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The Right Reasons For Starting A Business
Having a clear idea the reasons for starting a business of your own is completely crucial to your success. Should you be in business with incorrect factors or wrong expectation, you will probably failed. Even though you don't fail, you are going to have a tough time during the course of running the business.
Brian Head, a good economist for the Small Business Administration Office of Advocacy states the very top factors that majority of businesses fails were due to:
1. Start a business for the incorrect factors, for example, getting the false impression it may immediately allow you to make more income and give you additional rest day.
2. Bad Administration. Many new start up business owners often lack appropriate business experience, administration knowledge, financial, promoting, selling and employee's management.
3. Inadequate Funds. Business people often underestimate how much cash is required and exactly how rapidly they are able to establish a positive cash flow.
After I have studied the above reasons for starting a business, I honestly did not give much thought to all the points. Yes, it made sense; however, I did not believe they were really relevant to me or to my business.
How Incorrect Was I.
As you see, I did not start my small business with regard to the factors listed in point 1. I started the business simply because I wanted to create a difference on a much bigger scale as compared possibly if I were employed by another person. Additionally, I was rather tired of being an employee of others, allowing them to decide how much I was worth, controlling my free time and not to say a great a part of my entire life.
I was holding the false impression that I am going to make a fortune faster, with lesser work and effort and also have a much easier time working on it.
Again, I was incorrect on all the reasons for starting a business. Not one of those events I expected had occurred. In actual, the opposite happened. I've ended up having to work harder, lengthier work hours and with much less income as compared to if were to be employed by another person. Additionally, I have ended up being sick and was on the track towards depression.
I am revealing all this to you so that you can learn from my personal errors, avoid all of them and reduce your business learning curve significantly.
Therefore, here are a few points that you should think about beside those reasons for starting a business.
1. Ask yourself the reasons for starting a business or even the reason why do you initially go into business?
2. Exactly, what were your expectations, goals, dreams? Be truthful with yourself. Have you been on the right track or have you been tripping, fumbling, as well as bumbling along the way?
3. Is the business you are in genuinely satisfied your aspiration?
4. Have your expectations been fulfilled?
5. Have you been producing the cash you believed you would be making? If not, do you know the reason?
6. Are you in control of your time, or have you end up being the servant for your company?
The thing is you need to know the reasons for starting a business in order to gain freedom from it. You have to ensure that your business make you profit. If it isn't, then take whatever action that is essential to ensure that it does become profitable.
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