If you have heard of a new startup business, you most likely already know what bootstrapping a business means. Bootstrapping entails contributing your own personal savings, or those of your loved ones, into your startup in hopes for success to reinvest back into your business operations. (more…)
There’s currently a boom in new businesses all over the globe. Global Entrepreneurship Center’s research reveals that approximately 50 million new businesses become operational every year around the world.
Many say that this is partly due to the paradigm shift created by the global economic recession a decade ago. People have learned the harsh reality that being a loyal and high performing employee is no assurance of stability or longevity in the company they work for. So, instead of placing their professional lives at the mercy of an organization that has its personal interest to think about all the time, they need to be their own boss.
Most of today’s new businesses were started by millennials – young people at just 20 to 35 years of age. They are called “Millenipreneurs” and they’re bringing great innovations to the business realm. This only goes to show that aside from the paradigm shift caused by the recession, there are other factors driving people to start their own business.
This is why a large percentage of millennials are deliberately forgoing the life of an employee to start a business. Not only that, many individuals are choosing to work for corporations for just a few years. They only want to gain experience and generate income to build their capital.
The Path to a Successful New Business
The road to becoming a business owner is not easy. Don’t let the statistics fool you into thinking that it’s a breeze to launch a business. It’s not just about having a vision for a good business, a flawless business plan, and a generous capital to work with.
It’s also about understanding the kind of person you are. You have to know your strengths and weaknesses, as well as how to harness and optimize them so you can become successful with the undertaking.
Letting go of certain things is one of the solutions you must work with to prepare yourself for the fulfilling life of a business owner.
What are the most important things you need to let go of to start a business?
1. The idea that only you know what’s best for the business.
Although it’s true that you know the business best because it’s your brainchild and you have the best ideas for it, it doesn’t necessarily mean that you have the best understanding of how it works.
There are many requirements to meet just to make the business legally recognized. If you’re starting a business in Dubai, for example, you need to take care of certain UAE trade license activities details, special bank regulations, and corporate tax requirements, to cite a few. On top of those, there are industry variables to consider and principles to learn.
It won’t be easy to identify and execute smart business strategies as a greenhorn. As such, you can use the expert guidance of specialists in company formation. In DMCC, business set-up companies provide education for new business owners so they can put their beautiful plans effectively into action.
You’ll be a better business owner if you recognize that you can benefit and learn from others in order to do what’s best for your new enterprise.
2. Sense of entitlement
You may have graduated summa cum laude from a top business school, but when you’re starting a business, that doesn’t matter much if you are unable to effectively execute your plans. You need to get rid of whatever sense of entitlement you have and get things done yourself.
When you’re starting a business, sacrifice and commitment are crucial. This means you must be able to sacrifice your personal comfort as well as social and physical pleasures if need be to work toward achieving your goal.
3. The need to be perfect.
There’s no doubt that you will experience different bumps along the way, but you have to learn to get over them to ensure the progress of the business that you’re trying to get off the ground.
Instead of aiming for perfection, aim to get better. This is a much healthier approach to starting a business.
Likewise, don’t look at failures as signs to stop. Consider them as lessons. After all, success is the product of “learned failures.”
4. The tendency to burn bridges.
In the world of business, connections are integral to success. Disagreements and disputes should be considered as temporary. In the amazing world of business, it’s not far-fetched for your competitors to serve as your strong allies in the future.
5. The propensity to choose shortcuts.
Most people prefer the quick way of doing things, but this often turns into a setback for those starting new businesses. Avoid choosing the short route because there’s not much value in it.
Long processes are better, particularly if you’re learning the ropes, because they provide more lessons and a better understanding of fundamental principles to uphold.
These are the most important things you need to let go of when you’re starting a business. When you rid yourself of these, you open your life as a new business owner to great things. Likewise, you can look toward less challenging years as a start-up enterprise.
Serial Entrepreneur and Business Strategist Henri Hazougi is the managing Director/Partner of Business Setup Consultants DMCC. The company offers a broad range of expertise in corporate services assisting companies and entrepreneurs in setting up and expanding their business in the UAE.