What Makes Your Business Successful
Do you consider your small business successful even if it's not earning a million a year?
A number of people have this misconception that success in your business means you have to be some sort of millionaire in order to qualify the business and yourself as successful. They watch television and read magazines about successful people and see the likes of Donald Trump, Bill Gates, Warren Buffet, Oprah Winfrey and the many other big name entrepreneurs and business people and say “Ah hah, if your business can not measure to them than you’re not successful!”
This misconception even stops people from starting new businesses themselves, and even if they do decide to start a business, they create unrealistic goals and expectations about money and wealth for themselves and the business. These people have been completely brainwashed into believing that if their business is not making six figures in its first year then it’s not a successful business, and not worth their time and effort , and so they are quickly defeated by disappointments and obstacles, they lose focus and inevitably give up on their business idea, become pessimistic about the disciplines of business and eventually get back to a regular 9 to 5 job and continue to sit back and watch television about the lives of rich and successful people on TV.
Will my business make me a millionaire in a few years?
The reality is that less than 1 percent of business people are actual millionaires. Most business people report to work every day to keep their businesses afloat. The odds of you becoming a millionaire in your business in a few years I’m sorry to say are very, very slim. Am I telling you this to discourage you from starting your business? Of course not! I’m telling you this so if and when you do decide to start a business for you not to give up on it! It’s been reported that small business owners can earn above average incomes, often above 75,000 in the first year. Does that mean that they are not successful because they’re not earning a million? Not at all.
What qualifies my business as being successful?
Success in business is not based on the amount of money you make and how little you have to work to make it. It’s based on whether or not your business is really a business. In other words, if you’re actually making money and bringing in income from that business, then congratulations, you’re successful! Most business startups never generate a cash flow or create any profit at all.
Most businesses go under before they are even launched. I don’t have to tell you the harsh statistics involving new business startups, I’m sure you’ve heard all of them already. If you have a business that only brings in 20,000 a year, don’t be discouraged, you’re on the road to success. You’ve been able to create some type of revenue for yourself, whether it supplements your income a little or a lot. Even a business that generates 1,000 a year is technically a successful business. Keep in mind that millions of businesses have come and gone that never generated not even a penny.
So don’t be misled into believing that because you have to work hard in your business and you don’t have a million dollars, a mansion and a yacht that you’re a failure, not true. Remember, success in your business begins with those first entries of actual profits you record in your accounting ledger.
Bobson St. Pierre, “A big tree begins as a small seed.”
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Comments
Many truths here, there are many misconceptions about what owning a business entails, it is hard work, but when you begin to see results, it is such an amazing high. Voting up.
Words of wisdom. I also agree with Old Poolman, owning a business or freelancing is hard work. Juggling bringing in more business and actually doing the work leaves very little time for all those wonderful pastimes he spoke of. Anyone deciding to go out on their own, no matter the business, should be prepared. But I also agree that I wish I could have ventured out before now. Great hub.
Your comment summed up the real reason for starting your own business. I retired from the corporate world, and then started my own business. I wish I had never waited so long to do it. But like I said, there are some who need that boss telling them what to do, and what not to do, all day long.
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Thank you for your insight, I have been in business myself for a couple of years, being a millionaire was really not my goal when i started, i just wanted to stop working a 9 to 5 job, i hated the idea of being told i had 30 minutes to eat my lunch, getting my pay deducted for being 5 minutes late, and being yelled at like a child from an overbearing boss. To me it's more about freedom than the money, i'll take the money if and when it comes off course, but i would never trade it for my freedom.
Very nice piece of work. Having started and operated several moderately successful business ventures, I can relate to what you covered in this hub.
I have heard many say they want to start a business so they can be absentee owners, play all day, travel, and stop by once in awhile just to pick up the money. I would tell anyone with these expectations they will most certainly fail.
Owning a business is probably the hardest work one will ever do in their life. They assume 100% of the risk, work long hours, and have plenty to worry about.
The trade off for this is being in control of their own destiny, making a decent living without fear of getting laid off, and a sense of personal pride.
Owning a business is not for everyone. If you need someone standing behind you watching what you do and telling you every move to make, this is not for you.
If you are open to new concepts and willing to take risks, then you will succeed in business.
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