3 Realities of Running A First-Time Business
Of course, here we are all about taking hold of your dreams and making them a reality. We wish to give you guidance and support so you can take that burning desire in your mind and actually apply it to the business landscape. We wish you nothing but success. But, like any Mom will know, to raise a child correctly you need to discipline them sometimes. Of course, we do not take the ‘parental’ role here with you as that would be extremely patronizing, but we can discuss the same principles.
While you should never sacrifice your dream to ‘just accept reality,’ you can never realize your dream if you’re dismissive of it. One thing to keep in mind is that reality isn’t always negative as a prerequisite, even though ‘facing up to reality’ can sound like an arduous and painful process. All we’re suggesting is that while business advice and guidance can sound rosy, you will have to work at it. And as you go through these challenges, you will become better, and you will adapt. Then, when you do hit success, you’ll feel much more proud of yourself for having the right attitude from the beginning.
Let us explore this sentiment, and consider the three realities of running a first-time business.
This Is No Get-Rich-Quick Scheme
We often see those in a successful position and think ‘Wow, if only we had a chance to walk in their shoes, things would be easy.’ But the ‘mo’ money, mo’ problems’ ethic is actually something that will reveal itself to be more and more true the further down that line you travel. Running a business is no get-rich-quick scheme. You have to earn everything you get. Even firms that are excited to gain colossal success through bursting into the industry with something highly marketable and useful will need to, sooner or later, continually remind their audience as to why they are essential. This is why Coca-Cola still pours tens and even hundreds of millions into their marketing strategy. They want to you know they are still relevant. They understand that the moment Coca Cola is seen as an artifact of the past is the moment they can kiss their growth goodbye.
Sure, you can encourage immediate success. But what is success if it’s not continual, if it’s not cohesive, and if it’s not worthwhile. This business journey will grant you personal pride, an ability to demonstrate your skills, to raise your professional candor, to bring something you feel extremely valuable to the marketplace. But of course, you would be truly mistaken if you think this is anything other than hard work that will get you there.
You Cannot Avoid The Unwanted Parts
We might think that as a business leader, we’ll get to avoid some of the grim duties we might have suffered all along. For example, if you’re running a restaurant, you needn’t slave over a stove during a mid-Saturday lunchtime shift. If you’re the CEO of a business, you needn’t mop the toilets of your office. While these elements are true in their specified forms, it’s also important to consider that a good leader leads from the front, not from behind or above. You need to take the charge. You need to put systemized measures in place to ensure that ‘low down’ work is completed to the standard you need, and you also need to ensure that work is being completed correctly, or at all, in the first place.
Even if you’re not CFO, keeping aware of your accountancy reports through accounting software can help you stay continually in the loop, index and archive essential documents, revolutionize the ease of your work and generally give you the tools to better your professional life day after day. To that extent, you might find true utility in opting for something like this. But remember, even if finances aren’t your strong suit, you cannot avoid keeping on top of them. From that advice, we may also suggest:
You Can’t Do It All Yourself
There comes a point where you realize you cannot complete every job yourself. If you have any sense, this should come rather quickly, even if your business is still just a startup in your parents’ garage. Before long, you’ll need to divide the labor between your staff, or start hiring those who could contribute in your stead.
If you decide to ignore that and keep going with your own efforts as a grounding point (we often think that if you want a job doing right, you need to do it yourself,) you’ll not only find yourself stretched thin, but all of your tasks will suffer as a result. It’s okay to take help. It’s okay to hire a business consultant. It’s okay to use software to guide your direction, to outsource staff for specialist tasks, to invest in constructing a department even if you’ve only just become profitable (budget permitting.) This is one of the biggest and most humbling pills you’ll have to swallow as a person interested in business, but it’s essential that you do. If you fail to do so, you’ll find that your experience is marred. A shrewd business person knows that their experience and ability, when it can no longer remain invested in the ground level work of their firm, should then be invested into systemizing that wisdom into the policies, procedures, and marketable aspects of a firm. Remember, running a firm is akin to running a ship. It must be thought of in terms of degrees. You wish to make a change in direction, you need to structurally apply your systemized efforts to make that happen, and even then turning takes time, but over the long term you will see the effects.
To keep this long-term perspective, you cannot be worried about the lower functional capacities of your business unless you wish to improve or repair them. But if you keep this understanding clear, you’ll be able to defer responsibly.
With these tips, you’re sure to be familiar with the realities of running a first-time business.