Disclaimer: This Article is updated by Yusra Qasim.
Start-ups are tricky business, really. You start up one day with an idea and aim to make it ‘big’. But with the odds against you, according to research, you are going to find the small ups and long downs as a hard time. Usually, that hard time leads to stress and bad decision making which inevitably leads to a business failure.
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This is why the ones that can manage the stress with the constantly changing work life of a start-up are the ones that make it big. These individuals deserve the success that comes their way due to their dedication and resilience. However, over the years I have concluded that there are three things which destroy the possibility of the start-up making big.
Firstly, pretending to be living the start-up dream
Everyone thinks having your own business has entitled you to a lavish, free lifestyle. More often than not we succumb to the temptation of showing we made it big when, in actuality, we are barely scrapping by. So, while hanging out with friends we might be spending lavishly and paying for the food but the next day you end up back in the company that hasn’t even kicked off.
In my opinion, a business is not out of the red just because they clear the red line, break-even. A business is truly in the clear when it has successfully achieved repeat sales, enough that the month’s expenses can be covered from them. (Again this is subject to the type of business)
Impact of Covid-19: start-up investment scenario.
Secondly, taking it all on you
The thing about starting your own business is the vested interest of the owner. Because it’s your own idea and you have invested so much time and money in it, it becomes your child. You want to do everything for it. But the fact is, it is just not physically possible it is more likely that you will end up burning your motivation and end up with a sick leave! It’s much better to just take it slow. One step at a time, rushing it is only going to make things worse.
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Lastly, thinking this is just like a job:
The thing is when you are on a job, no matter how good the work environment, you are actually working for someone else’s child. You will be given tasks with the understanding you will complete them and you will be accountable for the work all by yourself. But, when starting a business you are not only responsible for yourself but all the employees you hire who look to you for guidance on what to do. It’s very important to remember them in your decision making. Also, at the end of the day, it’s going to be your legacy whether you fail or succeed.
At the end of the day, it is the responsibility of the founder to pull through with their team and their vision and make it work. Remember, to have fun while doing your own business but also to remember the hard things that come with it. That is what being an entrepreneur is about.