O.K let’s be honest ! We all want a successful business right?
However, any business owner will tell you starting a business is not an easy thing to do from scratch.
We do all the hard yards to start our new business with big dreams of making it a very successful and profitable business, yet unfortunately, many start-up businesses do not manage their businesses properly from the onset resulting in a huge personal financial loss and for some eventually possible bankruptcy.
NO COMPREHENSIVE BUSINESS PLAN and the tendency to overlook the important attributes of starting and managing a business for the long term are the major contributors to a failed business. This is particularly important when there are thousands of new businesses being launch each month resulting in a field that is becoming more competitive month after month.
Accordingly, before you roll out your big business dream you will need to know and understand the TOP 5 “C” words on how to survive the ever growing competition in your selected industry and to give you the edge to remain in the game longer.
TOP 5 “C” WORDS YOU MUST REMEMBER:
- COURAGE
It goes without saying, you need to have a certain level of courage before you could start a business.
Fear is your worst enemy whilst risk is your best friend. The best thing about the unknown is the meaning itself: If success were guaranteed, the journey wouldn’t be the same. And the journey is actually what inspires and shapes us to understand that success isn’t supposed to be easy, it’s supposed to be worth it.
It takes courage to jump right in with both feet.
With this courage comes self-belief which is the point where everything begins. Without it, it becomes difficult to succeed. To start out on your own, you must have confidence in your own ability to succeed.
Remember, a new business is always difficult since you are investing a lot of your hard earned money and effort to be successful.
To support you in gaining the courage and success in your new endeavour, going to many seminars on the business success of your chosen industry while meeting with seasoned business owners and professionals can make you certainly help towards making you feel ready to manage and run a new business.
- CREATIVITY
To make your new business stand out amongst the crowd you need to be creative and continually evolving with new creative ideas to meet the changing demands of your customers. This vision for being creativity helps make your product last longer in the market especially in times of heavy competition
If you have a creative insight to your business brand, you can easily update and develop your products to gain more awareness and sales. It also means you can develop new products that would be a point of difference in the industry. Creative thinking can keep your business strong for many years to come.
- CONVICTION
In order to make your product or service succeed, you will need to believe in yourself and in the products or service you are providing. It’s paramount that you should have a stronger conviction towards the goal of your business. This very simple attitude will direct the future path of your business.
Conviction also makes your leadership skill sound, so you can unify your goals to towards success with your employees.
- CAPITAL
To help start a business you need enough business funding capital, for office space, permits, licenses, inventory, product development and manufacturing, marketing or any other expense.
A good start would be using a start-up costing sheet which can help you determine how much money you need to start.
It can also help you find the right amount of business finance and determine how much money you need to invest from other funding sources.
You can raise these business funds by:
- Your own money from your savings can fund your business. Saving business funds on your own can be difficult and can take some time to raise a certain level.
- Speaking with your local bank about business loans for small business is usually your first point of contact and probably the cheapest funding option. However, they have many restrictions and without a proper business plan or security, it would be difficult to get approved.
- You can also ask friends and family for some financial assistance. For many individuals, they find it very hard to ask for assistance from their family and friends but this can be one of the easiest ways to get money for your business.
- Alternatively, you can also access fast working capital from an online business loans lender. These business finance companies do not operate as restrictively like your traditional banks, however, they could provide the business funding you require fast. An application for an unsecured business finance approval without strict terms can be much simpler than the major banks.
- COMMITMENT
A large amount of time and determination must be devoted to your business to ensure its short and long-term success. Being a hands-on business owner lets you see which areas of your business is suffering and work out ways quickly to improve it.
Work on uniting well with your workers and partners, building a stronger working relationship. Never underestimate the amount of effort, perseverance, and discipline that is required to be successful in business.
Sometimes, getting rid of negative people in your life by saying goodbye to remove yourself from situations that can lower your disposition, pulling you down, instilling fear in you, undermine your efforts, make you second guess your abilities and cause you to abandon your important life dreams and goals.
In its place, try and surround yourself with people who make you feel strong and happy in their company and produce creativity and progress in you to achieve great personal success.
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