I like the stories of entrepreneurs They have built huge, multi-million dollar companies because they open my mind in an incredible way and allow me to remember that anyone can do it.
But I am also very moved by the stories of small entrepreneurs close to my city whose stories never appear in the media but who at the cost of enormous efforts and sacrifices make their ventures give them a better life.
I recently had the opportunity to interview an enterprising girl who is working very hard in her business, which incidentally is a restaurant-bar in the center of my city, Guatemala.
As we talked, she expressed her desire to tell others about her story. I had a great need to say that despite the difficulties and all the effort it represents start a small business, she was making it.
And is that start a business it is actually a great dream that not everyone can see come true. Many start out with great enthusiasm but eventually realize that enthusiasm alone is no guarantee for success and many times they quit in great frustration.
So analyzing many of the stories I have read, both successes and failures, I deduce without much work that there are a variety of reasons why a business may not work.
However, there is one in particular that I have been able to identify and that strongly affects the success or failure of a company, which prevents a business grow and that today I want to share with you.
They don’t wait for the wheel to start turning
Setting up a company involves a process. A multi-step process that ranges from making a business plan and budget, to taking action to legalize the company and start production.
Of course, saying it is very easy, but I like to illustrate this process as the huge wheel of a cart that needs a great force at the beginning, even from several men to push it in order for it to start turning. Over time and with inertia, the momentum makes the wheel follow its trajectory and therefore keep turning, with less and less effort.
Many entrepreneurs begin to take the steps. Some responsibly educate themselves or train before starting to do anything in order to prepare.
But the main mistake that I have seen in 80% of all these cases that do not achieve success can be summed up in the fact that: want quick results.
Most people actually want things to start working in the here and now. They want instant results and money. They have the misconception that their business once up and running has to start making a profit right away.
This is probably a product of start a business with a huge load of pending needs that prevent them from giving them their minimum time to begin to consolidate, grow and offer profits.
I have seen stores, schools, bakeries, consulting offices, manufacturers of any kind of product and an endless number of businesses with great potential, succumbing in its first months, simply due to the fact that its owners did not have the patience to wait for their companies to take shape, create a market and develop their image.
They are simply overcome by despair and do not allow your business grow. Soon they begin to “eat” their entire budget for operation and Business administration with the consequent collapse that translates into an accelerated deterioration of the infrastructure that has only one destination: unproductivity that leads to failure.
Over time they wonder what went wrong? And of course, accepting that they are the main responsible for not having had patience in the process would be like humiliating themselves for what they end up excusing themselves that the market is bad, that there is a lot of competition, that there are no sales, or that it was not the moment for your product and another endless of fallacious arguments.
Therefore, I can assure you, without fear of being wrong, that the secret of many companies that if they succeed, that take flight and grow are those led by someone who understands that undertaking is a process and that it is essential to allow time for the wheel … to start turning.