Surviving Your First Year in Business

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Business

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When you have decided to start out for yourself in your own business, you have already taken a huge step in life which many will never take. Congratulations!

However, it is never all sunshine and rainbows. Quite the opposite in fact. This is when the hard work begins. The first year of any business is vital and claims many victims who for one reason or another do not make it any further. In order to run the gauntlet of year one and come out alive and kicking, there are a few points you should observe.

Great Expectations

Many, when starting their business have huge expectations of success and grandeur. This is all very well and healthy in terms of a motivating factor when starting a business. It is natural to dream and for many, these dreams do come true. However, the path to that success is rarely easy. This is a common denominator you will find within many of the world’s most successful businesses and entrepreneurs. From Steve Jobs at Apple to Richard Branson at Virgin and most in between, they have struggled at one point or another. In those terms, it is important therefore to manage you expectations, especially within the first year. That doesn’t mean you have to dilute your dream but simple take one step at a time and try not to lose sight of the bigger picture.

Too Much Too Soon

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Following on from the previous point about taking one step at a time, this also applies to your business models and ideas. A commonly observed mistake within new businesses and owners is that in their exuberance, enthusiasm and passion for the business, they race way ahead of themselves and try to be or do too much.

This have the opposite impact on customers and clients who may see a confused offering, unsure of their strongest point or unique selling point and perhaps afraid to embrace it. Therefore, it is key to stick to the basics when starting out. These are tried and tested thing which work. Over time, once you have started to build up a successful reputation, there is nothing to stop you doing as many new things as you desire. Take the Virgin group again as proof of this. Starting with Virgin Records before now branching even into space with Virgin Galactic.

Don’t Fear Failure

Of course this is a point which is easier said than done. However, as we can see from any number of examples, failure sometimes happens to the best entrepreneurs in business. In fact, many would say that it helps to build the correct characteristics to be successful in the long run. Most failures tend to happen in the first year. If this happens, all you can do is ensure to pick yourself up and try again. On many occasions it may not be your first business idea which is the best. It could well be your third, fourth or fifth, so keep trying!

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