Reality check for entrepreneurs

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So you've started your business, but you're really struggling to come to terms with how difficult it is.

Those sales projections in your business plan are looking increasingly out of touch with the reality of securing orders.

York Zucchi, a Swiss entrepreneur who has built a pan-African business in the primary healthcare sector, offers the following reality checks to budding entrepreneurs: Forget about making a lot of money quickly. The reality is that it is highly unlikely you will. It takes time ... lots of time, lots of hard work, long hours and most probably more tears than you care to shed.

This is the reality, so don’t overdramatize when things are going badly. This is all part of your entrepreneurial adventure. As with any long journey, there are uphills and downhills. Bring perspective to your journey and don’t simply throw in the towel when things aren't going as you intended.

Don't expect to make 'perfect' decisions, which means you shouldn't beat yourself over the head for making mistakes. These are a natural progression of your development as an entrepreneur. Rather make the best decision you can, and roll it with.

Avoid becoming that person with a list of businesses as long as your arm. People tend to not take these jacks-of-all-trades very seriously - quality overrides quantity any day of the week. Rather focus on what you're good at, and stick to it.

Realize that people you engage with are equally busy and that you're likely but one meeting/idea on their table. The reality is that you are more than likely not their priority.

Key takeaway: When things are not going as you'd expected, the responsibility rests on you to find a way to make things work. Simply sitting back and complaining is not going to solve your problems. Get up, brush yourself off and get on with the business of being an entrepreneur.

 

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44 comments
  • Thecashflowguy please share the title of the book and its author as it would be helpful to look it up. Having said that I just need to add that reading stories of other entrepreneurs can be very helpful. Finding their autobiographies biographies and even watching their documentaries are all part of immersing oneself in knowledge necessary to inspire you when the chips are down. This thing called entrepreneurship requires patience.
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  • also maybe we can negotiate better deals from suppliers better interest rates from financial institutions maybe companie sare getting of redundant equipment that we can pick up for cheaper than normal?
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  • Back to the staff reality thing.... one of the matters that we as entrepreneurs seem to battle with is the finding of good staff. You are only as good as your support staff the engine room of the business. As good as you may be at marketing and selling and manufacturing if your admin is not up to speed you will create hassles for yourself of biblical proportions.... reality check #1- get your admin up to speed
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  • Reality check#2 - Check your terms with suppliers. Important to maintain/establish good relationships with competent product providers. They may be your key to improving cash flow or surviving cash flow problems
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  • Admin is everything. A well rounded skilled administrator who is trainable to undertsnad the core of your business is a gift because your business can run optimally even when you are off site.
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  • okey dokey will have to go dig it out ...
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  • Yes please share the name. I find that reading books like that give me a different perspective and inspire me to look at my business challenges more clearly - it really helps sometimes to take a helicopter view although it's difficult to take a step back and look into your business as though you were a 3rd party. Any thoughts?
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  • I was in a discussion yesterday where I mentioned that there seems to be a trend to diss business plans and just go out and start the business. I sincerely believe in the second option[no more analysis paralysis please] BUT with a properly thought out business plan. Doesnt have to be a 50 page document but should address the basics such as marketing andsales strategy cash flow needs and a basic admin process
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  • So agree with you PhindileXaba!! I did exactly that - came from a big corporate and joined my current business partner on a 6 month contract nearly 11 years ago and I've never looked back... He is a great mentor to me which definitely helps and we have navigated the ups and downs of this business journey together which has not always been easy but it has been infinitely rewarding! So go for it guys!!
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  • Most probably part of the business equipment. Or may have have moved with his/her belongings because eviction doesn't mean leave your stuff behind. Rights?!?
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  • Talking about cash flow :) Another thing that may happen during a reality check is an entrepreneur may be tempted to/or need funding to establish or expand..... be careful of giving away too much equity in your busienss in the quest for cash. Very often it is difficult to buy that equity back from the investor. Try othe roptions first e.g bartering loans preferred terms extension of creditor payment periods factoring etc etc
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  • You know MichelaGordon spot on! Innovation is the mother of all solutions coupled with implementation and follow throughs will go a long way in makinga difference in the business. This may mean sleepless nights and all sweat and tears. It is worth it if you are to make it in this hard world of entrepreneurship.
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  • What do you mean by this thecashflowguy?
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  • othe roptions ??? ...other options..... aka non-traditional sources - funding from friends family fools..
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