About 80% of most business fails in the first five years, 20% of those which survive fail in the next five years and those who have their business succeed are those people who have the right mindset and right approaches to doing a business. The first key mindset to have is to do everything yourself, with your own efforts. Its better yourself up with your own time, effort and energy than it is to go and burrow some money for a new untested idea. Once thing you’ve got to realise is that most businesses and most products don’t work and most of them fail. When you borrow money or you have others invest money and you’re trying an unproven idea or strategy, there is a high probability for a lot of problems to arise and a lot of disappointments. So it’s better to get out there and do it yourself and run and fund your own business rather than to borrow money from others before you have proof of concept.
The next point I want to stress on is to make it work small before you make it big. A lot of times when starting a business, we think we can’t fail and what we do is throw everything into it, including sometimes all our money, time and energy, and worse still all the money that we can borrow. Well in most cases this is a sure recipe for failure because its takes our focus off, of actually making the business works. The best way to know if your business work is to take one of your products and try to sell it to one customer and see if they buy it. If they do then sell another one to another customer and refine your strategy. In most cases when you try to sell your first product to your first prospective customer, it might not work. Its after you do it several times when you will have a sudden realization that you have to do something different, you will then get to work refining your strategy, you will get to make it work a little bit better, you will keep trying until you have an insight, you make it work on a small scale, then you make it work somewhat consistently and at that point, once you’ve got proof of concept, once you’ve kind of figured it out, that’s the time to go big and scale up your business.
If you are unsure of where to start or how to grow a business or you want to create your own product I would like to invite you to try to get the right coaching and guidance you need to start and grow your business.
If you like this post please feel free to post a comment below and let me know of any frustrations you have related to starting and growing an online business.