Failure is nothing new to entrepreneurs. In fact, you can say that it is what drives them to push their limits and learn from their mistakes. According to Forbes, nine out of ten startups will fail, this is the harsh reality. In fact, statistically speaking 21.5% of startups will fail within the first year. For every failure you have, you are bound to succeed a few times, as well.
Starting a fledgling business from scratch has its challenges. You are bound to encounter many pitfalls along the way. As tempting as it might seem, you shouldn’t write your startup’s own postmortem before you have even begun.
Can You Start a Business Even if You Have No Experience?
The answer to this question is: yes. It is possible to start a business even if you are entirely new to it. You can have an entrepreneurial spirit without the experience. Case in point, Mark Zuckerberg didn’t have any managerial experience before he went on to start Facebook, and you know how that is doing. ;
Having a startup has its own rewards, especially when you are new to the scene. What does it take to be a success? The big secret there is to learn how to fail. Why? Many of these successful companies at one point or another, have encountered failures in their lives. What sets them apart from all the rest is that they got themselves from Point A to Point B and learned where they needed to improve. Do you have what it takes to beat the odds? Here are some tips from the experts on how to make your startup thrive especially during those crucial first years:
1. Embrace your mission as an entrepreneur
Passion is what drives people beyond their limits in order to achieve their goals. Those who are most successful in business are those who are most passionate about it. When it is all said and done, it is the fire in your belly that will see you through the challenges of running a business. Look for industries that you will see yourself committing to in the long run, and stick with it. When you are fueled by passions, the challenges won’t seem so challenging.
2. Get ready to work long hours
Once you have committed to your startup, embrace the fact that you are going to have to start from scratch. Get ready to roll up your sleeves because you are going to work long hours. When you have a fledgling business, there’s a lot of work to be done but not a lot of hands to help out with it. Once you have set your mind to it, the less drudgery it becomes.
3. Take the initiative to learn new things
When you have a limited number of people in your company, chances are you are going to have to learn to multi-task and to do things outside of your comfort zone. You will have to teach yourself new skills that you would normally never see yourself doing. For example, Microsoft Excel can be a tricky program to master but there’s a learning curve to it. Think of these things as learning experiences that you pick up along the way.
4. Know when to ask for help
One of the most humbling things that one can ever experience is asking for help. Do you feel that you don’t have much business experience on your own? Consider partnering up with someone who does. Do you fear that you have limited experience in some aspects of the company? Consider hiring some consultants. Do you fear that you won’t have enough capital to keep the business running? Consider looking into one of the local SBA lender companies, and see what kind of loan would work best for you.
5. Know how to recover
One of the most important traits that successful companies have is versatility, or the ability to be more than one’s skill set. You have to possess the right mindset. You have to learn how to adapt with the times, to adjust, to shift products, and even know when to start over again.
It is more than the ability to recover from failures, it is the ability to work harmoniously and surviving even amidst tough times.
6. Know when to take a breather
It’s a challenging job, but don’t kill yourself over it. Take some time away from your office, and see the world in a different light. Find some way to deviate from your stress and stick with it.
Being an entrepreneur is tough, but you can be tougher. Starting something new has its many challenges, but it has its share of rewards. Take these tips to heart, and you will certainly reap the benefits of the experience.