In my other life, that is the life outside of this blog, I run an event management company. We’ve seen moderate success and continue to grow and be optimistic about our future, in other words we’re on the right track.
After reading Jeanna’s submission yesterday, and thinking out my own “secret recipe” for success, I scribbled out the five truths of starting and growing a successful business as I’ve learned them…in no particular order, they are:
1. Building a business is a like remodeling your house…It will take twice as long, and cost twice as much as any projection you have going in.
2. There is no substitute for solid people skills.
3. Proper capitalization will give you the wiggle room you need to make the mistakes you’re bound too.
4. You will be faced with the option of throwing in the towel many times, rarely is that the wisest decision.
5. It’s harder than any college business book will tell you, more rewarding than you can imagine, and pays far less than you dreamed off.
What truth’s have you learned in starting a business?
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{ 5 comments… read them below or add one }
I learned this from when I started up and operated the first and only Paramedic School in Alaska:
It’s the first thing you think of when you wake up and the last thing you think about before going to sleep.
It is your child and needs constant nurture. The rewards can be outstanding. The lows can be devastating. If you can stick with the roller-coaster ride it will be one of the greatest things you ever do in your life.
Cheers
George
@George
Agree, my business has brought me to some of my highest highs, and lowest lows, but I try to approach it all as a process that continues to get better and better.
Matt
Numbers 4 and 5 ring true of my experience so far. I wrote a post that discribes my trials as a new home based entreprenuer. I am sure you will identify with some of my growing pains as well.
The post title is “The Emotional Journey of an Entrepreneur”.
@Marcy
The way you describe the feeling you get when a new biz idea pops into your head hits home for me…whenever I think of a new idea that I believe will really fly, I get that giddy feeling like being a kid and realzing for the first time you’re riding your bike without training wheels.
To keep with that analogy, soon thereafter you crash and burn, but you get back on the bike and next time ride a little farther.
Thanks for sharing, and for stopping by!
Matt