6 key pointers before starting a new business
If you look at the beginning of the book of Genesis, at least two themes seem to come to light. First, to put it mildly, brothers did not find it easy to live with each other. Second, most of our biblical heroes rushed to start a business.
From the perspective of 5,000 years, everything seemed so easy. Abraham worked in his father’s idol shop and sold well, before he wrecked the place. Issac tilled the land and grew crops. Jacob worked hard and had enough income to support twelve sons and their offspring. etc etc.
Ironically, the lessons from then can still be applied today.
- Cash flow. Do not be afraid to plan your cash fluctuations at least 12 months ahead, and do not ignore the fine detail such as stock control. This is where most businesses today fail. In fact, in Israel, “12% of survive less than a year. Only 46% last more than five years.”
- Validate. Before starting out, take your product or service and test it methodically in front proposed clientele. The information your garner can be so vital. It could save you making unnecessary mistakes, just when you are most vulnerable at the outset.
- Identify the precise opportunity. It is extremely important to be aware of your competition. It is even more essential to pinpoint the opportunity and then to create a business model to reel in that value proposition.
- It ain’t easy. There is a very brutal fact, which people underestimate. Very few commercial operations around the globe – large or small – have succeeded without going through some very tough times. There is rarely gain without pain.
- Seize the moment. Many of us deliberate and procrastinate before setting out. This period is often accompanied by wordy and seemingly clever explanations. Yet sometimes, you just have to realise that you have to stop the talking and go for it.
- Get help. Do not be afraid to look for outside support. Listen to the advice. And it is not a crime to accept it. Success often means understanding how to find a way use the suggestions of others – a spouse, a friend or even a business mentor.
Starting a commercial operation can be so rewarding for the individual. If you follow these six simple guidelines, it can also prove to be a financial triumph.
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