There is always a lot of buzz around starting your own business. Start-ups are glamorized left, right and center. Most entrepreneurs dream of it expanding into something bigger, earning them loads of profits every month. Many people stuck in dead-end jobs, with questionable bosses dream of being in control of their workplace. However, it’s important to remember that not everyone has it in them to be an entrepreneur. It requires skill and more importantly, lots of patience.
When in the beginning stages of launching your startup, there is a lot of excitement. Everything’s new and exciting. You are finally doing something that you have dreamed of for months or even years. However, the hard part comes when the start-up has been running for some while. And the time to keep the start-up going and running every day comes when it’s no longer exciting. At times, it may even become about survival, when your competitors are trying to get the best of you, despite all the innovative ideas you implemented. It is during moments like these that you need your patience the most.
One very important skill while managing a start-up is Finance. Managing cash flows, income statements, and profit and loss statements are more important than you may have imagined. Most startups fail within a year of opening up because they do not have enough cash flows. As a new business, there is a lot of uncertainty in regards to when the money will come, how often the money will, and if the money will even come. But despite these odds, you need to have liquid money to keep the business going and this in itself- having the money- is tough. Regardless, if you are successful, and your startup grows into a steady business, it will be one of the most rewarding achievements in your life!