Putting it in simple layman terms: Lots of people have passion and enthusiasm when they want to go out there and start their own businesses.
Deep within, they want to make lots of money and feel that they are sufficiently trained and have got enough experience in their field of interest and thus really want to go out there and venture out on their own.
However when it is time to face truth, many fail the test. They are simply not able to take the first step and that is why more than 90% of the aspirants could not even start.
Passion and enthusiasm is good; but something more is required and this is what we call true Courage.
Millions of people, in 18 countries saw the advertisement that went on TV for weeks about the first series of “My First Million” reality Show; while most of them wanted to have million but only a few hundred filled in the application form and said that they wanted to be part of the program.
The one common thing that all these entrants shared was the common vision: “I want to be a Millionaire!” but when asked the very important question “How would you do it?” at least 50% of them did not have a concrete answer.
Many also were still hoping to win the lottery or quiz or game show or get a windfall from the passing away of a loved one or two, while others were just waiting for some ‘lucky’ opportunity to come by and bring them riches!
On the other side, those who had some plan in mind and were able to answer the question on “How would you do it?”
But when it came to devoting 21 days full time for show many good participants with good ideas and business plans could not participate as they could not sacrifice their current earning or job or business.
Many respondents in the initial stage of the competition were unable to commit even the 21 days that were needed of them to stay in the resort for the shooting of the entire show!
The key point is that if you want to achieve something bigger, you may have to forgo some things that you are doing currently and sacrifices have to be made.
There were many entries and submissions made for the competition that were better in terms of business plans and also in their abilities to present and other factors; than the current ones; but their inability to sacrifice 21 days of their lives for something bigger in the future marred their chances of success from the offset.
Time and Commitment is thus very important and their inability to contribute either of this made them lose out from the start.
Generally most of people can be classified into 2 categories:
- Those who were fresh out of college, school or university and had no experience, neither the capital nor were sure of the chances of success in undertaking a new business. Majority of them don’t know what to do but just dream to do.
- Those who had been working for some years, and would have gathered some good experience, were educated and also had some savings to see them through. The majority of this people were in their mid and late 30s. Majority of them know what they want to do and how to do?
However, one thing that people in both these categories lacked was Courage! Courage to start up!!!
Some common concerns that people generally have
- What if I fail in starting this new business?
- Will I get more money than what I am earning now-from the very beginning?
- What if my current experience is not enough to help me succeed in business or maybe I just don’t have the right experience at all?
- I am expert in one area say sales but I m not sure how to handle HR or accounts or other things.
- What if I do not have enough resources like money and more to see me through this venture?
- How about the amount of focus, commitment and sacrifices that I have to put in to this venture?
We understand that everyone has other commitments, like family, career, home mortgages and other overheads and our recommendations are that you should have at least 2 years of savings in the bank to support you even before you seriously contemplate on starting a business.
The most important reason behind this is that business start-ups need time to stabilize and bring in consistent profits and income and the first 2 years are the most crucial in the life of any business.
If during these initial periods, distractions come from the family about stability at home and this de-focuses you from the task in hand, then your ability to set up a strong and formidable business entity will surely be compromised.
Having enough savings in the bank to see you though the initial 2 years comfortably will make sure that conflicts at home due to income are minimized and your 100% focus can be on the success of your business.
At the end of the initial 2-year period, you will be a sure success either way:
- if your new business does well and is a great Financial Success;
- Or even if it does not brings you the financial rewards you were hoping for; Or just not even sufficient income to sustain that venture.
In the first instant, at the end of the 2 years, you can rejoice and celebrate with the family and continue to draw a good income from your business and then focus on growing to the next stage of growth and success.
In the latter instance, we will still regard you as a great success as the experience gained in those 2 years would have made you a new person, who would be exceptionally very different from the person you were at the start of the venture.
Even if you were forced to then go back to work for someone, you will think, walk and talk differently from others applying for the same position and your future employers will appreciate the fact that you think like a business owner and not just a fresh employee. Your chances of being hired would then be even greater.
This graduation from the true University of Business and experience gained in these 2 years will be much more superior to any paper degree that are conferred by the leading Universities of the World for theoretical learning.
Your learning in the real world would stay with you for the rest of your lives and you will be a winner in every sense of the word, even if financially your business does not succeed after the first 2 initial years. Your learning in these 2 years will be more than 10 years of normal learning on job.
