Hundie Jo

I write about the latest news about the products and services of Perth, Western Australia

   Jul 17

My survival tips after three years of running my own business

Entrepreneurship is an excellent job decision because it does not only make you your own boss, but it gives you unlimited possibilities of becoming successful. However, running a business is not an easy job. In fact, an alarming number of new businesses collapse in the first year, and many of the survivors do not live and survive to celebrate its fifth year.

The first couple of years are the toughest for any business owner. These are the years that we can consider as make-or-break years. So in order to survive the early stages of your business, you really have to learn and possess some important characteristics.

To survive a business, you need to become self reliant. You must excel in all of the disciplines required to keep a small business running smoothly. The revenue drain of hiring employees can spell disaster for struggling new businesses. It means depending on self for motivation, discipline and decision making and accountability.

Moreover, you also have a clear vision of what you really want to be. Have a strategic plan or a plan for multiple contingencies to reduce risk of failure. The self-directed entrepreneur analyses market conditions to anticipate setbacks and defines alternative revenue sources to avoid costly earnings slumps.

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