The Demons To Slay When You Want To Start Your Own Business

While we all have our Achilles heels when we’re starting out on our business journey, and we’re finding our feet, the big demons come in three different forms…

Everybody has unique perceptions of their own demons that they have to slay when they want to succeed in business. If you’re a fan, Mr. Burns from The Simpsons viewed his as family, religion, and friendship. While we all have our Achilles heels when we’re starting out on our business journey, and we’re finding our feet, the big demons come in three different forms…

Debt

Debt isn’t just about overspending for the sake of your business. It’s something that hangs around your neck before you’ve even submitted your business plan. Having a bad credit rating or a history of debt, will not improve your odds of receiving a loan. If you are to succeed in business, you’ve got to show that you’re trustworthy when it comes to the green. If you have a mountain of debt already, it’s time to fix this, and get advice from debt consultation lawyers like McCarthy Law PLC or implement a foolproof plan to escape this. Once you address your bad spending habits and learn the value of money, this will make you a better businesswoman.

Definition

From your marketing to your products, everything needs to be clearly defined. Some learn as they go, but this can result in a lot of wasted money. It’s much better for you to go into this with a predetermined plan. Your business plan should be dense and cover every eventuality. This doesn’t just mean that you will stand a better chance of success, but over time this will result in a lot more financial freedom as well as professional freedom because you won’t need to work 70-hour weeks if you don’t want to. You need to define, in very clear terms, what the business is all about, who it is for, and how you plan on implementing this.

Doubt

Probably the biggest demon of them all. Doubt and a lack of belief in our abilities will filter into the company. When we are learning how to network, hold long and complex meetings about things we know nothing about, and balancing so many different plates, doubt in our ability to do this will always creep into our minds. Bravery is not just a desired trait of an entrepreneur, but it’s an essential one! The tasks associated with starting a business is enough to make anyone give up before they’ve even started. This is something that goes through all our minds but we’ve got to learn how to quash the voice that says “I’m not good enough”. If you don’t have belief in yourself, why would anyone else?! The industry is all about taking risks. It’s also about being comfortable enough in your own skin to justify these risks. Doubt will not help in these circumstances.

These are the three biggest things that can make our company go under. They may force us to lose faith in ourselves. Starting your own business means that you have something to give, but this doesn’t mean it is plain sailing.

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