Starting out business can be a challenge. Especially if you don't have the support from the beginning. Having an idea is great, but creating a successful business from the onset takes a lot of strategy, guidance and capital investment.
Listen to this true story............
When I started out business 11 years ago, I had no money for investment. I was in my twenty's. Young and full of ideas. My mother-in-law had just got her property released into her hands since her 20 year mortgage had ended. She loved the idea her son and I had to start and office supply store, and she offered to invest in us. This was great, because the value of the property was high. We were able to secure a loan, as our bankers could not wait to take the property as collateral. In a few years, this would turn out a nightmare we did not expect, since we had no support from a business mentor.
We had years of gain. However, gain with support is always better. That way, you will be held accountable for your actions, and you will be able to make better decisions. Our first taste of pain came with the crash of the economy in 2009. It became very difficult to keep up with payments to our bankers. And, of course, they took advantage of this. We were offered refinancing after two years, which took our mortgage back up to the maximum amount. At the time, we thought that was the only option. We would come to learn, that you always have options.
A few years later, we could not keep up. We had failed. What would we do? What move would we make? We had lost everything. Our gain had turned to pain. I'm so grateful that we were able to come back from it. It took over three years, but we did it. We had learned the hard way about having a business without support. We tasted the gain, and had to overcome the pain.
You will experience pain in business more than once. Some say that's the sign of a true entrepreneur. But, it's what you do through that pain that determines if the effects are long term or short term. I would stress that you should have support ready. That may be a mentor, business advisor, business coach or consultant. Sometimes when you are experiencing pain, you don't think clearly. And most times, as an entrepreneur, you don't know it all. An experienced entrepreneur will ask what is your next step.
Think about someone who has just started the gym. Their main goal is to have better health and a banging body. They would say they are successful when that goal is achieved. However, in order to get that success, they have to train hard. They will have to go through initial pain every time they are working on a new body part. It's also true for business. You may have many new businesses as you grow. Some will work, and some will not work. You may have to work harder on one, and have smooth sailing in another. The degree of pain you experience can be minimized if you have a great trainer.
So, let me know. How has it been for you? Have you ever experienced gain in your business without pain? Do you have a mentor holding your hand? Do you have other support? Let us know in the comments below.
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