Who doesn’t want to see their picture on Forbes magazine’s cover photo? This position can be occupied when you have a successful business. Sorry, this business is not like the traditional one rather based on the breakthrough idea. For instance,
- Bill gate’s idea called Microsoft makes our computer more user-friendly.
- Jeff Bezos’s Amazon idea makes shopping easier.
- Mark Zuckerberg’s Facebook brings billions of people in one platform.
However, you have an idea of so-called creative ideas. But you can’t get success when you can’t manage your influential issues like family, behavior, etc.
Here you will find 5 effective points for a new entrepreneur to handle those issues.
5 Effective Way for a New Entrepreneur
1. Manage your at least 1 year of expenditure.
Think about the movie “The pursuit of Happiness”- what you get from that?- huge guys pointing to the motivation on how to stick on getting success. But here my point is not how to bring out the success rather indicate an issue. You know the main actor had a family with 3 members. So, when you have a family or have a dependency, you can’t stick to your idea. Here a certain amount is mandatory per month to support the family.
When you have no tension regarding run the family or manage basic needs, you can easily stick to your idea.
Apart from that, you also need enough cash flow because 82% of businesses fail due to cash flow problems.
2. Have the tendency that nobody stays beside you even the family member
When you start the journey to the business, you will find nobody beside you even your shade. (I’m joking, you are not jinn that you have no shade) When you finish the previous line you may astonish and may lose motivation. I am not telling you that sentence to demotivate you rather this is the real scenario.
Well, let’s assume with me- where you start your journey as an entrepreneur with a coffeeshop. You are only one person in your kingdom. So, whatever your shop requires like buying raw materials, advertising, buying supportive machines or furniture, collect orders and serve accordingly, etc — you need to do by yourself or if you have money then you have the option to hire someone. Luckily, all those mentioned work you do perfectly but a question may arise “Is your startup sustain?”
In the USA, 90% of new startups fail 34% of startups close within their first two years.
When this is the real scenario, who come to help you willingly. Don’t look at this because 90% fail but the rest 10% get success and you work hard to get into that 10 % list.
3. Throw away self-esteem
I don’t suggest you throw it forever rather you have to do it at the beginning of your business journey. It may restrict your working area like you start to find an idea from a prestigious niche. But only a few get success when they start within a prestigious niche.
However, when you start with a new idea and it looks alien to the whole world.
For instance, when Amazon starts their business they started selling the book online-Could anyone thinks people buy a book without skimming the index at that time? Or, when Facebook newly launched in 2004, Facebook becomes no 1 communication platform.
But their initial time doesn’t favor them and they may also hard flop ideas or mad or something like that. The last thing last is to stick to your plan if you think it will become a success. Here throw away self-esteem is mandatory.
4. Run after work, not after money
A new entrepreneur should emphasize more on customer satisfaction. Hopefully, you also 100% agree with me. At first, you may not see the profit’s face but gradually when you have a big customer community then the profit will run after you.
Try to focus on the 80–20 rule. That means your 20% regular customer gives you an 80% profit.
5. Require enough patience to face any type of danger
In 1994, a movie released named Shawshank Redemption. This movie got popularity by showing a prisoner’s 19 years of patience to make an escape plan. You may watch that movie to uplift your motivation level.
There you will find hundreds of practical examples regarding how people get success after grabbing one term called “patience”. If I talk about Jack Ma, Steve Jobs, Jeff Bezos, Elon Mask, you may see their patience level to grow their business.
Last but not least, don’t always engage in only making a plan because executing the plan is more important. A universal rule says- if you can’t execute your plan within 4 months, it will never see the light.