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Preparing Yourself Mentally For Your Own Business

Aug 17, 2007
Starting your own home business is more than difficult, it is a draining and laborious commitment. Starting a business, in many ways, is a lot like having a garden, it needs constant supervision in order to grow, thrive, and expand. Most often than not, you can't even start one without making sure the conditions are right and having plenty of preparation and planning and like a garden it needs the proper care (especially in the early stages) to grow healthy and strong.

1. Is Failure An Option?

When starting a business, it is a good idea to plan out how much money you are going to invest. A business should be treated like an investment, and like any investment, you don't invest X amount of money without full knowledge that you could lose all of it. The proverb goes something like this, only gamble what you can afford to lose... so if having your business fail would ruin you financially then maybe you should wait until you have some more money saved up before you take on such a risk.

2. Expect To Fail

A massive proportion of businesses fail in their first few years, so don't expect to succeed. Instead, plan on surviving as long as you can. You need to prepare yourself for a steady stream of failure being slowly replaced by success. You haven't really failed until you've given up. If you can control your costs and focus on carving out a niche for yourself then you should do okay.

3. Innovation Is The Key

A business that could be done the same by anyone else won't go very far. Your idea may be unique, but other, better funded, more experienced huge corporations will immediately copycat you. The key, therefore, is innovation. Do something that nobody else can do. Federal Express isn't the giant it is today because they could deliver packages - anyone can deliver packages - they chose to offer, for the first time ever, worldwide overnight delivery. It took competitor UPS over a year to catch up.

4. Love What You Do

The secret to success in business is to love what you are doing. It was a janitor who invented the first household vacuum cleaner, for example. He later went on to form Hoover. If you truly love your area of interest, you will have a huge advantage over those that are just in it for the money. Not only will you know what your customers like, but you will be able to see new and, yes, innovative, ways of meeting those needs.
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