the danger zone before other people take notice of you and before you’ve lost that magic of the initial years. In that way, you’ll be far more likely to in the top companies reviews.

 

It won’t be easy

 

Most companies need three years to turn a profit. That’s a long time. You have to be ready for that. For if you’re not, then you will have to close shop long before you’ve turned the corner – and that while you could have potentially turned that corner!

 

If you don’t have the budget to run your company for that long, consider doing some part-time work on the side, to support yourself during that time. Yes, it can be hard to juggle two things like that, but it will mean that the problems you’ll have to surmount will be a lot less likely to push you under.

 

And that will let you take those failures and use them to pave your road to success.

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