So you’ve launched your start-up. Now you’re beginning to have some doubts as to whether the business can last the distance. Here are some pointers that will be indicative of the likelihood of you finding great success.
No problem with money? No problem then
The expenses you incur at the start of your business journey can be very scary – money for office rental, designing a webpage and various startup costs will see you bleeding cash, and it’s often a good 12 months before any meaningful returns start to trickle in, and even longer before you see real profits. However, if you’re already drawing good returns within or around the first year, it’s a good indication you’re doing it right. Work on your branding and continue to keep your costs low.
Change? It’s the only evidence of life
How swiftly you adapt to a fast-changing world could determine whether or not your business survives. Are you using all the available technology for your business efficiently? Are you prepared to, and is the capability provided for, should you need to make any changes to the method of production or delivery of your service or product? Being open to changes and developments would put you in great stead of being at the forefront of your business game, so you’re well on course to achieving success if you’re ready to make adjustments along that path.
Mistakes? Sure, you’ll learn from them
Nobody’s perfect, and neither is any business, so mistakes are inevitably made. What you do with the experience is what will set you apart from the rest. Are you going to ignore these and continue making them? Will you be wasting a business day or 10 brooding about what it should have been? Or will you take it as an important lesson to make things better? If you’re able to pick yourself up after a setback, makor or minor, you’re well on the road to victory.
Regrets? No, none at all
It won’t be a bed of roses, at least not in the initial years. But are you regretting the stability of a regular day job free of the stress on uncertainty faced by an entrepreneur? Or do you wake up facing each day as a brand new challenge, prepared with all your heart to respond with the best that is within you? If you’re able to remain positive through the struggle, keeping sight of the reward at the end of the race, you’re well on your way to success and possibly closer to the goal than you imagine.
Criticisms? Bring them on
It’s really feedback, if you think about it. Sometimes we look for this in friendlier channels, like through customer feedback forms, which sometimes may not be entirely reliable as the customer may worry about getting the staff in trouble. However, feedback in the form of an angry email from a disgruntled client or the barbed comments of a jealous competitor may shine a light on gaps or shortcomings that need to be rectified in your business model. Ignore useless comments but consider criticisms for their merits, and you have free constructive feedback to work on improving your business as you trod the path towards glory.
Still excited about your business? You bet
You’ll feel it – the thrill, the joy, the obsession, each time you open your mouth to talk about it. Every little thing you do, every success, no matter big or small, brings a warmth to your heart and a sense of achievement. If you’ve lost that loving feeling, you may need to take stock of yourself, to ask yourself about the goals you set at the beginning of the enterprise. It’s like a happy relationship – if you were not in it for love, or if you went in just to please someone, you are very likely to burn out from trying to keep it going, let alone moving it along the path to success. The business – or the very concept of it – should keep you happy and focused throughout your journey as an entrepreneur.
The life of an entrepreneur is by no means an easy one, though the results can be great. The signs above indicate how likely you are to succeed. If one or more of them fits your current profile, it augurs well for your business future. Keep at it and you’ll finally reap the rewards even if they feel like a lifetime away at the present stage you’re in.