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5 Things to Know Before You Start a Business

 

  1. Most Businesses Fail: You are going to have to persevere and be resilient, and even then the odds aren’t great.  50% of businesses fail in the first year and 95% fail within five years.  If you have the guts to be an entrepreneur you are naturally born to persevere, so stick with it and do whatever it takes within good ethical standards to survive.

 

  1. You Need To Study Then Dominate Your Competition: You need to study and embrace the fact that you will have competition.  I say study, not so that you can copy or even just compete, you need to work hard at being innovative and doing things differently because your end goal needs to be to dominate your competition so you are no longer in the same class.

 

  1. You Need to Go Out and Get Customers; They Aren’t Just Going to Walk In: This is probably one of the biggest mistakes all entrepreneurs make.  Just because you have a brilliant idea and maybe the best company in the world, if nobody knows about it you will not succeed.  The customers will not walk in just because your company is in business, at least not enough to keep you in business.  You need to get out and network, knock on doors, go to community events, volunteer, maybe even give incentives for referrals.  Whatever it takes to get your name known out there you must do.

 

  1. You Will Want to Give Up: Being an entrepreneur is hard and the ups and down can be exhausting, so you will have times of doubt and you will want to quit.  Just remember if it was easy everyone would do it and succeed.  I always suggest having a round table or mastermind of likeminded business people or entrepreneurs so that you can bounce ideas off of one another.  Trust me it is worth it in the end.

 

  1. You Can’t Do It Yourself: Know your strengths and staff your weaknesses.  I am not organized at all and I am horrible with confrontation.  So I make sure to staff what I am not good at but I am extremely motivated and do whatever it takes to make my business a success.

About Dennis M. Postema

Dennis M. Postema, RFC, is a successful entrepreneur, best-selling author, coach, speaker and registered financial consultant. He is the founder of MotivationandSuccess.com, StoriesofPerseverance.org, FinancingYourLife.com and TheRetirementInstitute.org.

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