5 Things About Running a Business that Nobody Teaches You
While India was traditionally a country that remained risk-averse and people were encouraged to pursue financial stability, things are slowly changing. In the past few years, there has been an evident rise of entrepreneurs, with the arrival of start-up culture in India. The wave of entrepreneurs, the plethora of government schemes that encourage people to take up entrepreneurship and an increased number of courses in universities that offer training to budding business owners proves that India is now moving towards entrepreneurship.
We see a lot of success stories of business owners who started with just one idea and eventually made it big. But what we fail to see is that there’s a whole other side to running a business. When we see business owners in newspapers, in films and in documentaries, we usually see the glamorous side, but there’s so much more to it. There are also a lot of things that you need to be prepared for when you start a business. We are never taught how to handle challenges or obstacles in reality and so it is important to know what you could face when you go into business.
Here are 5 things about running a business that nobody teaches you:
- It is financially draining: While there are some businesses that do not require a lot of capital to start with, most businesses do. The costs keep piling up initially and scaling your business will take time. Taxes, rents, salaries for employees- the costs keep adding up. So if you plan on starting your business, keep a good amount of savings and be prepared to invest heavily.
2. Results will only come over time: Most businesses take years to break even, profit is a long-term goal. So if you expect easy success, you need a reality check. Most businesses start off by incurring a lot of expenses and you can only get returns over the long term. So patience is key and you must be prepared to endure and wait for success.
3. Some businesses fail, for various reasons: While quite a few businesses succeed and make it big, many businesses fail and we rarely see that side of the industry. Some businesses fail because they don’t have the money to keep going on, some businesses fail because the market demand for the product isn’t great, some fail because they price their product incorrectly- there are many reasons. It is therefore important to plan for contingencies and to be prepared.
4. Having a good product is not enough, presenting it correctly is important. A lot of businesses fail because products are positioned incorrectly. To create demand for your product, you must identify the correct target audience, then you must analyse the consumer behaviour of your audience, their interests and preferences, what kind of aesthetics would attract them, and craft your brand’s messaging accordingly. One very important aspect of running a business is communication- which includes marketing, branding, advertising, PR etc.
5. Not all businesses require a physical setup, digital businesses are thriving:Gone are the days when you had to have a store where people came and shopped from. Today, not only is it expensive to maintain a store, but it is also less lucrative. With more and more people shifting to online shopping due to the ease and convenience, it makes more sense to only have a digital address without worrying about an offline one.
Running a business is as much about passion and skills as it is about courage, perseverance and resilience. If you want to run a business, be prepared for the long-haul, for challenges and for surprises. Running a business can be exhausting, but it is also extremely rewarding in the end!
