08/06/2023
You live and you learn, right? 🤦🏽♀️
Here are 3 things I wish I understood earlier in business:
#1- Closing down your business does NOT make you a failure in business!
Did you know that closing down is quite normal in the business world? Yup! Most of today's successful business owners actually have a few failed businesses under their belts- just ask the owners of KFC, Disney, Starbucks etc.
So don't be discouraged if you have to close down your business. Failure is a chance to learn from our mistakes and improve for the future!
#2- Having (and sticking to) a business budget is CRUCIAL!
Many entrepreneurs are good at the thing they do for their business, but not many are necessarily good at managing money.
Working with a business budget (or a financial expert) can help new businesses stay afloat in those early stages when you're still figuring out operating costs and your revenue is unpredictable.
#3- Business requires a strong mindset!
A guy named Murphy once said, "Everything that can go wrong, will". Well, I've found this to be a fair representation of life in business!
However, the right mindset can get you through any storm. Among other things, success in business requires faith, resilience, fearlessness, adaptability and a willingness to grow. These don't always come naturally but can definitely be developed over time.
💫 Check out my latest Youtube video for more details on this topic! 💫