One of the major challenges, people face when starting their own business is that they don’t know the kind of business they are getting into. You see people go all in a company without having an idea of how it works, and who their potential customer might be and this is because people love the idea of where they are going to see money. People just want to invest in something that somebody somewhere is doing that is giving them money. They can’t think of a new idea. They want to copy and paste the idea which might be a total disaster for them.
The main reason why a business that works for somebody else might not work for you is that you did not take your time to understand the business and your customer. The kind of service or product your customers might want is a good way for you to know how to approach the Business. Every business is solving a problem and if you do it efficiently you are going to keep your customer. They will keep coming to you just because you have an amazing product or your service is top-notch.
Money will not save you
Most people believe that money will save them. They believe having all the equipment you need for a business is all that you need to do and you don’t have to take your time to understand the business you’re getting into. Some people even believe they are going to hire people with experience, but this also leaves room for extortion because when people you hire understand that you have no idea of how the business works. They begin to look for ways to make money off you. Money alone will not save you, you still need the knowledge and this is where time comes in.
You can indeed learn in the process but learning in the process we expose you to a lot of risk. There is nothing without its own risk in life, but the only way you can run a business without a lot of risk is by knowing the ins and outs of the business, what your customers want, and how you can start Small and scale. Some people even hate the idea of starting Small and scaling in the process. That is the best approach you can have for any business because starting Small will give you all the knowledge you need.
It is risk-free
Starting small will give you all the knowledge you need and what this normally leads to is a risk-free business which doesn’t mean that there is no risk in the business you are trying to put your money into, It means that you will understand every risk and you will work towards those risks. For every employee you have, you will know the requirements for them to be productive. Starting a business slowly will give you all the right things you need in terms of knowledge and skill and also where you can find your potential customers before you scale up.
Thanks for your time.