Your graduation with this special “University of Business
The point we make here is to have strong courage and remove all fears from within.
While the Fear of loss of money is one of main fear for those who don’t start but there are some who has other bigger fear -“Loss of Image” or the “Loss of Face”!
Money lost can be regained, but;
What will people think of me if my business fails?
People may mock me as I go by?
Wouldn’t I be seen as a failure in society?
Will I be an embarrassment to my family and friends?
These mental blocks that many people have are one of the biggest reasons why many of them do not step forward when golden opportunities come their way to make their millions and succeed in life.
We need to bring forth the courage from within and not allow ourselves to be burrowed deep in the holes of our fears!
There is nothing to worry as the Net Gain at the end of the day will always be positive and there is more to be gained than lost in starting your business.
Yes, there are some bottlenecks and obstacles that may come your way and it is important to know what these may be and how to be prepared for them and overcome them.
One common observation you may have seen is that upon Graduation from Universities, Polytechnics or Colleges, the top companies at a fast rate hire the best and the smartest of the cohort.
The other students who did not do so well in school; just keep job hunting till they get any employer who is willing to take them up or even start up something on their own, knowing that their chances of a getting a lucrative pay package is low.
However, it is noticed again and again that, 20 years later, a large portion of the second group of students would have out-performed their peers from the first group!
The ones who were considered “Duffers” by their lecturers and teachers go on to a great financial and personal success in the later years!
Why is this phenomenon so prevalent?
How does this happen, time and again?
We believe that this happens because of a few factors:
- There was greater hunger on the part of the “Duffers” to go out there and make it the harder way, since no one wanted to hire them on a golden platter.
- Their “Brilliant” counterparts on the other hand got comfortable with their 9-5 jobs and later on got married, had children and as the family grew and they got used to this comfortable life.
- It is a reality that in a company that you work for, there are limited opportunities for growth and promotions. There are only a few spots in higher management that you have to fight for with your peers before you have a chance of reach TOP.
- Your salary package also does not grow exponentially and you cannot double your income from one year to the next.
At best, the company may give you a 10-20% increment year on year and thus it will take you about 8 to 10 years to double your income.
Thus personal and financial growth becomes limited; though stability is an often-quoted reason for people to stay on in their jobs.
- Other the other hand, our “Duffer” friends, especially the ones in the lowest ranks of the academic scale did not get a chance to get stuck in the job scenario.
They had no choice but to either take a low paying job or start their own business and build them up.
For them was an ultimate path of survival! This thus made them tougher and taught them all the lessons to learn to survive and outperform the rest in the real world!
These lessons were then applied to their businesses and in many cases, which allowed them to expand their operations extensively and thus double their profits on a yearly basis if not sooner.
Thus what research has proved time and again and we want to stress repeatedly is:
“Duffers” will excel more than the “Brilliant” counterparts because they operate from a Survivability Mode.
Duffers are running like RAT for life
While Brilliants are running like CAT –for food
So who will win?
Do you have the courage to out run even the strongest of your competitors and face even the biggest of all obstacles and then out shine and rise up to be the winner and champion again and again?
You need to learn and develop this Courage from within and that alone will bring you ultimate success in the world outside!
Finally, in closing this topic, we want to share another common bottleneck and help you release yourself of it, if you face it.
Sooner the Better
Some entrepreneurs, fresh out of college or university, who want to start up a new business also feel that they are too young and should work in the working world for a few years and save enough money and then come out and venture on a business start-up.
They get a nice salary of $ XXXX, which gets raised to + 10% or 20% Year on year.
More commitments also come their way in terms of a spouse and children and other social responsibilities and they keep postponing the exit from the working world.
Many of the questions and fears that we covered earlier play in their minds and they keep putting off the decision to leave and start up something of their own.
The comparisons that play in the mind will be of their current job salary and pay package versus the insecure monetary returns in the business world.
The higher the salary one is earning, the more difficult it will be to accept the pay ‘reduction’ that normally comes at the start of a new business start up.
On the other hand, those who had started younger and earlier in life find it easier to have a steeper growth as there are lesser other commitments and distractions and social responsibilities.
Thus we strongly believe that the key to making your first Million is to start your business as soon as possible; when your other commitments are lesser and the opportunity costs are more manageable.
Success will surely come and you will have a steeper growth in your business too.
While it has been a very tempting to start of your own when we see others successful businessman, it needs strong courage to start off.
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