The idea of speculating to accumulate is nothing new and no million or billion pound businesses started without someone taking a risk. Even if you have a grant to help you out, you still invest your time, energy and risk falling behind in the rat race if you don’t find success. The current economic climate is not a great time for risk takers and backing is more difficult than ever, but it is a great time for real entrepreneurs to succeed. It’s a lot easier for someone who is sitting on the fence, to make a go of a new business when the economy is doing well, but real entrepreneurs shine when the economy is struggling and it’s those people who will drive us through the recovery.
Experience is Everything
I’m speaking (writing?) from experience, rather than someone who decided to blog for the sheer sake of it. I have a failing business right now. I started in retail at the wrong time and my chosen product line, although profitable, was unsustainable. My retail business files financials each year, I no longer trade and I should really dissolve the company rather than waste any more money. I also own a business in digital media that is thriving and perhaps the success of the digital media companies in today’s economy is part of the reason I decided focus on that business more than my retail enterprise.
The Mistakes I Made
As I’ve hinted, retail was not for me, but that was primarily because of my product choice. I sold clothes and much of the success of my business depended on me securing brand label clothes at bargain basement prices. I got luck a few times and formed my limited company, but nothing really happened when the sources dried up. I could have ordered in large quantities, but it would have meant putting debt on the business and my lack of experience meant I decided against that move. In hindsight, I should have realised that I needed to invest to take my business forward, but I had lost some of the fight and desire I once had for the business. Once that has gone, you might just as well give up.
The Differences with Success
Faced with a similar problem in digital media, I needed to invest in staff, software and professional fees that meant moving from a freelancer to a fully-fledged digital media company, but the difference this time was confidence and experience. Being able to recognise where a business failed, is a blessing that doesn’t appear to be a blessing at the time. Had I taken a business loan or accepted an offer I had from BusinessCashAdvance.co.uk, who are ironically a client of mine now, I would have still been trading in clothing, but nevertheless I’ve enjoyed success, but only because I committed when the time was right.
The Right Decision
I don’t believe in luck and anyone who says a business owner who enjoys success is lucky to be where they are never sees the sixteen hour days that business owner works to get the business off the ground. If your business is doing well, it’s because you are making it do well, but if you are struggling, perhaps you need a different approach. Remember, a failed business, is a failed business. If you are not getting a result the way things are going, try something else. If that means extra investment, then put more money into the business. If you need to change your product or service to make money, then that’s what you need to do.
Shaun Thomas has been blogging about business related topics for clients for three years and has helped many survice the current financial crisis. With recovery on the horizon, he hopes to expand his own business.