A startup business growing rapidly is no walk in the park either. In fact, it can be just as scary as launching one. The reason why you shouldn’t fall in love with a startup.
In the early days, launching a startup might seem to doubt, because either failure or success will determine the end. Although, it is not uncommon for startups to grow, without business owners baking the cake well.
90 percent out of 100 startups fail. In fact, 80 percent barely made it to the second year.
Why? Because startups owned by very optimistic entrepreneurs need a hit of reality to grow now and forever now.
“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying to grow.” –Jeff Bezos, founder, and CEO of Amazon.
Are you starting a business today? You already started one? Or You are an entrepreneur needing to grow your business? Here are two leaders sharing qualities and lessons that will help you grow your business in no time.
#1. The End Result is Unknown Take Risk Without Limitations-Steve Job
In 1976, Steven Paul “Steve” Jobs was an American businessman, investor, co-founder and Chief Executive Officer of Apple Inc. Only one year later, the first successful Apple product was launched. For the past few years, Apple has made $265.5 billion as annual revenue.
However, On January 9, 2007, Steve Jobs announced the first iPhone at the Macworld convention, receiving substantial media attention. Jobs announced that the first iPhone would be released later that year. On June 29, 2007, the first iPhone was released.
Before the invention, Jobs was advised to abort on the product as there was no hope of it gaining a significant market share. He refused, took the risk and today, the iPhone generates more than two-thirds of Apple’s revenue, standing at $31.05 billion in 2019 alone so far.
Every entrepreneur needs to be a risk bearer. Taking risks doesn’t necessarily mean being reckless; it is more about the courage to believe in your ideas and your business.
“If you dare nothing, then when the day is over, nothing is all you will have gained.” ― Neil Gaiman
At the moment of being a business owner, it’s likely for you to outstretch a marketing point that requires risk. This might be a strange comfort, Guess what? Risk-taking is often synonymous with entrepreneurship. When you calculate the risk strategically, you’re likely to result as expected.
Remember Steve Job, if there was no risk, there was no reward. You have to be ready to face precipitously whatever gridlock you come across in your journey and be mentally, physically and also financially prepared to take risks.
But Wait! Why Must You Take Risk?
Risk-takers are winners. In fact, countless business owners have taken ideal risks to get their businesses fast-paced on top. Successful business hood involves taking a risk, making it conducive to success; favorable. Risk-Taking brings about:
- Unforeseen opportunities
- Build confidence and develop new skills
- Sense accomplishment
- The chance to actively pursue success, and
- Opportunity to create change in Business
Things to Know About You Taking Risk
- There are two inherent biases in the human mind that skew our perceptions of risk.
- Taking risks is closely linked with entrepreneurship.
- Entrepreneurs are not risk-takers. They are calculated risk-takers
- Nobody can really be sure if risks will pay off, no matter how calculated they may be
- Most business owners are not willing to take risks, but a study on risk-taking revealed that there is a link between willingness to take risks and personal satisfaction.
- One key element all risks have in common: They’re differentiators.
- Innovation cannot take place without risks
#2. Steady To Focus Steady-Bill Gates
“If you want to be happy, do not dwell in the past, do not worry about the future, focus on living fully in the present.”― Roy T. Bennett.
Bill Gates, in 1975, approached Micro Instrumentation and Telemetry Systems with interest to develop an emulator and interpreter for their Altair 8800 microcomputer.
After a successful meeting and presentation with MITS president, Microsoft was born as a partnership between Gates and Allen.
Bill Gates is an interesting study when looking at leadership styles. He dropped out of school, pursued a dream, and took risks based on his personal intellect and creativity instead of what others had taught him.
In the words, Bill Gates had an obsessive zeal quality over his ideas, he would focus on something that really matters to his intellect and creativity. Although there were surely many factors that have helped Bill Gates become successful. But the ability to focus is topmost out of all.
Likewise, You! Are you really focusing on what matters the most?
The important part of success in business is to stay focused as an entrepreneur. As a business owner, you will need to be focused on your most important tasks. This act is expected to be well-found in you, because, being distinctly focused will give you the authorization to have a constant awareness of, and clarity around your business strategies which brings about simplicity.
What Would Be The Situation When you Abstain from Focusing?
- Several Mistakes and Failure are Invited: Failure and mistakes will be sent invitations to once business owners refuse to focus on what really matters, build business strong for it to attain success, the growth.
- Lack of Suitability To Think Clearly: Every day is a new day not until it gets passed. However, each day is expected for new thought, new identity, new ideas, new steps and new breath towards business. But when the focus that’ll prompt the whole thought is missing, however, it’s of no gain for the business.
- Procrastination Begins: do you realize how powerful procrastination is in derailing dreams? When it comes to your business, procrastinating can cause you or lead to rushing through your work, not being prepared for your clients, and not getting the results that clients paid for or expected
- Resources Waste Gradually: Large fractions of valuable resources are lost during the phase of being unfocused as a business owner. For the gradual waste of resources cannot be treated or recycled to yield profitability.
- Burnout: burnout is the feeling of exhaustion and lack of interest in daily work, resulting in poor performance. It’s caused by a prolonged time of feeling heavy stress and constant pressure to live up to a certain standard.
- Lost of Career: Are you feeling unmotivated at work and want to reignite your career? You can feel lost in your career in your 20s, 30s, 40s and beyond. The best way to get over it is to focus. The act of lacking focus, it’s certain to lose a business career when it becomes more and more consistent without breaking the yolk.
