It feels great being the boss of your own and, of course, an employer of labour. The respect, excitement and freedom attached to running your business are immeasurable. As exciting as this might seem, it’s however, crucial that you note some critical things that could make or mar you.
1. Be Insured.
Business insurance coverage protects businesses from losses due to events such as fire accidents, building damage, employee-related risk, etc. that may occur during the ordinary course of business. While it is cool that you pray no mishap befalls your business or the people involved, it’s also wise that you ensure it.
2. Try again.
The fact that you failed is not an avenue to drink ‘snipper’ or jump off a bridge. We’ve heard several times, the story of Thomas Edison and how he failed 1,000 times before he invented the light bulb. Now, that’s what we call an ‘Epic Fail’. Be a Thomas today, and fail as much as you can, just make sure you keep trying again until you make it.
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3. Document the process.
C.S Lewis, in one of his quotes, said “Repeated failures are finger posts on the road to achievement.
One fails forward toward success. ” It’s one thing to fail, it’s another to fail the exact same way you
had before, without finding out or documenting what went wrong. For every right or wrong step,
you take in the course of developing your business, it is important that you document it, so you know what and what not to do next time.
4. Don’t put all your eggs in one basket.
While you believe so much in the new venture you’re about to develop, it is necessary that you set aside funds for the rainy days. In the course of your savings for your business, save for contingencies, too. So that when those unforeseen comes to shake your business, you can have something to fall back on or use to revive your product.
5. Have a side hustle.
Easier said than done? Not really. Multiple streams of income save a lot of people when business crashes. It is because they know they can still survive from their side hustle. So, take up little jobs, bonds perhaps, or find something you can either do passively or actively so far an income is coming in. Establish a cordial relationship.
Keep friends that can extend goodwill and lend a hand when you are down. Mingle with sharp business minds that keep you in check and give good concrete advice. The friends you keep surely have a way of shaping your life endeavours.
Business, sometimes, is a gamble. We need to learn how to use the changes in our economy to our favour, but even when you get it wrong, for an unforeseen circumstance, do not quit.
Have you failed before? How did you cope? Let’s read about it in the comment section.
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