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Starting an Online Business Is A Thread
Studies have shown 20% of small businesses fail in their first year, 30% in their second year, and 50% by year five. Yet most people have only a vague idea of the things they should be doing. To ensure the success of your business, you should learn from the mistakes of others and figure the rest out as you go.
Starting and running your own business challenges you on every level. It challenges your intellect, your learning abilities, your stamina, your stress management, and your character at its most fundamental level. In the end, if you’re paying attention, refining, and succeeding, it can, and should, turn you into a better human. You learn about concern for others, how to interact and communicate with other people, and how not to treat them at times.
You learn that what you’re doing often becomes much bigger than you and in those moments, you feel it’s a huge honor to lead others and you don’t want to let them down.
Running your business causes you to think about the welfare of others on a much bigger scale or the dilemma one faces when you have to terminate someone for cause, probably the worst thing any good CEO wants to do in a day, but necessary for the good of all the other employees. You learn how to talk, how to act, how to persuade, and how to do so many little things, I can’t possibly list them all here. It’s an education like no other and the learning never ever stops.
Running your business causes you to think about the welfare of others on a much bigger scale or the dilemma one faces when you have to terminate someone for cause, probably the worst thing any good CEO wants to do in a day, but necessary for the good of all the other employees. You learn how to talk, how to act, how to persuade, and how to do so many little things, I can’t possibly list them all here. It’s an education like no other and the learning never ever stops.
You learn to be a leader, a diplomat, a negotiator, and it’s very humbling at times, especially when you feel like you’re failing, which does happen. I’ve never had any company run in a straight line to success. Sometimes it won’t feel like you are moving at all, until months later when you see the progress and it all comes together.
There are days when you’re going to be excited about everything you’re doing and others when you’re going to dread going into work. Sometimes you face people who want you to do something for just their benefit and you have to develop the skills to know when that’s happening.
It’s the best adventure there is and if you’re pursuing new technologies, you get to see things in your lab that has never been done before by anyone and I can’t begin to express how thrilling that is to be a part of such events. Even the failures teach us how to do a better job the next time around. Knowing the possibility of failure, we learn how to take risks, even when we feel like we just dove off a cliff.
As the years go by, what you remember most are those times when you felt like you were tested to be your very best. You won’t remember the mundane, the petty, or even the times when on that day you could have done better. What you will feel is pride when you know you were at 100%.
As the years go by, what you remember most are those times when you felt like you were tested to be your very best. You won’t remember the mundane, the petty, or even the times when on that day you could have done better. What you will feel is pride when you know you were at 100%.
In this article, You’ll uncover the 7 things that no one tells you before you decide to start an online business.
Number #1:- No one, not even family and close friends, will admire your audacity to start a company.
Everyone, without exception, will think you’re an idiot for not having a “regular job” for the sake of an elusive “stability”.
People in your life, even people you truly care about and are close to you, will have very little patience for your “problems.” They’ll see the aspects of entrepreneurship everybody talks about freedom, being your own boss, etc. What they won’t see, and simply can’t see, are all the other challenges that come with those select freedoms.
There is a story of a fisherman who went out and caught buckets of crabs. A man walked by and saw a bucket with no lid. He wondered if the fisherman was worried the crabs would crawl out. The fisherman said he wasn’t. If one crab tried to crawl out, the others would pull it back down with the rest of them.
It’s sad because if all the crabs worked together, they could escape. People with crab mentality feel jealous when someone does something remarkable. They will bash other people’s goals in an effort to keep everyone at the same level.
This is a reason why friends and family won’t support your goals, particularly if you want to try something none of them have done before. Entrepreneurs and business owners and anyone who wants to leave the well-trodden path to face this isolation. Their friends and family decide whether something is okay based on what other people do.
Being a successful entrepreneur will require you to be adaptable, flexible, and pivot. Also reducing your expectations of other people will increase your chances of succeeding. It's normal to have expectations from family, friends, and colleagues but no one "owes" you/me anything in the greater scheme of it. If you're not getting want you to want, move on and do it yourself, and team up with like minded constructive peers.
Number #2:- Most people start a business in the pursuit of personal independence.
Most people think that being your own boss is like partying every day but the truth is you don't even get to party on weekends until you really run your business on autopilot mode.
It's a quite wired and unavoidable fact that in 9 to 5 job, you only have to work for few hours and then you are totally free to do whatever you like but when you choose to be an entrepreneur, you grind 24x7 and compromise everything other things like family, friend, gym, parties, and movies.
It could be one hell of a ride if you are not passionate about it. Of course, freedom is the price that gets paid after several years of your hard work but don't choose to be an entrepreneur if you don't love your business. The real fun is in the journey than in the destination.
So my best advice for you is to do whatever you are doing with the full passion that even if you fail 100 times, there will be no giving up on your dream because that is how you love the process of learning and grinding again to have the result anyhow.
It could be one hell of a ride if you are not passionate about it. Of course, freedom is the price that gets paid after several years of your hard work but don't choose to be an entrepreneur if you don't love your business. The real fun is in the journey than in the destination.
So my best advice for you is to do whatever you are doing with the full passion that even if you fail 100 times, there will be no giving up on your dream because that is how you love the process of learning and grinding again to have the result anyhow.
