Most of the new businesses fail. But the thought of failing should not haunt you. In fact, it should encourage them to try even harder for the next time.
When it comes to starting a new business, there are a lot of ambiguities that come along the way. You must take calculated risks to grow and compete with your competitors.
If you get past the first few years, you'll feel confident to move your startup to the next level. It is hard to even think of failing and closing your business. But if you get past the mistakes or learn how to cope up with them you will become better at failing.
Here are 5 worst nightmares that every first-time Entrepreneur will face if you know about it, you'll be able to face it with ease.Without any doubt, the biggest fear for an Entrepreneur is to fail. Greater number of startups fail. But only few Entrepreneurs get back up and defy the odds and try harder to win.
For an Entrepreneur there is a long list of what-ifs gone wrong. What if I get this deal through? What if I go bankrupt? These and more like these questions mostly fill your head which gives no room for fresh ideas.
If you have bootstrapped your business there is a great chance that you need a lot of cash to run the business and keep it stable. When everything that you do depends upon the funds from the client you look for new ways to get to the investor.
If you meet an investor there is a great chance that you'll have to present your idea to them. For that you need to have a clear mind and avoid pancaking in front of the investor.
If you get past the investor you will be comfortable to make the necessary changes in your product. If you're starting a business from your own saving or a friend's money, product launch delay won't bother you, but with the money from investor you need to ensure that the money is used correctly.
Your greatest assets are your employees. For instance, my friend who owns a web development agency started with one person and now he is working with 200+ employees. The very first employees of your business will either break or make the business. It can be your best decision, or it can be your worst mistake. If you get the first employee right, you'll have a great partner or a friend in progress. You need to pick and choose wisely. Someone who have the same passion for the business as you do.
At the point, you're doing something right and you should be happy about yourself. Most of the companies suffer serious consequences when they are run over by the investors who only ask for numbers in the first board meeting.
Your board members will either be happy or sad with your progress. But in the end, you need to take the side of your team. Tell the investors that you and your team is doing everything to make it to the right amount of profit.
Board members are not your enemies. In fact, they genuinely want your business to grow. Be comfortable while talking to them.
So, what if you fail the first few times? There are lot of opportunities for you and you cannot afford the luxury to miss out things just because you didn't think things through.
Every great Entrepreneur know that not failing is an option. If you try things, you'll fail for sure. But if you stay with that failure for long, how will you gather the courage to move forward.