Having no mentor and really trying to make my business work. 1st thing you can never master easy is people, people are unpredictable and those people involve scammers, fake vendors and bad customers. We going to talk about things that’s will really give a young business person a problem starting out ,but I’m not saying give up remember we talked about anticipation ,that’s what I want you to do expect the unexpected.
Not mastering your number and winging it
This has hurt me so badly even now as we speak, I built rental rooms from the scratch just because I saw I have money decided to go to a hardware and get building material and buy a site. While first I was supposed to do my numbers well and plan accordingly but I was so aggressive and with that’s force I manage to overcome all the stumbling blocks, while losing a lot of money because of my impatient.
This approach still hurt me till today but I’m getting better at waiting and really do things slowly ,calculate and see what’s may happen. I never factor the handling fees and taxis that’s raise to 15% the year following the one I bought material and my being forceful worked on my favor.
Thinking people are all the same.
The neighbors I made building this rooms were sweethearts but only one was really not good but we ended up getting along cause I was busy reading books that’s told me to really open up to people and let them show how they want to be perceived. Scammers are still scamming me ,and my awareness is growing to the point that’s as of writing this article I’m looking to make enemies ,for the first time in my life I am plotting to put some people behind bars because they did me wrong.
Maybe I have mentioned this before but I was naïve letting my builder take 80% of his payment before he even begun building and I learn the hard way now I don’t trust anyone a contractor must do the work first I ended up going to court and they kept asking money from me and I decided I will let this one slide. Its clear lawyers are important when doing business but as I’m starting out I cannot invest on a lawyer.
Another naïve thing a entrepreneur can think is customers love him ,that not true customers consider a lot of things but you can build that’s emotional friendship with them because when prices change they can find it hard to leave you. Add your personal feel to your business and so on.
Low prices beats – Spliff_Fm
Entrepreneurship is fun
Maybe having an idea is fin and maybe big purchases at some point 10 years or 20 years down the line is fun, but earlier on that’s not the case. My older brother smokes a terrible drug that’s makes him steal a lot and he is really negatively affect my hustle, but for you reading you may experience a different issue. You may have to work harder than everyone and you are the last man to put our fires in your business or what’s ever you doing that’s makes you money.
Since your income fluctuate relationships doesn’t work well but on that’s part you really need some sort of discipline because not paying bills on time is a bad habit so killing it should be your business.
I don’t know when people start businesses that’s they consider dearth but since I have witness it last year a market shop owner being shot dead while trying to stop thugs from stealing the money and they beat the guy that’s was there. Be ready to die for your thing as I have explained above I’m about to build enemies and I cannot let it go cause this is a once off opportunity to put some people in the right place.
And if I feel threatened after this I may act accordingly, I know this is my foot print but this is how far I want to go for my entrepreneurship to work. At the end of the tunnel there is light if I don’t get there the foundation is laced my boys will continue.
Money behavior, handling and its owner
This seems to be the reason for us to start businesses but it end up going beyond this and how can it not. When it comes to molar earlier on its seems to sleep through hands so as a business person learning to save when times are good will be a right step to a right direction.
Diversify and or diversify within your business but never lose direction to what’s really makes you a lot of money. I thought the money I had will last forever and the way I recorded down anything its shows that’s its didn’t matter cause I would explain to the next person why I was recording my expenses and it’s always seems like I’m spending only earlier on.
I learn from Gary veer that’s if you start a business and you don’t make any money within the 1st year you should reconsider the business you in. The Music business I just like that’s so for you reading taking those advices should also mean doing your homework and be sure does the advice apply to me and look at other big players that’s at your stage where were they in the money part.
Be careful of banks as much as they keep the money safe ,the products they offer may not apply to your beliefs life the debts can be good starting out but people are not the same and if customers pay you in some sort of way ,you don’t want to have debt lapsing because you income is beyond your control. Teaching consumers how you want them to pay you can be really be challenging but you must go ahead and tell them besides their differences for e.g. say you in a service business to not get yourself in a defensive side ,take your money first then help after.
Government and Taxes
I’m already on this because although I’m still at the beginning stage of my business life .being on the right side of SARS and ALL the IRS is going to be good for me and my businesses. Because you don’t want to make a lot of money and all of a sudden SARS freezes your bank account and you cannot perform the competitors make fun of you.
The infrastructures putted in place for entrepreneurs by government you should be able to access them that’s means your rates should be intact ,and to be honest my electric bills was out of place but I have dealt with them because I cannot keep looking out for my shoulder that’s will open up for any negativity and my mind space.
That’s the business will work no matter what’s, you won’t fail
Massive challenge came at the beginning of my hustle and I gave up like literary and started focusing on my other capabilities. Like knowing how to manage people’s money and help them with their general needs. That’s work well for me but for a time being, while I was still looking for a job.
So as you are reading be open to the possibility of your business failing but don’t encourage that’s event. Other people switch businesses so fast they don’t check what’s cause the 1st , 2nd and third business failed in the first place and try to fix that’s. Even I I didn’t totally give up, I kept the distance while trying to figure out how I can solve the problem.
When things go wrong you get emotionally so be careful to taking big decisions during that’s time. So accepting and admitting if you have part in a failure is the good move, get back to your life and then come back stronger.