How to Survive Your First Year as an Entrepreneur
The first year for anyone in business is typically very tough, especially when you have just left the security of a paid job to start working on your own and literally “eating only what you can kill”. Challenges of balancing the big picture vision with mundane day to day tasks, generating sufficient cashflows, dealing with regulatory authorities, managing difficult vendors and so much more can be overwhelming, and an estimated 80% of entrepreneurs exit their businesses in the first year.
To be a successful entrepreneur, you have to be willing and courageous enough to jump into the deepest of ends to make your business work out well. Here are some survival tips to guide you through this journey:
Focus on your goal
Your goal is something you believe in and is truly attainable and measurable. Always keep your eye on the goal and remain passionate about it. Your goal pushes you to keep going even when all roads seem to cave in. If you cannot clearly define your goal. You need to stop and re-strategize.
Join a networking community
Networking helps a lot especially when you are a start-up. No man is an island and you need support to survive and grow. Find a community where you can network with like-minded people in your field, learn new things and be constantly pushed to strive higher.
Don’t get comfortable
When you are content with being comfortable, there is no motivation to strive for higher achievements. Do not forget we live in an ever changing world where economies are constantly fluctuating. Therefore you cannot afford to remain content with the little you have. Always push for more.
Evaluate your competition
Everyone has a good idea to offer. Stay ahead of competition by monitoring trends and new entrants. This way, you remain one step ahead of them.
Do not feel because you are now your own boss, you can expend funds without accounting for it. You have to learn to live small before living big. Most of the successful entrepreneurs we see today started small.
About Total Ascent
Total Ascent provides outsourced back office support to entrepreneurs and SMEs, so they can focus on their core competencies and spend their time converting customer relationships into revenue and cash. Our Business Process Outsourcing team provides Accounting, Finance, HR, Admin, Marketing or IT support as required to clients across Nigeria, providing them with the platform to grow their business and thrive well beyond the first year of entrepreneurship.
CLICK HERE to review our BPO Services or Call 07031256280