Stats: 3,187,926 members, 7,933,338 topics. Date: Wednesday, 28 August 2024 at 03:27 AM |
Nairaland Forum / Nairaland / General / Business / 6 Bitter Truths No One Ever Told You About Being A Small Business Owner (23808 Views)
The Real Truth About Money No One Ever Told You / 6 Bitter Truths No One Ever Told You About Small Business / 5 Reasons Why Should Become A Business Owner (2) (3) (4)
6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Kingsleyumeh007(m): 11:35am On Nov 03, 2018 |
As a small business owner, nothing motivates like the hope that your enterprise will eventually buy you financial freedom. Sadly, it's not every entrepreneur that gets to see this reality. It has been reported that only 33% of small businesses make it to their 2nd year anniversary. Although most entrepreneurs set out with foolproof business plans, well researched market analysis and an attitude that could bring down the moon, they seem to loose motivation, money and the enthusiasm to continue as time goes on. It is my opinion that such entrepreneurs got more than they bargained for because they were not prepared for the challenges when the complex responsibility of maintaining the balance in a densely competitive market place came knocking. Below are 6 little truths every small business owner should know about small businesses. 1. IT TAKES TIME TO BREAK EVEN Many startup entrepreneurs entering the market place come with the illusion of recovering their invested capital in the shortest time possible. This puts undue pressure on both the entrepreneur and the business in general. There is need for every small business to establish an enduring business brand before going to maximize profits as no building can stand firmly and securely without a strong foundation. It is important to avoid putting the cart before the horse to prevent business failure. Every small business entrepreneur must give himself ample time to establish a clean chain of command, mode of operations, proper market presence, efficient bud geting and record keeping strategy, excellent customer satisfaction and commiserate staff salary and allowance structure. As a business entrepreneur, you need to understand that the market place is designed as a reward system and revenue is only generated based on the value added. 2. STARTING A SMALL BUSINESS AFFECTS YOU EMOTIONALLY This is a rarely discussed factor that affects all small business entrepreneurs. The fact is that the journey into the realm of financial freedom will definitely take it s toll on you emotionally, and otherwise. This happens because you will have to work for longer hours, make complex administrative decisions and adhere to a strict budgeting structure.Society has a way of misunderstanding every entrepreneur with the determination to succeed; so you must get used to criticisms and feelings of loneliness. These are the price you as business entrepreneur must pay if you're to succeed. 3. EVERY SMALL BUSINESS ENTREPRENEUR IS BOTH A LEADER AND A MANAGER It is important to be able to switch roles, as a small business entrepreneur, between leadership and management. As a leader, the vision for, and eventual outcome of the business is your personal responsibility. This is usually an enormous weight to bear because you are to blame, or to be praised for the success or failure of the business. As a manager, it is also your duty to coordinate the daily operations schedule of the business. Most small business owners make the mistake of outsourcing the management of the business; this is ill advised as you can't give a new born baby to a nanny to nurture. You need to prepare yourself for duties such as accounting, budgeting, employee relations, customer relations, branding, sales and marketing,etc, because swapping between these roles will be psychologically and emotionally challenging. 4. SMALL BUSINESSES ALSO PAY TAX Many small business owners become frustrated when the little profits made are swallowed up as taxes. Be that as it may, it is advisable to forge the habit of prompt tax payment to avoid legal action against your business which could affect your brand. 5. GET READY FOR ATTACKS AND OPPOSITION In preparing for competition, you should prepare for the worst and hope for the best. Every business faces internal and external attacks and oppositions, especially from more established corporations. It's best to create a unique market presence (brand) and perfect your unique selling proposition. 6. YOU WILL MAKE MISTAKES Lastly, it's important to know that mistakes are part of the game. It's important to allow yourself make the necessary mistakes that build the right character and tenacity for success. Don't allow your mistakes to end your dreams, but use them as stepping stones to success. Mistakes allow us to explore our strengths and weaknesses and to become aware of them. Mistakes are the rungs in the ladder of mastery. https://www.gistdeck.com/2018/10/bitter-truths-no-one-ever-told-you-about-small-business.html?m=1 39 Likes 12 Shares |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Nobody: 11:51am On Nov 03, 2018 |
Nothing beats doing (legit) deals and businesses. 31 Likes 4 Shares |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by generalbush(m): 12:35pm On Nov 03, 2018 |
Lol I wanted to drop a real opinion but found out that it was a copy and paste article!! Bullshit!!! 2 Likes |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by madgoat(m): 12:35pm On Nov 03, 2018 |
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind. 1 Like |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by FabulousAutos(m): 12:35pm On Nov 03, 2018 |
It takes a lot of patience and perseverance to run a small scale business in Nigeria. The banks are not even helping matters with their high interest rates which tends to discourage interprennues. 12 Likes 3 Shares |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by badmrkt(m): 12:35pm On Nov 03, 2018 |
Thanks @op. 1 Like 1 Share |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by CarGuideNG: 12:35pm On Nov 03, 2018 |
True words. Planning to buy a car? VIN Checks and reports for car buyers and owners in signature |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by carrascocity(f): 12:36pm On Nov 03, 2018 |
Everything na gradual process 1 Like |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Uglymugg: 12:36pm On Nov 03, 2018 |
Good post. 1 Like |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by oyejideogunjumo: 12:37pm On Nov 03, 2018 |
Thanks for sharing 1 Like |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by IMASTEX: 12:38pm On Nov 03, 2018 |
