Business success takes some time
| Published date | 02 January 2021 |
| Author | Aimee Shaw |
| Date | 02 January 2021 |
| Publication title | Northern Advocate, The (Whangarei, New Zealand) |
He says it is a good idea to operate the business on the side for some time to see how it performs before jumping in with both feet and quitting your job.
De Silva, who has advised more than 1500 business owners over the past decade, says would-be owners should be prepared to earn the likes of $2 an hour for the first few years.
“Understand your personal whys — why you want to go into business in the first place. I think if you understand that then that gives you a much higher chance of being successful.”
Passion, perseveranceAsk anyone at the top of their game in business, they’ll tell you it hasn’t come without its hurdles. Being in business is hard work, and part of the journey is overcoming the obstacles and challenges that pop up along the way.
Perseverance — and passion — is key, and you’ll need a lot of it if you are going to jump into the world of commerce.
Passion is what keeps you going in the start when there is often little money coming in, says de Silva, adding that its good to have a pool of money in place you can dip into as you may need. “Make sure you have a bit of a runway to see you through six to 12 months or more of earning not much, if anything.
“The life of a business person ultimately can be incredible but nobody has it coming up all roses on day one. Be prepared to make big sacrifices. Make sure that your mental health is in a good space when you start up as you are likely to have some ups and downs as you grow your business.”
As Cromwell-based business owner Zoe Wood puts its: “Running a business can be overwhelming and sleepless nights come with owning your own business, but if you put in the hard work you do eventually see the reward.”
Don’t do it on your ownHaving staff around or a business partner to bounce ideas and challenges off is always beneficial.
De Silva says having the right people around you makes a big difference when it comes to success and failure, whether they are fellow shareholders or part-time employees or even a mentor. “What skills do you personally have and what are you missing? Who can help you here? You need to launch a business having good all round skills otherwise you might come unstuck if you have not considered some key parts.”
Conduct market researchIs there truly a need for what you want to do?
...
To continue reading
Request your trial