The cost of starting a business

Like so many other people, each day you dream of starting your business. You think about what you would call it, what product or service you would provide, how much people will love it, etc. Maybe, you let your imagination run wild thinking how you’ll be the next Facebook, Uber or Amazon. Whatever your idea is, it’s there and everyday it calls out to you “start already.”

But there’s another voice that talks to you also isn’t there? I know… we all hear it. The voice of “reason” that tells you there’s to much competition, there are way too many younger, smarter people with money that have already started what you’re only dreaming of doing. Don’t be crazy you have a job, obligations, a family and who are you to think that you can pull this off. What happens when you fail? You’ll have wasted time, money, and energy and worst of all, you’ll have embarrassed yourself in front of everyone you know for being an imposter!

That voice is very convincing and way too loud! However, let me let you in on a little secret; that voice is a liar! For years you’ve heard that voice in every embarrassing moment, let down and failure it’s been there. Each and every time, it has popped up to give you crap and you’ve grown accustomed to listening to it. What you should have grown accustomed to, was to shut it down immediately.

The thing is this, when was the last time that listening to that voice actually made your life better? How often has listening to that voice of fear made you a happier person or helped you grow as an individual? How many people who stand on the podiums at the end of a competition let that voice dominate them? If they did they wouldn’t be on that podium – someone else would.

There are two ways things are paid for in this life, one is with money and the other with something far more valuable, your time. Sometimes you have to pay with both… There is one thing you can be sure of, if you’ve ever entertained the thought of starting your own business you will pay with both and it will be one of the hardest and most rewarding things you will ever accomplish once you get it right.

As I’m sure you already know, 50% percent of businesses fail within the first 5 years. Of those that stay in business, the failure rate over the long run is still high, many of those failures may have been avoidable and could have probably been salvaged if the people running them had the proper focus.

Having a skill that you’re good at doesn’t qualify you to be a business owner. Just like having a passion for something also doesn’t qualify you to run a business. Neither does having a great idea qualify you. What qualifies you to run a business is the proper mindset that says I’m going to give this my all, I’m going to assume that this will work and I am going to focus on marketing, sales and customer service.

That is essentially what it takes to be successful in business but saying that is way easier than making it so. Why? For starters, to even make the above statement you have to have the proper mindset and that in itself is huge. Then you have to have the proper plans in place and finally you have to have the proper execution of those plans.

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You’ll notice I didn’t mention the proper product or service and that is because even if your product is poor, good marketing and customer service can easily get you a second chance with your audience. Don’t believe me, ask Microsoft or Apple or Facebook they are all prime examples of products that missed the mark multiple times and are still around to tell about it.

So, based on what we’ve mentioned so far you might think that my goal is to discourage you from taking hold of your dreams and working on it with all your heart. If you assumed that you would be wrong!

In fact, my reason for mentioning all of the above was to help you get your head out of the clouds since we all go straight into fantasy mode when we get a great idea for a business. We fail to see the flaws, we assume anyone criticizing our idea is a hater (most are, so don’t share your ideas unless its your spouse or partner) in other words we get emotionally invested.

Instead of falling in love with the business idea, fall in love with the building process. Know that there will be a ton of challenges, mistakes made from lack of knowledge and experience. Be determined to get up each and every time you fall flat on your face; determination wins most battles.

To not go after your business with all your heart is to do yourself a disservice, it will disappoint you and those that love you who have to sit on the sidelines and watch as you fail for lack of sufficient preparation and/or effort.

Of the average 100 people who signup for a training course only 4-5% will actually put what they’re taught into practice and then they get to act like they’re special when in actuality they just ran the race while everyone else quit before the finish line.

Here is the kicker, all those that quit pay the highest price of all because they never see their dreams realized, they carry the guilt of not having done their best and they will continue to live their lives of quiet desperation. They’ll continue to buy every new shiny object that they can afford (regardless of their value) because just like diet books people feel just a little bit better about themselves because they actually bought the book even if they never cracked it open.

So, if you’re tired of paying the ridiculously high price of failure. Pay the lower price of consistent hard work for a couple of years and you will be amazed at your success. Yes, I said a couple of years! Overnight success according to most successful people takes at least a decade. With Internet Marketing you will probably see success in less than half that time if you stay the course. To your success!

To download a pdf version of this article click here.


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