Facts For Beginner BusinessMan

  Some Interesting Fact about Beginner                     BusinessMen!!

1. Your business will probably fail.

One significant factor to consider is timing. When it comes to that crucial timing issue, 50 percent of businesses will fail by year five. After ten years, about 75 percent to 90 percent of small businesses will have been shuttered.

As dismal as these numbers are, they aren’t predictive. In other words, just because many businesses do “fail” or close within a given time frame doesn’t mean that your business will be the same.

2. You will have competition.

Don’t dive into entrepreneurship, thinking that you’re the only fish in the pond. There are a lot of others competing for the same customer base.

And the thing is, some of those competitors may be better than you! Their branding may be snazzier, their pockets deeper, their talent superior and their knowledge greater.

So, be prepared for it, but don’t be discouraged by it. Without competition, you could easily grow lazy and lose your edge. Embrace the competition and improve because of it.

3. You will need to know more than you already know.

Most entrepreneurs build a business because they are experts or very well-informed about their work or trade. However, as Michael Gerber aptly pointed out in his book, The E-Myth Revisited, what these entrepreneurs possess in expertise they may lack in business acumen.

In other words, talent and expertise alone do not guarantee success. You’re going to need to know a lot more about accounting, scalability, marketing, sales, software, laws and a host of halo topics required for operating and making a business a success.

4. You will need money to spend.

Businesses can be bootstrapped, meaning launched with nothing more than one’s existing cash or resources. Nonetheless, businesses often require significant initial capital beyond good financial planning.

One common place to get initial capital is through small business loans. Note the word small. Small business loans are for small businesses, and are usually for small amounts.

You should be prepared to spend money, and also to protect it as the valuable resource it is.

6. You need to obey laws.

In every country in the world, businesses have legal regulations with which they must comply. Perform your due diligence to understand how to register as a business entity, the licenses you must obtain and the taxes you must pay.

There is nothing worse than finding yourself in a legal mire due to laxity.

7. You can’t do it by yourself.

The Lone Ranger entrepreneur is a romantic image. It also looks economically provocative. Unfortunately, this image is not accurate. On average, startups with a single founder have a higher failure rate. One of the major reasons for failure is the emotional pressure that business ownership exerts upon an individual.

At the very minimum, start your business with a cofounder -- or three. Beyond that, hire the help of independent contractors or other service providers to supplement your time commitment, talent and knowledge.