Countless business owners today have decided to run a business. Unless this business has been inherited or passed on by their parents, you usually would start on a small one which is the most challenging part.
Although there are so many people today who have started their small business, not all of them have succeeded in the long run. Surveys indicated that out of all these business owners, more than 75% got unwanted results. Let’s point out some factors which can result to failed businesses.
Lack of Capital
Everyone knows that having a capital is one of the priorities in starting a business. Through this capital, you’ll be able to pay the salary of your employees, equipment, taxes and other services. Needless to say, it’s imperative to provide a capital which will be sufficient for the factors mentioned.
Lack of Experience
Without any experience, you’ll never know where to start unless you know someone who is a pro in running a business; or perhaps you belong in a family of business owners. According to successful entrepreneurs, it’s highly recommended to learn anything in the business field for at least 3 years.
Aside from running your own business, age discrimination is also present among employees in a workplace. Age has been a strong factor in picking employees and partners in a business. Unfortunately, this has been a problem for new business owners and workers who are over 50 years of age.
Today, we see a lot of older individuals who are unemployed because the business culture is more focused on the younger generations. Anyone really knows the reason to this. Younger people are more energized to work plus they are more enthusiastic as well.
Fortunately for young professionals, they can take advantage of this trend and consider it as a leverage to become ideal business owners or candidates in a company.
So the main question is: how can you build up confidence with these three factors trying to thwart you from succeeding?
No matter how cloudy it seems to be, there will always be that light of hope where you can attain growth in your business. Some of the silver linings in running your own business is that you get to have your own time and you have unlimited resources. Take advantage of these features.
More tools and resources available
As mentioned above, you have unlimited resources. In fact, this is one of the great advantages of small businesses. Find enough time to get to know different kinds of people. After all, you need people skills when starting a business since you’re still establishing relationships. Study how people react to your business and learn to address their objections.
Avoid certain thoughts or words which will obstruct you from reaching your goals
Luck, hate, rejection, ‘but’ and enemy – these are just some of those numerous words which can result to your downfall.
By Bryan Oliver