10 Things you need to know about starting a business
- Posted by: prosper
- Category: Competitive research
There are plenty of resources available to assist a startup with the technical aspects. Anyone can register a business, make something and sell it. So why do 75% of South African startups fail? What is different about the owners that succeed? If you started a business, you need to be ready for the negatives as well as the positives. Here are 10 things you need to know about being a business owner.
1. Do the basics well
Running a business is complex. It is easy to get so involved with the nuts and bolts that the purpose of the business – to make money, get lost.
So much is written about businesses that the typical owner does not struggle to get tips. More often than not, the problem is
1. Figure out what you want and run with it.
Do you want to be your own boss or do you want to be a business owner? Those things are not the same. A hairdresser, for example, could cut hair or own a hairdressing company. If you want to
If you started your business because you want to be your own boss, you may find that you still want to work in a business, but without supervision. Some people prefer to work as part of a team while others perform better on their own.
2. Don’t stay in the cockpit
3. You can always change
4. Use technology, don’t be used by it
5. Know your finances
6. Hold on to your balls
8. The client is everything
9. Cash is king, but not everything
10. Begin with the end in mind
It is easy to get disorientated while we are in the eye of the storm.
- Growth through innovation/creativity:
Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
- Increased profits:
The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
- Higher business values:
The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
- Lower staff turnover:
This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.