Money And Startups Are Best Friend But Worst Enermies
Most surcessful startups begin with people who have little or no money and would have to look for funding. But looking at this from the technical view point 50% of startups fail within the first five years of lunching. At this failure rate it is enough to scare any entrepreneur who wish to start a business. But the good news is there are litle ways to start a business without taking on too much risk. The reason why most startups fail is that they the founders do little to ensure the sustainable growth of the business in the long term. Most people go into business because they think they have the greatest idea that could change the world and for that matter they are look or waiting for that big break in funding which may never come.
Determination And Not Money Should Be The Motivation
I always use Facebook and Twitter as my inspiration because Mark Zackerburg had to run Facebook for years before going public. Twitter had to run for almost four and half years without much notice until 2008. As an entrepreneur the least important thing to you should be money. I always advise my clients that if you love what you do and you do it will; people will buy it. Yes money is important but it should not be the bases of running your business. The bases for running your business is to see your idea come into florishen. So you do whatever it takes even without funding.
Riding The Storm
Doing business without funding is the most difficult way to run a startup but the safest on the other hand. Most businesses that go for funding from the start, put a lot of preasure on the entepreneur hence making it difficult for the busines to grow. The business may even shift focus because the founder is trying to raise money instead of brain storming to create more innovation. Investors demand their money at a specified time with profit and that can also be a drag on the business. Startups make a ton of costly mistakes from the start so at least for the first five years of a startup, it would be advisable to try to ride the storms and break even. Once that experience has been gained then the next five years would be strategic expansion and growth which I would be covering in my next post.
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