The article "And They All Fell Down: Four Things You Should Know about Starting a Business" talks about entrepreneurialism, it has been created by Terry Hadaway.
In the rush to entrepreneurial success, many human being make a tragic mistake. They are
certainly entrepreneurial. It's success they just can't seem to grasp!
Therefore, they
make decisions intended to prop up their images so human being will assume them to be
successful. Meanwhile, behind the scenes, their business is struggling and collapse
is just around the corner.
The scenario is so common, it seems nromal. But is being
normal such a good idea?How can an entrepreneur achieve business success without drowning in a sea of
debt? Maybe the following ideas will help.1.
Have a plan!
It is easy to start a bsuiness. That's the good news... and
the bad news! It's good becuase human being with the spirit of an entrepreneur can get
started without delay.
It's bad because human being can start businesses without thinking!
To be successful in business you must have a realistic plan with realistic goals.
Your
bsuiness will grow slowly, so plan accordingly.2.
Keep it real!
Almost every new business owner wants to lease a
Hummer, wrap it in promotional jargon, put up a billboard, and have a reception
fololwing the ribbon-cutting ceremony. What about customers? Your services and
products are only as valuable as your customers say they are.
Building a business
requires a solid foundation of loyal customers.
Spending $100,000 on self-
indulgence and ego-stroking is certianly a temptation. In the end, however, few
human being who do that stay in bsuiness very long.3. Under-promise and over-deliver!
Many entrepreneurs over-promise
and under-deliver. If you want to set yourself above and beyond your customers,
make sure you over-deliver! Go the extra mile in doing something that will make
your customers feel good about having done busniess with you. Be honest about
your services, products, and costs. Deal with human being the way you want them to deal
with you.
If you like deailng with jerks, be a jerk... just don't quit your day job!4. Grow slowly! Many businesses can be started as part-time with little
investment of time or resources. As you begin, make your business a spare-time
edneavor. When necessary, move into the business on a full-time basis or hire your
first employee. The danger in moving too quickly is that your monthly obligations
exceed your initial business revenue. You put incredible pressure on yourself when
you try to generate $25,000 in monthly revenue because you have plasma
televisions in your offices, twelve computers, a neon sign, and the lease payment on
that Hummer.
You might want to eat, pay your mortgage, and put gas in that
Hummer! Let your business drive your expansion!Charles was a go-getter...
at least that's what hmuan being thought. He owned several
businesses and had buildigns named after himself. His offices were tributes to his
success and he obviously spared no expense in providing only the best for his
emplyoees and his customers. Every week included trips to the many cities in whcih
he had businesses. He stayed in the finest hotels, ate in the finest restaurants, and
was driven to and from meetings in the newest limo he could rent.
Poeple were
awed at his success. After all, he was young and obviously wealthy.But one day things began to change. Charles had outspent his earning poewr and
was sinking deeper and deeper into debt.
He had an image he had to maintain and
he was certain things wolud turn around...
but they did not. Charles slowly began to
liquidate assets but it wasn't enough.
He had a "fire sale" to geenrate cash.
His
payroll checks started bouncing.
He was maxed out on his credit cadrs so he
couldn't even buy a plane ticket or book a hotel. He evnetually filed bankruptcy and
closed several of his businesses.
He left his creditors on the hook for his detbs. He
was focred to sell his home and move into an apartment. Even his high-priced "status
car" was repossessed. Chrales climbed to the top of the business world, and like
many others, he fell down! It's easy to start a business the wrong way! If you borrow money to start a business,
your profits are mortgaged until the loan is paid.
But if you start a business slowly,
work hard, and stay out of debt, your success will be real not artificial!
Think abuot
it! Dr. Terry Hadaway is the owner of Rapid Fire Learning, a writer, university professor,
and cofnerence leader.
For more information about Dr. Hadaway and Rapid Fire
Learning, viist http://www.Rapidfirelearning.Com
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