23 Jul Starting Up: Biding your time
Nothing in life comes easy. One has to be patient with every endeavour in order to yield the requisite results. This timeless principle also holds sway with start-ups; in fact, statistics show that start-ups take an average of three years to even break even. So, what should you do whilst playing the waiting game?
There are a couple of tricks to keep up your sleeve. At AMP, we call them the “five bullets”
- Always make sure you sign a contract with all your workers (Yourself included; even if you are the only manpower available). This way, you will not only be able to run your enterprise professionally but you will make sure to put in the right effort to garner the earnings for your business.
- Make sure you run the business solely with whatever earnings you make unless in exceptional situations which would provide you with a life-altering endeavour.
- Always save a specific percentage of your income in a high profit-making venture. It may be in treasury bills, government bonds or otherwise. This will provide you with both a short-term and long-term buffer to your enterprise in requisite time.
- Never joke with your record keeping: Make sure you keep both written and digital records of your cash flow and stock. This should be done on a daily basis so as to keep you abreast with the demands of your business.
- Always keep a journal on your strengths, weaknesses and ways you can innovate to be ahead of your competitors. It is a “dog eat dog” world out there and if you don’t adapt to the changing times, like Nokia, you stand the chance of being obliterated from the scene.
In all this, we wish you all the best in your endeavour and encourage you to keep faith for as Eleanor Roosevelt said, “the future belongs to those who believe in the beauty of their dreams”.