It will be great if you try to learn to automate your business every process by process so that you can actually get freedom whenever you want.
Number #3:- You have to know marketing or hire someone who does.
You can be the best in the world at your craft, if no one knows about it, you’ll go hungry. Master the ability to connect your product or service with potential customers and it should be your priority.
See, we believe that you have a recipe for something that nobody else has in this world but you can always hire labour to turn it into a dish but if you can not sell it, it's not a business, it's a hobby.
See, we believe that you have a recipe for something that nobody else has in this world but you can always hire labour to turn it into a dish but if you can not sell it, it's not a business, it's a hobby.
Sales and marketing are very very crucial for any business to flourish and grow worldwide.
Sales and marketing are an entrepreneur’s superpowers. They ultimately make the difference between a small business and an empire.
If you think you know all there is to know about sales or marketing, you’re wrong. Both fields are so huge that it can be hard to find where to start. It’s helpful if you can focus on one or two specific skills within the realm of sales and marketing.
Number #4:- Thinking of an online business an easy way out.
Yes, it’s true that an online business can make you a rich person. It’s true that a 401K is not the only way to make your money work for you. And it’s true that online businesses have made many people very rich, very soon.
But don’t let that fool you into thinking it’s easy. You can’t watch TV all day and expect that your business will magically build itself. It’s going to take grunt work, time, and lots of guts to get a business up and running.
If you are not up for
- Working late nights when needed
- Solving problems on your own
- Disciplining yourself to get things done without a boss
- Working when your friends are partying …
then starting an online business may not be the right thing for you.
Entrepreneurship is not the easy way out. The reward for your hard work will be worth it. If the thought of the grind makes you excited to get started, you have built the mindset you’ll need to be successful.
Number #5:- You will start to understand why 99% have no interest in becoming entrepreneurs and would rather work a job they enjoy.
If you are not from a business family, choosing entrepreneurship is not easy and is full of difficulties. Being an entrepreneur means you are never off duty, at least until you get some success. In entrepreneurship there is no concept of weekends, you have to work 24*7. If you are in a corporate job, funda is work hard on weekdays and party hard on weekends but being an entrepreneur means work hard on weekdays and then work harder on weekends, don’t relax, keep working.
Being an entrepreneur is stress full, you have so many things to do and so many plans to make, you don’t have time to switch off your mind, the mind has to keep thinking all the time.
It’s not easy to work on one idea for months and then suddenly shut it down and move to another idea. When we execute and run a product, we measure several key metrics and before deciding to pivot or completely change an idea we look at data pointers from these metrics and lots of other data, including customer feedback and based on this data, we take a decision. Whatever data says we restrain, we don’t want to shut it down and move to another idea.
You see it's all passion, if you have that dream and passion into your business, you can go to any limits and break any boundaries that come in your way but on the other hand if you start your business for the sake of being cool and being your own boss vibe to be in trend, it going to hurt you hard on every level.
And that's why 99% of people are happy to work 9 to 5 because they are not ready to take that risk and they don't even know what exactly it is to be soo much crazy about turning an idea into business for the welfare of other people around the world.
Being creative to create something that does not exist before is not for everybody.
Only a few people hold the luxury of doing whatever it takes to make a difference.
Number #6:- Competition in business and in life is really a good thing.
If you have a competitor or a handful of competitors, you can save yourself a lot of learning time by watching them closely—especially if they’ve been around a lot longer than you. Chances are, they probably learned their lessons the hard way, and there’s a reason why they do what they do, the way they do it. Use that to your advantage.
Most people don't even start their business just because there is too much competition in it.
See everybody is trying to sell something and that is quite very annoying but it doesn't mean that you have to quit. A real entrepreneur respect competition and actually learn a lot from them in order to get success.
To be really honest, in today's world companies and businesses are not taking competition as competition, they are using them as their mentors and collaborating with them whenever possible.
The real meaning of success is not to leave someone behind but to lead them all.
Number #7:- Don't neglect to invest in self-education.
If you’re trying to succeed at building an online business, you’ll have to dedicate time to learning new things.
The online world changes every day. Information continues to expand and new technologies emerge. It’s impossible to succeed without the latest tools, practices, and opportunities available.
Make a goal to spend at least one hour per day researching and studying. You can do this by:
- Listening to podcasts
- Following great thinkers on Twitter
- Reading business books
- Subscribing to newsletters
- Watching YouTube videos related to your business
- Interviewing great business leaders
- Consuming business articles
Start thinking like an entrepreneur. Learn how to ask questions and learn from people you look up to. Choose to research and compile information so you can apply it later. Create a swipe file of helpful insight you find during your research, and consult it often.
In the end, a mindset for self-education will be the edge you need in a world full of wannabe online business owners.
Become shameless. Be OK with failure. Your pedigree and your background do not matter. Your ‘great network’ does not matter. (Unless you are a first time massively successful entrepreneur) You will be treated as a literal nobody by your suppliers, by your potential hires, by potential partners etc. Latch on to people who trust you, and repay that trust really well when you do well.
Go ahead share this guide with all your friends if they are thinking of starting their own business.
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