Today, I will talk about GETTING READY FOR BUSINESS. But before we jump onto the moving train, let us, first of all, get a little enlightenment on the concept of BUSINESS.
A quick note: not everyone can be an entrepreneur or own a business, it is a tough call.
According to Investopedia, a business is defined as an organization or enterprising entity engaged in commercial, industrial, or Professional activity. It also refers to the organized efforts and activities of individuals to produce and sell goods and services for profits. A business could also be non-profit for a charitable objective.
With the above concept, it is important to note that a lot of persons get into business for different reasons. For some, it is to create a brand name while for others it is solely to make a profit. Now for every person who wants to venture into what so ever kind of business they deem fit, there has to be business Readiness.
Business readiness is the ability or process of managing all the necessary changes or challenges such as new innovations, technology, or other risk factors that can affect the business.
Furthermore, we are going to spend some time discussing some of the challenges and problems we might expect to have to deal with in the workplace. When you venture into a new business there are some problems that you might eventually or end up facing. These problems and how you take them are a determinant of whether or not your business is thriving. One of the best ways to look at business challenges is to see them as opportunities to learn from.
In many cases, we don’t get to choose our customers or business allies. And as such we can not be in control of the many difficulties or obstacles our business might encounter. But we can have control over how we respond, the options to be considerate of and the choices we make.
Learning good problem-solving and decision-making skills will be very impactful on the success of the business. These are skills that we can develop, practice, and perfect so that they can help us deal with the many situations that may arise. Has anyone ever noticed that when you get involved in a new task, the first few days seem challenging and tedious? But as days go by, you begin to get used to it and it becomes less tedious for you. This is just an insight for you to have an idea of what business entails and the many challenges that you may encounter.
For many, entrepreneurship comes with quite a number of challenges that have to be dealt with no matter what especially for new Entrepreneurs. A few of those challenges are:
1. Abandoning a career to venture into a business: For one to fully dedicate one’s self to start-up and nurture a business to success can seem nearly impossible to also manage another career. It might be quite easy to be able to manage the infancy of the new start-up maybe during selected days. If you want to yield significant growth then you may have to quit your day job to give your business all your undivided attention it needs.
2. Finance: Even Entrepreneurs that have been long in their different businesses don’t always have it easy when it comes to financing a new business, nevertheless they have a lot of experience with new business owners. They may tend to have a pool of capital from other businesses they sold or a steady stream of cash flow they can use to fund a new business.
3. Team Building: This is another aspect of the business challenge business owners face, especially if you have never managed a team or run a business before. Even though you may likely have managerial experience, getting to pick the right team for a new business can be damaging. There are some considerations to be put in place when picking a team. Like considering their cost to the business, their culture fit, and how their contributions can grow the business. Such considerations are hard especially when you are under the pressure to fill those positions as soon as possible.
4. Being the visionary: Being the founder of your business, you are expected to come up with ideas. When there is any competitor out there, it becomes your sole responsibility as the visionary to come up with response plans. Also when there is an obstacle it’s the responsibility of the business owner to come up with a plan to move the business forward.
5. Dealing with the unknown: Upon setting up a business, it is very important to bear some questions in mind. For some unforeseen circumstances like for how long will my business exist? How profitable will my business be? Will my product be liked by my consumers? Can I be able to give myself a steady paycheck? and many more questions. And these questions do not have solid answers that are reliable.
6. Rule-making: we all know it’s always fun to be the boss. You will have to come up with rules that your business will have to stick to in order to flourish. If you have staff, you outline rules and regulations they will have to abide by and how to observe proper protocols.
7. Decision-making: This is the most challenging part of a business start-up. Decision-making is a real phenomenon that most business owners encounter if they are not prepared for any level of stress. If any business owner can work past their ways through the aforementioned obstacles, they will be on their way to establishing themselves as Entrepreneurs.
Let us know what you think in the comment section. You can contact us at email@example.com to discuss your business plans.
You can book an appointment with us too.