This column aims to inspire those who are contemplating on starting their own business and provide motivation for those who have already taken the leap.
Our primary objective is to support our family in any way possible. We understand that embarking on the journey of starting a business requires courage and the willingness to face challenges. Embarking on a business venture can be intimidating, particularly if it’s a spontaneous decision inspired by others’ actions. It’s crucial to pursue something you’ve always desired, as it’s easier to realize your dreams when you’re passionate about them. Just like parenting, a business requires care and attention. Once you’ve established your store and begun operations, you can’t just leave it to run on its own.
Most of us have a common desire to progress beyond our current state. Some of these aspiring entrepreneurs’ energy is palpable, and their numerous questions reflect their enthusiasm. However, I often wondered how many of them truly followed their passion…
Approximately 90% of startups fail within their first year. This high failure rate is often due to inadequate planning and management. To succeed in business, it’s vital to continually learn and stay up-to-date with market trends and demands.
Characteristics of a Successful Startup
You can’t merely dive into a venture believing you’re prepared. While I often advocate for seizing the moment and starting a business today, it’s essential to keep your eyes wide open to the realities of what you’re undertaking. Here are some pointers to help your startup journey become a success story:
1. Ensure your product meets a market demand. While unique products can stand out, they should also address a market need. If your product doesn’t resonate with consumers and only you understand its value, your business may not survive the first month. When brainstorming product ideas, consider what the market needs and will use.
2. Don’t underestimate the importance of business processes. Entrepreneurs should be involved in their business operations. While tasks like answering calls and sending emails are important, they alone won’t guarantee success. There’s a lot more work involved, and everyone in the business should understand their roles to ensure continuity.
3. Don’t fear rapid growth. Fast growth is a positive sign of high demand. While it may be daunting for some, entrepreneurs are known for taking risks. However, these risks should be calculated, meaning you should not overextend your expansion plans. Learn how to manage growth safely and enjoy the rewards of your hard work. But remember, don’t let success blind you and lead to wastefulness.
4. Cultivate versatility. Versatility isn’t just about your team’s skill set. It also refers to your team’s ability to quickly develop new products, marketing strategies, and rebranding initiatives. Building a strong team makes facing these challenges less daunting. Sharing responsibilities and accountability with co-founders can also be beneficial.
Notice how businesses flourished during the pandemic. Many people started online businesses to support their families even if it meant to devote more time in looking after the business, thus there are sacrifices that needed to be done. You would notice how social media significantly become a part of everyone’s life- we no longer use these platforms merely to connect or reconnect with friends, but these have become their means of purchasing things they need even if COVID-19 is no longer a threat as it was before. The resilience and adaptability of entrepreneurs have found success even during challenging times. If they have been successful in making that giant step, so can you. All it takes is self-confidence and faith in our Almighty.
