Beyond funding – what constitutes the cornerstone of any ventureMunira Rangwala
While the focal point of any business enterprise or startup is capital, it takes a lot more than just funding to get your business off the ground. Businesses that have made fortunes even with limited seed capital are testament to the fact that multiple aspects come into play while setting shop. So getting an investor on board might be crucial, but aspects such as time, resources, patience and ideas make for a sound vision and mission which encapsulates your path towards success.
Here are five things that are more important than money for running a business.
Your business requires your time and undivided attention if it is going to succeed. Putting in long hours and burning the midnight oil is part of the game and make peace with it. If a task is to menial or not of your expertise, delegate and invest your time in other aspects which cringe for your attention. Time management is of pertinence, so cultivate the habit at the earliest.
To put it simply, a business is a gamble. Therefore, a dollop full of courage and calculative risks will ensure your business will see the light of day. So a huge reserve of grit is what will keep you going in spite of the circumstances. It is for this reason that courage is more crucial than currency when it comes to running a business. Humans have the ability to achieve the most wonderful things when they persevere.
Sometimes the early bird gets the worm; some other times the slow and steady win the race. Rather than giving up at the first sight of failure or adversities, buckle up and be patient. No business venture would be successful if owners didn't make blunders and learn from their errors. Mistakes are valuable experiences and you need to endure them to prosper.
You need to want to succeed. Without passion, even the most set businesses fail. If you're in the business of providing marketing services to clients, you need to know the in-and-out of everything that is marketing. Passion ensures that you put your best foot forward for every endeavor you undertake.
You might have an amazing idea and the funds to back you, but if you don't have a solid business plan in place, your business will fall flat on its face sooner or later. Creating a business plan is tedious, but it also helps you find out if you're really interested in running the business. A well-drafted plan is also necessary to raise the capital you require for running the business.
Running a business is a time-consuming process. The above mentioned things are more valuable than money when it comes to making a business successful.
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