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06 Jun

Ever wondered why 75% small businesses shut in first 3 years?

Many of you might think about issues like funding, technology, government policies etc. But let me tell you, these are not the real reasons, let’s analyze the real one…
Ever heard of these phrases?
1. You are a great cook, you must open a restaurant,
2. You have a great fashion sense, you must exhibit your own fashion label,
3. You know a lot about automobiles, you must run your own automobile accessory business.
Lead by the thoughts of others, often people get convinced to take the leap and invest their time and hard work, sometimes even sacrificing well-paid jobs. For initial few months, people work for 12 to 14 hours a day, 7 days a week compromising family time, health and what not but the enthusiasm lasts just for a while. As the business progresses they come to know it was never just about the talent they have, one has to look after marketing, sales, finances, management, paperwork etc. Realizing that it’s too tough for one to do, the business eventually dies and what stays back is the guilt of failure and perhaps financial debt.
My advice to do this the right way would be that one ought to have an entrepreneurial mindset and must have a right guru or mentor or coach to follow. An entrepreneur must find a way to group people and make them work along with him a.k.a the team, who is driven towards one goal and has progressive vision. There is always a way. A young friend of mine who really had an entrepreneur’s mindset. In the first three years, he found great mentors, built an awesome team and got funded too. He is doing great and growing.

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Edited by- Rajat Babbar LinkedIn- https://bit.ly/2GubULO

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