The allure of being one\\\'s own boss has made entrepreneurship attractive to some people. However, the reality is that a lot of startup businesses fail due to factors like mismanagement, poor financial planning, wrong products and the like.
Indeed, finding the right combination to succeed in business has been a constant effort among business owners. According to Carmita Mangosing, a business advocate who owns a garment factory, a home bakery, and is currently a partner in a home care business, entrepreneurs must keep in mind these basics to help them succeed in whatever venture they go into. She shares a to-do list for entrepreneurs based on her vast experience in running failed, and ultimately, successful businesses.
1) Do your homework
Some people just rush headlong into setting up a business without learning the basics. Before starting any business one should take the time to learn basic business principles particularly in accounting and marketing. Preparing for the that next step is not only practical, but prudent. Remember, it\\\'s your (or other people\\\'s) money on the line.
2) Start small and build up our business step by step
Mangosing says "Just because your parents gave you a large amount of money doesn\\\'t mean you need to use them all in one go." She emphasizes the need to start small in order to get a better picture of the business and to better manage risk.
"You need to start step by step so that the pitfalls are manageable," she said. The value of starting small is that it enables you to learn from your mistakes, and use them to grow the business without wiping you out. The same cannot be said for starting with a bang, where higher capital investments mean higher risks.
3) Think of a business you love
It\\\'s easier to setup and run the business if you love what you\\\'re doing. For Mangosing, her clothes business was easy because she had been trained to sew and liked clothes. "I saw how easy it was to sell clothes, and it was easy for me because I knew how to sew so I knew I would make money," she said.
While running a successful concept you have no passion for may give you profit in the beginning, its when times get rough that a businessman\\\'s resolve is tested. When push comes to shove, will you be able to sustain the business? Will you fight tooth and nail to get it over the hump? You\\\'re more likely to do the above if you\\\'re passionate about what you do, profits be damned.