Consistency, dedication and determination is what grows a small business into a big one. Couple of years back. We started a small snail farm. But today, we have grown it so well. 4 Likes
|
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by NOC1(m): 12:38pm On Nov 03, 2018 |
generalbush: You have nothing to say go and have a seat, the poster acknowledged his source. Mr poster, thank you for the information 16 Likes |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by jesse8048(m): 12:38pm On Nov 03, 2018 |
Wow, it's really an eye opener. As a small business owner I've seen and faced most of them. It's not always as rosy as it looks from outside until you start. But in all hard work, persistence and God's grace will help conquer. 6 Likes |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by bluefilm: 12:39pm On Nov 03, 2018 |
madgoat: Wia you even see the salaried job? You need to learn how to apply your sense at certain times before speaking. 24 Likes 2 Shares |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by jumpandpas(m): 12:39pm On Nov 03, 2018 |
madgoat: Lies all the way. The job you're referring to is another man's ideas. Why can't you think and become one. If you know you know. 5 Likes 1 Share |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by zopaks: 12:39pm On Nov 03, 2018 |
Nice *Start mini and large scale food exportation from your homes*(2in1) *Learn how to export food stuffs like honey,palm oil, ogbono, garri, yam, fish, snails, with or without export license* *Learn how with just #1500 ,simply click on the Whatsapp link below.* *You will learn how to get foreign buyers and also how to receive your payment in your local bank account* *Only 50 people will be admitted.* Are you readyyyyy ![]() https:///send?phone=2348079230930 1 Share
|
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by IwILLnOTdIE: 12:39pm On Nov 03, 2018 |
1 and 5 is common 1 Like |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by yemmit90: 12:40pm On Nov 03, 2018 |
Plus the fact that employees are always after their pays and not the success of your business. They are the greatest challenge to many businesses. 6 Likes |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by izzy4shizzy(m): 12:41pm On Nov 03, 2018 |
... |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Koval12(m): 12:41pm On Nov 03, 2018 |
madgoat:am a business owner, Honestly am not lazy and Believe me I can pay you as much as you are currently earning. The ultimate dream is to be your own boss 16 Likes 1 Share |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Lonestar124: 12:42pm On Nov 03, 2018 |
madgoat:But you know salary jobs can capsized?.. Yeye. |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by HIGHESTPOPORI(m): 12:42pm On Nov 03, 2018 |
I concur. Meanwhile for those on active subscription on dstvs with access and family package should check my last thread for compact sports |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by madgoat(m): 12:43pm On Nov 03, 2018 |
jumpandpas: Mumu keep suffering there because u want to be a business owner meanwhile ur mates are collecting fat salaries and living large ![]() When poverty hits you well, they will not tell u twice. |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Kingsleyumeh007(m): 12:43pm On Nov 03, 2018 |
generalbush:Moreover, I am the owner of the blog. So take some chill pill |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Nobody: 12:44pm On Nov 03, 2018 |
jumpandpas:Are u minding him? Would bill gate attain this height if he were one miserable salary earner? Truth is, very few people enjoying working for others. They do it just because of the pay ni 1 Like 1 Share |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by ManspaceBarber(m): 12:44pm On Nov 03, 2018 |
Apt! |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by NIJJAking(m): 12:44pm On Nov 03, 2018 |
in africa or nigeria as a case study one of the important factor to fight against is spiritual attack from your enemies and competitors. any businessman that is not well protected spiritually will certainly loose the business. only Jesus can save from high level juju,occultic people,witches/wizards.etc 8 Likes 1 Share |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Ruddyman(m): 12:44pm On Nov 03, 2018 |
Ok |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by deafeyez: 12:45pm On Nov 03, 2018 |
Building a business takes time. |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by madgoat(m): 12:45pm On Nov 03, 2018 |
Koval12: Lies from the pit of hell ![]() If they check ur account balance it might not be up to 5K there. |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by chronique(m): 12:47pm On Nov 03, 2018 |
Well said. Being a business owner is one of the most difficult tasks you would ever undertake in life cos the success of that business first and foremost, depends on you. There would always be periods of discouragement where you'd be tempted to give up. Perseverance is what you'd need at such instances. I Reg my first biz in 2008 and at that time, I had nobody to look up to for guidance. No capital came from anywhere and all I had was my ideas and a very big "I can do it spirit". I gave myself a 30yrs plan of succeding cos I had to learn everything on the job. I made lots of mistakes and learnt from them, I got duped, was cheated on severally, etc. At the end of the day, 10yrs has gone and I've been able to master my craft to an extent. In this short while, I've been able to mentor some friends and a few strangers too... There are going to be many days of being broke cos you have to put every penny back into the business. There are going to be periods where govt policies would almost ground you and put you out of business but you have to be innovative to stay in business and not fold up. There are going to be days when you would need cash/capital and wouldn't see anyone to bail you out. You'd need to keep reinventing yourself to keep up with so much competition and all that. You might need to move from one business to the other before you settle into the right one for you. Entrepreneurship ain't for the faint in heart but for people with the never die spirit. 10 Likes |
Re: 6 Bitter Truths No One Ever Told You About Being A Small Business Owner by Btruth: 12:48pm On Nov 03, 2018 |
.....but unfortunately, the most bitter truth is that, that is the only stage you can start from as a small scale business person. You can't possibly start big even if you have a big funds. |
Mark Zuckerberg Loses $3.3 Billion After Changing Facebook News Feed / Abideen Olasupo Returns $2,397 Credited To His Account In Error (Pix) / Was Abiola An International Drug Baron?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 42 |