| | DECEMBER 20219breeds envy and grates nerves, but just because your friends did well, doesn't mean they will do well with you.Glitz & Glamour: You watch all kinds of movies and read stories about successful startups, and you think the business world is full of glitz and success and prosperity.You Have An Idea: A lot of people have ideas, but an idea and a business are not the same things. Are you aware that only 1-3 percent of ideas become companies, and only a fraction of them are successful? So if you have an idea, that's no reason to take out a loan and start a business. And also, think about how you will execute it, where you will find the funds, how long your business can exist in deficit, how you will sell, how you will distribute the finances, study what w2 income statement looks like, and if your business fails, will you give up and not try again? This isn't said to upset you, it's just a real test. You need to know what you're about to get into. Business is not a chasm, of course, but a long, long journey.An Entrepreneur's JourneyWhat awaits you on this journey? There are several paths you have to take.Non-Permanent EarningsBefore you can take the money for yourself, you have to take care of all the expenses associated with the business, including workers' salaries, if you have any. Before you get any at all, the business has to generate enough money to support itself and then you. Are you willing to give up a steady paycheck and have erratic meager earnings for the next few years?FailuresA product or service you launch is more likely to fail. That's because it happens to most entrepreneurs. No product will become successful and in demand as soon as it is launched. Successful entrepreneurs differ from unsuccessful ones in that they know how to react flexibly to market demands, adjust, and make the changes they need quickly. They have enough passion, desire, and persistence to lead their business to success, but the road is thorny.No FundingHave you considered where you'll get the money to make your idea a reality? Investors prefer to invest in proven ideas with obvious prospects, and it's not easy to talk them into investing in a new, unreliable idea. You hear that many companies get funding, but hundreds of others don't. They won't get written about in the media, so you'll never know about them.Three FundamentalsThree fundamentals are a must in every business. The three basics of entrepreneurship are passion, persistence, and challenge. If you don't have one or all of them together, you're not fit to be a businessman. Let's break this down in detail. You must have a problem with which to start a business. Your business must include such an important problem that someone will pay to solve. You have to be passionate about solving that problem because otherwise, you will lose interest in the business as soon as you run into any obstacles. And you have to be persistent enough to lead your business through setbacks, changes, and failures to a bright future for the next few years.ConclusionSo, if you start a business with the right reason, and the problem it will solve keeps you up at night, if you spend all your free time thinking about your business, then it's time to put your idea into action and start your business. Ask yourself again: are you ready for this?
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