According to a Small Business Administration (SBA) report, there are more than 32.5 million small businesses in the US. Running a business sounds exciting, and many of us even try to embark on that journey. Social media has created an illusion, and fancy articles have made everyone believe that running a business is easy. This is why many aspiring entrepreneurs start feeling demotivated and disappointed as they progress on their journey. It is critical to understand that every business face struggles and challenges. The journey is not always smooth and upwards. There may be many times when you may feel lost and demotivated. If you aspire to run your business , this guide is for you. Here, we have enlisted some harsh truths about being an entrepreneur and running a business.
1. Business is not about freedom
Many people often escape and quit their 9 to 5 jobs because of the exhausting work culture. However, you should be ready to adapt to the 24*7 environment when starting your business. Many people often do not get that a business will give them freedom and they will be in charge of it.
No doubt, you will be in charge of it. However, you need to understand that you will be the sole controller and you will have to look after all the activities yourself. One minor mistake can cost you huge.
Business is a commitment, and you may have to work 24*7. You should plan out everything before you launch to ensure you have a seamless experience. If you don’t know anything, you must consider consulting experts for help. Don’t think of it as a burden. Instead, we suggest you enjoy each task and think of how it can impact your business.
2. It takes time to achieve success
Most small businesses take years to achieve that level of success . While there have been a few exceptions where companies have achieved overnight success, you need to understand that it can’t be true for everyone. Many times, you may feel lost and out of track.
It is even necessary to understand that a few first attempts might fail. No matter how competent the industry is, it will take time to succeed.
It’s better to be aware of this than to feel disappointed later. Set long-term goals, and don’t lose your focus and determination. Whenever you feel like giving up, think about why you started and keep going forward.
3. Establish clear goals
We have seen many entrepreneurs who are not sure what they want to achieve in the long run. You may not have been very serious while starting your business. However, to sustain in the long run, you will need to have clear goals and a vision.
To make it easier, you should consider writing down your desired results. After that, you should focus on making an action plan on how you want to achieve your goals. Having a plan and timeline will keep you focused and help you achieve your goals.
4. Skipping on market research
Market research plays a significant role and should always be a part of your strategy. You should never take any step without conducting proper market research. It will help you understand the market and ensure that your initiatives are aligned with the market.
Many aspiring entrepreneurs are often not sure of how to conduct market research. Firstly, you should know there are two types of research: primary and secondary. Here are the steps you should follow to conduct market research:
- Define the purpose of the research
- Analyze industry trends
- Study your customers
- Create a buyer persona or ideal customer profile (ICP)
- Choose the method for conducting research
- Check the secondary data
- Analyze your results
Follow these steps to conduct your market research.
5. Everyone is not included in your target audience
The above steps must have helped you understand your market and find your target audience. However, many entrepreneurs make this mistake and target the wrong audience. You need to be very specific about the target audience. If it does not reach the right audience, you may lose sales and business opportunities.
Here are some of the steps you must follow to find your target audience:
- Look at your current customer base
- Survey your customers
- Analyze your product/ service
- Check demographics/ psychographics of your target
- Check the audience of your competitors
- Check your Google Analytics
- Create personas
- Write down who your target audience isn’t
- Evaluate your answers
Your target audience may likely change with time. Therefore, you must keep checking the above steps to understand and find your target audience.
6. Customer isn’t always right
It is hard to accept, but you should know that your target audience may not always be correct. There will be instances where certain customers may find your decisions wrong.
It is necessary to understand that customers are not always right. You should know your values and should stick to your principles. If you keep making changes because of every minor issue, then you may be out of sight in a few years. Analyze the problems correctly and then make your decision.
7. You can’t do everything
Many small business owners start alone. However, you need to understand that you may not be equipped with all the skills required to manage your business. There are certain situations where you may need help from experts.
Therefore, you should always consider hiring the right talent or taking help from consultants. Hire the right team and grow your business together.
8. Listen to what others say
Listen to your stakeholders, listen to your employees, and listen to your customers and community. Even if you think you’re right, you must listen to what others say. In the end, it’s the foundation of your relationship with your customers, employees, and stakeholders that will decide the growth of your business.
You cannot always ignore their opinion and do whatever you want to. Listening is the best business skill, and you should learn what others have to say about you.
9. Think like a customer
No company should neglect the ideas and beliefs of their customers. Whenever you’re making any critical decision, you should think of your customers. After specific years of existence, even your customer may develop some feelings about your brand. Therefore, it is essential that you consider their perspectives.
To think like your customers, you should consider conducting surveys and asking them about their problems. It will help you find the right approach and solution to deal with your customers.
10. Choose the right mentor
Mentors are skilled, successful , and have relevant experience in the industry. They can provide you with the proper guidance to move forward in your path. You should be very specific about the mentors you choose.
Here are some of the factors that you must consider while looking for a mentor:
- Think of your needs
- Determine the qualities you need in a mentor – You may consider background, skills, and experience
- Connect with business groups and organizations
- Build relationships with your community people
- Identify your potential mentor
- Be a good mentee and maintain your relationship with them
11. Your business will require sacrifice
Once you choose this road to success, you need to understand that your life may change. There are chances that your priorities and aspirations may change. It may even change your steady source of income. You may experience this often, especially in the first few months or years.
You should be ready for all these sacrifices. If you don’t sacrifice today, your life will not change tomorrow. Therefore, you should be prepared for all these changes in your life.
12. You shouldn’t always think of a backup plan
If you keep focusing on your backup plan, then there are chances that nothing will work out. Stop thinking of backup plans, especially when you’re thinking of starting something new.
Instead, stay focused on your goals and work on them. Take risks and accept the uncertainties that it brings.
13. You will have to push yourself out of your comfort zone
When you start your own business, you take complete accountability for its functioning. You can’t blame your boss, managers, or anyone else. It is you who will have to make all the critical decisions. Therefore, you may find yourself in situations where you may have to push yourself out of your comfort zone every day.
14. Do it with passion
Passion is vital when you’re running a business. If you’re not passionate or sure about your choices, you should think again. A company will sustain only when you’re passionate about it.
Follow your interest areas and then blend them with the market research analysis. To make it easier, you should consider 5 Ws and 1H. Think of what you want to do, why you want to do it, and how you want to do it. Answer all these questions to yourself and find your passion.
15. Technology won’t fix a wrong business model
In this age of digital transformation, technology is indeed essential. You need to be equipped with the latest technologies and software. However, you cannot rely on technology to fix a wrong business model. Technology is a tool that can help in the smooth functioning of your business. Your primary focus should be on your business model.
Here are some of the steps you should follow to define your business model:
- Define the problem that you are aiming to provide
- Define your customers
- Define the critical issue in your market
- Define the set of solutions your product/service will solve
- Define your monetization model
- Test and choose
Keep learning and growing
Are you also passionate and want to start your own business? Then there are some of the harsh realities that you should be aware of. Besides this, you should keep exploring different things and growing in your career. Ensure that your business is fresh and reaches your ideal target audience. Learn these critical lessons and prepare a growth plan.
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