- How to manage inventory
- How to maintain work-life balance
- How to assess business risks
- How to launch a new product in the market
- How to asses credit risk of customers
Of course, small business management seems like a very satisfying endeavor but you must be able to understand that there is much more to entrepreneurship than what meets the eyes beforehand. We have a lot of information about what entrepreneurship entails and all the perks associated with it. Barely do we come across advice that helps us prepare for the worst. This is why we have compiled a few facts that no one will probably tell you.
Check the Dark Side
Yes, there is a lot of risk in starting up no matter how amazing your small business ideas in Kenya are. More than 90% businesses tend to fail within a few years due to varied reasons. Thus, it is important to understand the risk beforehand so that you are prepared for worst case scenario.
Just Passion Is Not Enough
While passion will be the driving force, simply being passionate will not help your case. You need characteristics such as endurance and patience in order to prevail because right from applying for business loans in Kenya to marketing to dealing with clients you will face hurdles. Hurdles can’t be overcome merely with passion. You need relentlessness.
Entrepreneurship Requires A Lot Of Hard Work
If you get into entrepreneurship solely for the money, expecting it to flow right from the time you launch, you won’t be successful. Running a business needs a lot of hard work. It is imperative that you put your heart and soul into your business for it to take off and be successful. Only after years of dedication will see the sweet rewards that entrepreneurship holds.
Integrity is key in entrepreneurship and if you aren’t genuine, you will not be successful. Be yourself at every step and learn from your own mistakes/flaws. There is no need to be someone who you aren’t.
Entrepreneurship is not everyone’s cup of tea and it is okay if it doesn’t work for you. A true entrepreneur will work hard without worrying about the money and will struggle through rough years without giving up on his small business ideas in Kenya.
If you are passionate about starting your own business you must look at all facets of the world of entrepreneurship before taking a call. Of course, entrepreneurship reaps rewards but you must work hard for years in order to accomplish success.
Image courtesy of [Stuart Miles] / FreeDigitalPhotos.net