The cycle of it all.
Business readjustment or changing careers consistently ranks on the list of most stressful events. And starting a business from scratch can be one of the toughest things someone might do in their life.
Small business and entrepreneurship isn’t easy. And hearing reports in the media about high failure rates isn’t exactly encouraging. So what’s the point of going through all of that stress?
I suppose it’s because starting a successful business can also be one of the most rewarding things someone might do in their life. Taking that initial risk and accomplishing self-set challenges is so worth it.
There are 4 phases that a business can be split into:
- New Start-up Possibly the most daunting period, where it seems that there just aren’t enough hours in the day to get everything done.
- Growth Having established the infrastructure of your business, you then need to develop it – the hard work has just begun.
- Expansion Having possibly been in business for a few years, it’s now time to review, establish and plan to expand.
- Mature Business You now have a well-known company and repeat business. But there are still decisions to be made and challenges to meet.
Each of these phases requires hard work, investment of time and judgment calls to be made. Plus, combating the stress that goes with getting your business off the ground is all part of that learning curve.
But how does one prevent failure along the way? Effectively manage your time, efficiency and stress – easier said than done though, right?! Knowing when to jump ship and swallow your pride is also just as important as having the gumption to get going in the first place.
And throughout all of this, there is one important thing to remember – there is no substitute for hard work!