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

Nothing beats doing (legit) deals and businesses.

Lol

I wanted to drop a real opinion but found out that it was a copy and paste article!!

Bullshit!!!

Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

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.

Thanks @op.

True words.
Planning to buy a car? VIN Checks and reports for car buyers and owners in signature

Everything na gradual process

Good post.

Thanks for sharing

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.

generalbush:
Lol

I wanted to drop a real opinion but found out that it was a copy and paste article!!

Bullshit!!!

You have nothing to say go and have a seat, the poster acknowledged his source.
Mr poster, thank you for the information

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.

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

Wia you even see the salaried job?

You need to learn how to apply your sense at certain times before speaking.

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

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.

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1 and 5 is common

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.

...

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

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

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

But you know salary jobs can capsized?.. Yeye.

I concur. Meanwhile for those on active subscription on dstvs with access and family package should check my last thread for compact sports

jumpandpas:


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.

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.

generalbush:
Lol

I wanted to drop a real opinion but found out that it was a copy and paste article!!

Bullshit!!!

Moreover, I am the owner of the blog. So take some chill pill

jumpandpas:


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.

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

Apt!

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

Ok

Building a business takes time.

Koval12:
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

Lies from the pit of hell
If they check ur account balance it might not be up to 5K there.

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.

.....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.