The rewards of venturing into business i.e. freedom, choice, control, being your own boss etc. are attractive. Yet, evidence suggests that about only 4 percent of all those who try succeed in building and sustaining a profitable business.
In today’s day and age, those whose businesses are still in their infancy are labelled ‘hustlers’. And an unfavourable truth that hardly hits the airwaves is their frustration. This is born from poor ideas which despite hustlers unwavering belief in them, are just recipe for disaster or sometimes a great idea which due to learning mistakes fails on execution.
Suffice to say, the million-dollar question is thus, what does the 4 percent have or at least, what have they figured out, that needs to be demystified for the masses? Certainly, their success cannot be attributed to pure luck. To be more precise, it can’t even be because of some inborn “entrepreneurial” traits.
Asking the following basic questions can be of help, in trying to figure out why only this small percentage succeeds. After all, we all want…I hope, to belong up there.
Why do you want to take this route?
This may seem obvious, but give it some thought and you’ll soon realize that it is often taken for granted. Or worse yet, it is often overlooked. Those who do think about it, answer it without much honesty. For instance, when was the last time you heard of someone who researched on their intended entrepreneurial pursuit?
Most people see others succeeding in business and they assume they can too. Some because capital isn’t a problem they think they have what it takes to be in business, so they give little regard to why they would consider owning a business in the first place. Some just blindly get into it because they want profit. While some go into business because, unemployment has taken on toll on them. They just want an escape.
But unless your answer is something like: you have such a strong desire to do something that you can almost taste it, you are certainly not in excellent shape to get started. Only this, when compared to other motivations can provide long-term motivation for a business adventure.
Do you have the right range of abilities?
Now here we have one defining trait for those in the 4 percent. These are a reliable guide to your future ability to sustain an independent business venture. Factors like planning, organizing, independent decision making, judgment, and leadership verify the likelihood of your success.
At this point, it should be clear that basic motivation and ability take precedence over purely mechanical factors, such as contacts, business knowledge, or capital. These can be acquired; basic motivation, and ability are almost impossible to procure. You either have it or you don‘t.
Are you ready to delay gratification?
This is especially a great concern for those whose desire to be in business is purely to enjoy profits. I remember watching the TRANSFORMERS. Someone said something that is true in the business world. Without a sacrifice there can be no victory.
So one more thing to consider is this, are you ready to make sacrifices for the success of your intended business venture? Failure is sure, but so is success. You, unlike when employed, may be working from 8 AM to 10 PM. It will cost you that much.
Here’s the best part, though: You won‘t be at the mercy of someone else‘s salary structure, you will be limited only by the income and expense structure of your business, which may mean that you may, at least at the beginning, be working for a salary that you wouldn’t even consider if someone else offered it to you.
You will have lots of authority, accompanied by lots of responsibility. But you will be making your own decisions. And if you do everything right, you will reap vast benefits.
These questions and many more, if answered with honesty can result in an increase to that 4%. So, we have got to really think hard about considering this route. It pays off and may be too costly if given little or no careful consideration at all. This questions must never come as after-thoughts.