By James Mills, Mentorship Coach at Lighthouse International
“Starting and growing a business is as much about the innovation, drive and determination of the people who do it as it is about the product they sell.”
- Elon Musk, Founder: PayPal, SpaceX, Tesla Motors
In the UK alone, there are more than 500,000 businesses started each year and these are just the ones that actually reach the point of creation! The idea of being your own boss and leaving your job to start a business is appealing to many of us. Some of us may want to follow in the footsteps of billionaire entrepreneurs like Sir Richard Branson, Bill Gates and Elizabeth Holmes with hope that we could be successful too. Others may want to simply make a difference in their local communities.
Sadly, whatever the motivation is, more than 9 out of 10 businesses fail in the first 5 years and many people starting out don't truly recognise the reasons why! Business struggle and failure does of course have plenty of significant knock-on effects; not just a loss of money which could affect security both in the short and long-term, but also consequences like a loss of confidence and the breakdown of close relationships.
If you are thinking of taking the bold step to start a business, then here are some must-answer questions....
It All Starts With Having Healthy Expectations
Going into business isn't just about business plans, websites, company bank accounts and business cards; a lot of the preparation is ensuring that you are prepared to go into the unknown where many fail and you have the right people around you. So these questions are ones you need to be able to answer as a starting point for setting up a business that is built to last...