Starting small Business in 2022 or your own business (entrepreneurship) is not only about financial benefits; There are many rewards, such as freedom and satisfaction. But before you start the business, you need to prepare everything in advance and once you start the business, you need to do your work consistently. Once you start a business, it’s not easy to turn back, so take the time to decide if you’re ready before you start. Don’t just decide.
Do you have the willingness / ability to work independently? (Small Business in 2022)
Before starting a business, check whether you have the desire to start a business / the ability to work (entrepreneurship). It cannot be assumed that you will see it for sure in doing business. You have to give up more or less. You can’t completely eliminate the risks you’ll face, but careful planning and preparation can improve your chances of success. What are the advantages and disadvantages of not only being the owner of a small business but also the manager of the Small Business in 2022? We must consider what weaknesses there are.
To consider this, consider the following questions carefully.
1. Are you an energetic person?
As an entrepreneur, everything related to your business will be your responsibility.
2. Do you have the ability to deal with a variety of people?
As a business owner, seller of goods Your employees, bank manager lawyer, You have to deal with various people, such as accountants, in a business sense. A very bargain-hunting fart; Can you be patient for your business with sellers who often postpone the payment of your goods?
3. Are you a good decision maker?
A businessman always has to make decisions, It is often necessary to make those decisions quickly and under pressure on your own.
4. Are you mentally and physically strong enough to lead a business?
Owning a business is exciting; But there are many things to do. Can you do it if you need to work 12 hours a day, 7 days a week?
5. Are you a person who can organize and prepare ahead of time?
According to research findings, the cause of many business failures is lack of preparation. In order to overcome the difficulties to be faced, financial, goods in and out; There must be a system in the work schedule etc.
6. Do you have a strong faith?
Running a business can be very stressful. Some business owners struggle alone to make their business successful, so they feel tired and lose interest in their business. Only if you are passionate about the work you are doing, you will be able to overcome such an event.
7. How does running your own business affect your family?
The early years of business can be tough for those with families. So during this time, family members try to understand you. It is important for you to get the family’s trust and support. Before the business becomes profitable, financial difficulties can also be found. This kind of difficulty is months, It can take two rounds, so the family has to save money. There may be people who have to mortgage and sell the family’s real estate.
Why Small Businesses Fail?
A recent United Nations (UN) study found that, on average, more than 66% of employment in a country is in small and medium-sized enterprises with between 5 and 250 workers. But many of these businesses go bust in the early years. Success in business
never happens automatically. Success is not based entirely on luck. In fact, the success of a business depends on the vision and leadership of the owner. But just like the saying that there is no luck, there is no understanding. I can’t just say everything.
Starting a small business is risky and the chances of success are slim. According to the American Small Business Association, about half of all businesses go out of business within the first five years.
In the small business management books written by experts, the following are the reasons why a small business fails.
- Lack of work experience
- Inadequate financial resources
- Bad business location
- raw material Not being able to store finished products well
- equipment, Excessive investment in infrastructure such as buildings
- to give Not being able to manage things properly
- Using operating funds for personal purposes
- Unexpectedly, the business grows faster (than the owner can handle).
- Intensification of competition
- Not being able to produce products that enter the market.
The above information is not intended to discourage a new business venture. Those who are starting a small business can prepare for the long road ahead. The biggest obstacle for entrepreneurs in starting a business is underestimating the difficulties they will face. No matter what, if you are patient and willing to work hard and prepare everything in advance, success will be yours.
As mentioned above, there are many factors to consider when starting a business, but if you are a talented entrepreneur, the benefits of owning your own business far outweigh the challenges.
- Only you will become your own employer.
- If you try as hard as you try, all the benefits you get are for yourself. Not for someone else.
- The potential for income and business growth is huge.
- Starting a new business is both risky and exciting.
- Leading a business has never-ending challenges. It is also a good opportunity to learn new skills.
In the next few articles, I’ll cover the basics of starting a business and how to do market research for Small Business in 2022.