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4 Must Know Essentials Before Starting A Business

Updated on October 23, 2019
Adedeji Omotayo profile image

Adedeji is a noble entrepreneur with experience in content writing. He loves to share practical experience and content advisor at HFPM.

4 Must Know Essentials Before Starting A Business

Building a successful business remains one of the greatest conundrums in our modern society. Although the theorem of owning a business is not basically for everyone, some people possess a particular set of trade which fit in better entrepreneur templates than others.

Are you part of the 75 Percent of people in the world who want to startup a very successfully and profitable business?

If yes, however, with this, there are essentials to be followed before starting a business that will teach you how to go about successful entrepreneurship. Moreover, many businesses fail due to the fact that many business owners refuse to acquire what is essentially needed to be known.

Small Business Administration (SBA) states that only 30 percent of new businesses fail during the first two years of being open, 50 percent during the first five years and 66 percent during the first 10. The SBA goes on to state that only 25 percent make it to 15 years or more. However, not all of these businesses need to fail but they plan to fail.

If you believe you're destined to enjoy a successful business lifetime and you're looking forward to start/own a business. Below, therefore, are 4 must know essentials when starting your business:

1. Build Smart From The Beginning

Building smart from the beginning of your business derives a clear and strong competitive advantage with every preference of your business.

Being a business owner that is inspired and ready to achieve business success, it is required of you to build smart from the beginning considering the fact that building smart has been designed for you to have a successful business lifetime.

Meanwhile, If the foundation of your business is cripple it doesn't matter how high you plan on going or what you want to achieve it is bound to fail. There should be a clear direction of your business and know precisely how to create and implement a smart and profitable business plan and a smart system to put them into the direction of success.

2. Be ready to make sacrifices

Business requires a lot of sacrifices which might be complicated in your sight. However, it is necessary to face the sacrifice as every sacrifice to be made over your business is coming out a success. It doesn't matter how small or large a business is, what matters the most is the sacrifices made by the owner which yields the success of such business.

As Jim Ovia (one of the most successful entrepreneurs in Africa) will tell you,

"the things that you give up often have a way of finding their way back to you once your business finds its groove."

Entrepreneur progress and success are neither automatic nor inevitable. Every step toward the goal of justice requires sacrifice, suffering, and struggle; the tireless exertions and passionate concern of dedicated individuals.

Achieving success in business, you need to make a sacrifice and note; the kind of sacrifice you make is the kind of success you achieve as James Allen (a British philosophical writer known for his inspirational books and poetry and as a pioneer of the self-help movement) once said that,

“He who would accomplish little must sacrifice little; he who would achieve much must sacrifice much; he who would attain highly must sacrifice greatly."

so it's highly suitable for you to sacrifice greatly for you to attain success in your business.

3. An Idea Isn't Worth Anything Before It Yields A Result

An Idea will worth a million dollars only after it makes one million dollars. Everyone has good ideas but it is worthless if your idea proclaim no positive result.

Having Ideas add no value to any entrepreneur but what matters most is execution. It is only the execution of ideas that holds value to you as an entrepreneur. Ideas are worthless unless it is paired with the right executions.

A good idea in a business with poor execution will not yield a positive result and end up consuming and wasting resources and time. However, being an entrepreneur, you should know how to execute every one of your ideas and executing better than your competitors.

4.Have A Mentor

A business mentor is an individual with more entrepreneurial business experience than you who serves as a trusted companion over a period of time, which usually involves no charges.

As one who is about to start a business it best for you to have a mentor. Having a mentor incur different qualities needed to be successful. When you have someone by your side as a mentor who has fully standout in the business you are about to start, this gives you a huge encouragement and helps you save time fitting in the right business strategy at the rightful time needed.

Starting a business and wanting to be successful, you need individual guidance through the journey. Your mentor should ideally be someone who has a strong track record of success in business, believes in your idea, and is willing to give you honest feedback.

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