Love the Journey Rather than the Destination
What 2022 has taught me
I want to be the next Elon Musk!
Okay? How are you going to do that?
I don’t know. But I’m going to try it anyway!
That was the mindset I had back in 2021 when I first started running my own business. While the ambition for success was powerful, the mindset of building the business was not right as I was solely focused on trying to achieve the end goal rather than working on the journey itself to get there.
Why most Businesses Fail
I have failed multiple businesses, not something I am proud of but the lesson I’ve learned through that failure were skills and lessons ingrained in me to this day. And I have a fair share of reasons why I think many businesses fail in their early stages.
Early Stage Excitement
Hey I’m creating a business, JOIN ME!
Everyone gets excited when a new investment opportunity arises. Who wouldn’t?
Starting a business is the most fun period of running a business. The learning curve is always the most interesting part of starting a business. However, all that will die down over time and only the ones that are committed to building it will be the ones that survive.
The Realization
No one is going to support you when you’re first starting a business. There’s TOO MUCH RISK!
Everyone has to struggle during the early stages of running a business. It’s the natural course! I call this the weeding process. Individuals who are able to create a business for themselves needs to find ways to sell their product or services to make money.
This stage is where many people will struggle the most where the journey is filled with many self-doubts, discoveries of new problems, and danger of growing it as well. It’s a walking minefield that any point could just blow at you.
You see, many people would at this point quit because the road ahead looked dangerous to cross.
I completely agree with you! Running any business has its own risk and most people aren’t able to get around them. But you see, when you have run a business long enough. You will come to a realization that every business will have its own risk and the job of a business owner is to manage risk and gauge expectations for the business.
Businesses Evolves
Yes running a business is actually quite fun when starting out, but in order to maintain and grow the business, the business itself needs to evolve.
Businesses change over time, when I first started out my business HustleVentureSG, we were a business that focused on building financial literacy and side hustle stories. Now, as our business grows, we became a niched news publication that helps our writers share financial and side hustle stories for them to not only reach a larger audience but also to allow our writers to make more money.