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Starting a business involves taking risks. You need to set your strategies to succeed in your business ideas.
You won't know the risks involved in a business until you go into it.
Even if your friends are already doing well in business and have told you the risks and benefits of doing business. They won't tell you 100% of the risks they face, so don't get discouraged. One might think that you can find another strategy to overcome the risks.
But the truth is that every business has its own risk. And the financial expert taught us that starting a business is hard.
You have to trust the process when starting a business, but the problem is that many people want an immediate result. This causes many business failures after a few months of starting.
Understanding business theory versus reality
Theory and practice differ significantly; while your ideas may seem good and easy to implement in your head, they won't be when your business is up and running.
Some may even believe they will not encounter many difficulties because they have planned how to handle the business and studied its strengths and weaknesses.
Most people who decide to quit their job to start a business reach a point where they ask themselves a simple question: "Did I make a good decision to start this business?"
Regarding practical things, things are very different from how they are planned on paper. Imagine how many things you have planned before and according to ideas. It looks good, but when you try to implement it, you find it very difficult.
Even in construction, some measurements look perfect in designs, but there will be a big difference when acquiring land or on-site.
So making a plan is very important; only you should give room for adjustments. When you implement, it doesn't mean you follow a written plan. You'll make adjustments whenever you're on the ground.
Keep in mind that the primary idea you expected may not turn out to be effective. You may end up completely adopting a strategy that you considered an alternative. Please don't be disappointed. Plans and ideas are not what matter. When it comes to execution, results matter more than anything else.
Life experience of how a leap of faith goes wrong
My former boss told me the story of his friend who they both attended the same college together.
The man planned to quit his job and start an agriculture business. He wanted to plant corn and tomatoes. The disease destroyed his first harvest. He lost everything.
He wished he hadn't quit his job. But didn't give up.
As he prepared his farm for the next harvest, they found a piece of gold weighing about 450 grams. He turned his farm into a gold claim and began mining for gold.
A few years later he established a gold stamp press to process gold. He bought tractors and other equipment. He is now among the very rich people in his community.
He later sold the company when he had problems with the government and moved to Europe to start another lucrative business.
His idea when he wanted to be a farmer now turned out to be gold mining. Sometimes what we have planned in offices and boardrooms is not always the best. The best plan is found in the field. Practicality is different from theory.
In conclusion, if you want to start something, get advice from those already involved in it on a practical level. Don't just act on theory, or you will lose. Profiling has value, as does choosing mentors who are experts in your sector.
Also, remember that you may make mistakes at first, but learning from your mistakes will put you on the right path to success.
