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
  • I support #rethink. I really do. 80/20 rule must work to the benefit of the business. I would rather have 20% solid clients reliable etc. generating 80% of the business. It will be built on string pillars.
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  • Another important reality check is around your time management. As entrepreneurs we delegate badly! (It's easier just todo it myself). Delegating is an easy thing to do but very difficult to implement. Need to be aware of the benefits. Delegation does not however mean abdication. You still need to maintain checks and balances. It's easy to be busy reality is that we need to be productively busy (like a bee not a mosquito).
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  • Absolutely they need good PR because I think this is a fantastic initiative and had never heard of it until now PhindileXaba!! Thanks for sharing that :)
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  • Just want to share this story of patience from an amazing entrepreneur. I had the pleasure of following the story of an American publication called The Atlantic which had been hemorrhaging for years. After 154 years about to fold its owner Mort Zuckerman finally let go of it sold it to a very seasoned entrepreneur David Bradley for a mere $10 million as far back as in 1999 remember what was happening in 1998? Digital had started to take off print publications were experiencing serious economic challenges. In its first year Bradley ran at a loss of $4.5 million (this is in dollars right?). By the time Bradley relocated The Atlantic's headquarters from Boston to Washington D.C. in 2005 he had lost so many millions on the venture with losses soaring as high as $8 million in 2002 alone. He soldiered on. He recruited James Bennet from New York Times in 2006 and Jeffrey Goldberg from New Yorker in 2007 respectively who both brought their corporate expertise into the business and drove it from a digital first business strategy. And the cherry on top was Justin Smith who was on the verge of being laid off (retrenched) from a publication The Week he was an advocate of investing in online products. The long and short of it is that for the first time after 12 years or so in 2010 the publication made US$1.8million in revenues within four years of implementing the innovative digital strategy. The Moral of the Anecdote: PATIENCE RESILLIENCE PERSEVERENCE INNOVATION AND SUPPORT STAFF WITH EXPERTISE THAT SERVE THE BUSINESS
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  • ??
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  • I agree but when business is tough then you're tempted towant to turn no deal is better than a bad deal into any deal is better than no deal. I've found that sometimes you have to apply the 80/20 principle the wrong way with a particular client with the view to getting a bigger piece of business from them that can then be more profitable and less time consuming for your business - a bit like agreeing to dothe invitations for a function and then getting the entire event management of their next function if you're in the event management business...
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  • What an amazing story!! Certainly has inspired me this morning...
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  • True! Points well made. To add to those I have to say that I prefer self-driven people and self-starters these kinds of people are able to take delegated tasks with such ease otherwise delegating to someone who needs constant supervision is time consuming in itself. I think this places importance at recruiting level. Processes have to be thorough to get the right people. What I have also managed to do because I am really a small outfit I delegate work through farming it out to other service providers who specialize in expertise I need to support me and should I have too much on my plate I pass it on to them. Their turn around time is so fast and they produce good quality work it makes me look good in turn. Right!
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  • It is tempting and I know of businesses that take work st cost just to keep doors open. But then is that a bad deal? I think a bad defl is one when you do a deal that costs you without any possibility of a recovering those costs in one way or another
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  • Michela I always go back to this story when all chipsare down. Sometimes when you know enough about your core business you need other people's help to accomplishyour dream.
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  • In a nutshell then to my mind as the owner of a small business the reality checks revolve around the totality of your business. Should not be a negative connotation but even in Boom time! Key aspects to reality evaluation are; cash flow - careful management always critical business operating plan - reference guide to check that that you are on the real path you planned originally for your business (especially areas of sales marketing cash management and admin) persevere- tough times can offer opportunities to committed entrepreneurs
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  • That is very clever thecashflowguy Scheduling reminders is IT!. Use technology to set up reminders - well in this case reality checks. these can be done in many different ways. One of the ways I enjoy is a morning check - in and going home check out. It is amazing what you can achieve in terms of measuring your reality on the basis of your team's input.
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  • If it's going to be it's up to me! That's reality. But there is an African proverb that we would all be taking note of goes something like this if you want to go fast go alone but if you intend going far go with a crowd (team)! Cheers
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  • that is what i also have in my mind that i should not concentrate on making a lot of money but on getting potential clients.
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