The
shortest way to successfully build anything is to start and continue till
you finish it.
Written By: Tammy Bankins (Guest Blogger)
This
post began as a question someone asked which went thus: “are there any shortcuts in business?” The question got me laughing
a little and of course, my answer was “no, there aren’t any shortcuts in
business”. This question stems from a lot of misconceptions people have about
starting a business; a by-product of the get-rich-quick / be-my-own-boss syndrome
that often hits a lot of us. I have seen a countless number of people jump into
business, abandoning their current jobs, hoping for better times only to get
disappointed along the line. Some of them even ended up losing all their life
savings in the process. Usually, the million dollar question that pops up in
their minds at that point is: “what happened?” Most times, when a lot of people
get in the world of business, they have their mind centered on how much profit
they would make and how soon these profits would start rolling in; totally
oblivious of the fact that every
business has its risks, low moments and high points.
You
see, business isn’t like preparing noddles! Neither is it like art where a
mistake can become an extension of the artist’s creativity and probably even
hit the jackpot! Business is a process!
It’s like building a house and it requires that you commit to it for the long
haul otherwise, all you’ll be left with is a trail of abandoned projects (businesses).
Sincerely speaking, the whole process of building a business can be quite
tasking and boring, especially at the initial stage. Here are 3 out of the many
misconceptions people usually have about starting a business.
#1-It’s My
Passion So It’s Going To Be Easy
It’s
okay to get into a business simply because you have passion for it. But, if you
think the process of getting that business established is going to be an easy
one simply because it’s your passion, then you’ll be in for a shocking surprise.
I hear people say “this is something I have passion for so it’s not gonna take
me time to make it in this business." But the truth is that in business, your passion is the weakest
guarantee of a quick rise. Why? Because passion cannot withstand the heat
of business! Passion cannot confront or withstand the boredom/down moments that
accompany business (a basic component of all businesses). Passion gives you
momentary excitement which is good because it enables you kick-start the
business. However, it is commitment, tenacity and diligence that get you
through in the long run. The same thing also applies to talent; neither passion nor talent alone is
sufficient to make you last in business. Tiger Woods may have been a born golfer,
yet, he worked harder than average golfers to rise to his current position.
Even if the business idea burning in you is something inborn, to become a high
flyer, you must pay the price to make it work just like a person who wasn’t
born with such a gift.
#2-It’s All About the
Daily or Monthly Cash Flow
The
thought of having something (a business) that generates extra income is quite
an exhilarating one; a propelling force for most people’s attempt at business. Talk
about having multiple streams of income…I mean, who doesn’t need the extra cash every now and then? We all do! But before
you get so excited because you heard your friend boast about how he makes N30,000
every day from starting with just a N10,000 capital, the question you should be
asking them is how long it took them to get to that point and the things they
had to endure or go through. Mind you, most people boast about gross earnings
not their net earnings after salary deductions, tax, maintenance costs and even
tithe! How much a business generates
daily or monthly shouldn’t be your strongest motivation for plunging into it.
This mindset of what you stand to gain opens the door and makes you vulnerable
to fraudsters who are out to get you and your money with sweet promises of a
quick return on your capital (profit). If all you want is to make money fast,
there are two places I guarantee this way of thinking will lead you to: the police cell across the street and a hospital bed at the clinic closest to
you.
#3-Huge Capital = Large
Scale Profits
One
popular misconception people have about business is that starting a business on
a large scale with a huge capital guarantees huge profit margins instantly.
With this in mind, they raise a large amount of money and start big only to end
big and in pieces! The fact that you have all the capital it takes to start is
a good thing, but that is no guarantee for quick returns. As you learn to
master the ropes of your new business, you’ll only be making the expected
errors on a larger scale which equals larger losses. You don’t need to borrow
huge sums of money borrow or empty your life savings to start a business
(especially if it’s a business you’re not so familiar with or you’re new in
business) just because you want to hit it big instantly. Start with what you
have and make mistakes on a small scale while you learn from them and your
business eventually grows stronger, making more profit with time.
A Few More Words
- Make out time to nurture whatever you’ve invested your money into.
- Don’t be in a haste to “hammer” or make it big instantly.
- Follow the process, stick with the boredom and learn to become better at the business.
All through my business career, I have learnt the hard way that not all
businesses make you profit from the first shot. Some businesses you venture into
will build your creativity, others will build your persistence and aggression, then
suddenly, the money begins to flow in and you become what people erroneously call
an "overnight success". You are a success story waiting to happen.
Just hang in there; learn all you can and don’t look for any shortcuts to
success/making it big because there are none.
Tammy Bankins is a young Nigerian business
man who has a passion for business and helping those who want to start
their own business with useful tips garnered from his experience in the
world of business.
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