Starting a new business?•
Posted on June 27 2011
The life of a young professional in today's society involves a fast-paced, get-rich-quick way of thinking. The traditional method of paying your dues, kissing up to the boss, and sacrificing years of your life in order to climb your way to the top no longer applies.
Nowadays, all you need is a good idea, determination, and a good business mind to take your fate into your own hands. Widespread success among young businessmen, as well as the Internet explosion where you can network , has created a way of thinking that makes men want it, and want it now.
The result is young men leaving the traditional desk job and venturing out to work for themselves. Young entrepreneurs started nearly all of the most successful Internet companies, and are getting newfound respect from corporate America.
One thing to keep in mind, though, is that it is not as easy as it may seem. Since over 80% of all business fail within the first five years, the odds are against you before you even begin. Leaving your secure job and taking the huge risk on your own can be very stressful, and will put you under an enormous amount of pressure.
The freedom of not having to answer to anyone is great, but you are responsible for your own wellbeing and success. At first, when business may be slow, you will worry about where you will get money from and how you will pay your bills. It takes guts and determination to persevere and move forward with your ideas.
Often, a man and his dream are the exact reason the idea ends up failing. Being passionate about your own idea can be a recipe for disaster. This trap leads to entrepreneurs convincing themselves that the idea can work, and ignoring undertaking the necessary research required.
The importance of finding your target market and more Knowledge is power, and the more you know about your customers, your product and your market, the better off you will be. According to research conducted by Dun & Bradstreet, 90% of all small business failures can be traced to poor management resulting from lack of knowledge.
That said, it is easy to understand why I advise anyone starting a business on their own to be cautious. Understanding the risks of such a venture, and assessing your own personal financial situation are both vital elements.
You should have at least six months' worth of living expenses saved to last you through the initial start-up period. Your credit record should be clean and you should not be burdened by debt. Explore the possibilities of keeping your current job while working on your new business on the side until it grows to the point where it needs your full attention.
Starting your own business while you are still young is the best time, since you have less to lose than later on in life. If things should go awry, you will still have plenty of time to recover and get back on your feet.
While being your own boss can yield numerous rewards and fulfillment, be wary of the risk. Keep a sharp eye open, inform yourself, and be self-critical. These tips can help you attain your goals.