10 lessons on how to survive the highs and lows of starting up

08 April 2011

Running a business is not easy, but it's definitely easier than starting one up! Going into business is a big choice, and once you've made it, there's going to be a lot that will make you doubt it. However, with this handy guide, you will find yourself sailing your course, no matter how stormy the sea.

1. Know that it will not be easy. But that doesn't mean it has to be extremely hard either. Surviving failure is a largely a matter of perspective. So don't make things any harder for yourself than they already are by thinking negatively or judging yourself.

2. Stop comparing. There's no guarantee you would have been happier in a job. Business is full of risks, but at the same time also full of phenomenal rewards and a sense of independence and pride like nothing else.

3. Learn to manage your time. It's a priceless skill for a businessman, since you will be working 24 hours a day on some days. Knowing what to do andle when will go a long way in keeping you sane and strong.

4. Always have a back-up plan. While there are some risks you can afford to run, it is always better to have contingencies in most cases to avoid squandering resources.

5. Approach risks with caution. You can't completely avoid, but you can selectively choose. Many businessmen claim to have made fortunes by throwing caution to the wind, but no businessman ever made it by following another's advice blindly. Ensure you know you can handle the risks before taking them.

6. Know your market, not just at the time you enter it, but also what it may be like 6 months or a year down the line. This is usually the kind of time it will take for you to be up and running.

7. Know your niche. This is what will define your product, your offering, your objective and your values. A robust foundation of these will help your business stay afloat even in the most turbulent storm. If you don't have it, come up with one.

8. Celebrate, but not expensively. While all businessmen dream of having an uptown office with reserved parking, it often comes at a heavy price losing focus and aim. Adding gloss makes sense only when it ultimately serves your core purpose, otherwise it's just an appendage.

9. Choose people carefully.This cannot be emphasized enough. They can make or break your business, and along with being good at their jobs, they also need to share the same values that you and your business do.

10.Always have multiple sources of income. During the initial months, specially. A great idea is not enough, you need finance. While your business may bring in money later, you need something right now to keep at least yourself afloat. Always ensure you have some source of income, so that you can get up and start over in case you get burned.

While nothing can guarantee success, these lessons can guarantee strength, sanity and survival, the pre-requisites of success. Good luck!