Home » Finance » Failing or Succeeding in Business Depends on the Entrepreneur

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Once you get into the business world, there are two outcomes: you fail, or you succeed.  A lot of businesses out there hover somewhere in between the two of these realms, either closer to one, or making their way towards one of the two options.  The thing to remember is that you are going to have to decide from the beginning whether or not you are going to be successful or not.  Is success a choice? Yes, in this case.  It all comes down to finances when you think about it.

When you go into business, you start out as a single person who is working out of a basement or  a rented office space that is going to be your starting point until you need a bigger spot.  From this point on, you have to watch how you use the finances that you have invested into the business.  You need to grow your business according to the budget and the model that you put into play to make sure that you are protected from losing everything that you put into it, plus the business itself.

You make smart investments, you take on the protection you need in employees, you treat your customers right, you always make sure that you are working toward a common goal, use great experts like Alexander, and that you stick to your budget.  You’d be surprised how many people simply do not do this.  They get swayed by the idea of taking on a business loan because they want a shiny new toy or a nicer office.  No, you need to make sure that you stick to the plan that you put into play no matter how tempting it is to sway into the red.

Going into the red when you don’t need to – or doing it excessively when only a small loan would be needed – is dangerous and will quickly bury you.  It’s expected that business loans are going to be needed in order to make sure that a business is staying a float, but the point is to minimize the costs of these business loans and plan for them in advance as much as you can so that you only take them on as a last resort.  Cutting your expenses, keeping your staff limited, bringing in more customers, it all helps to keep the money rolling in and from keeping you relying on a business loan.

The thing is that there is no rule book on how to make this work, but you can do a lot of great things if you stick to the plan that originally got you motivated to start the business in the first place. It’s easy to get distracted by the “what could be” things out there, but you know why you started the business, and you know how to keep it on track. Stick to the plan and the budget and you will be inching your way to success much faster than you originally thought.

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