Starting a business can be the hardest and most important thing one does in life. A great number of new businesses fail. Even businesses which are well-planned and well-funded, where people work hard, invest themselves, and their time, can become overcome by market forces or simply by bad luck. Starting a business is always a risk.
It is never smooth running either. When I tried to start up my business, Australian Dismissal Services, in 2003, I was challenged almost to the point of abandoning my venture. It was only through consistent perseverance that I eventually succeeded, and ten years later the business is more successful than ever.
From 2001-2003 a business recession caused a small decline in developed economies, particularly the EU and the US. Although the Australian economy remained largely unscathed, the possibility of the recession spreading caused economic conservatism and prudence. As a result, I was unable to obtain venture capital for my business, despite the fact that Australian Dismissal Services is most profitable during a recession or a time of economic hardship. I was refused business loans, rejected by numerous private investors, and unsuccessful in my application to countless new business grants. As people tightened their purse-strings, they were less and less willing to take a risk on a new idea.
Eventually, I was forced to take out a second mortgage on my house in order to be able to afford the services of the industrial relations experts, qualified legal staff and administrative staff that I needed for my business to run. We now service an ever-widening range of industries, in both the government and private sectors, and work businesses of any size. Because the risk was all mine, the returns on my investment are all mine too, but none of this would have happened if I had been discouraged in those early stages of rejection, or if I had lost faith in the viability of my business idea.
Here are five things that every entrepreneur should know before starting a business:
5 Things That Every Entrepreneur Should Know Before Starting a Business
by / ⠀Startup Advice / February 2, 2013Starting a business can be the hardest and most important thing one does in life. A great number of new businesses fail. Even businesses which are well-planned and well-funded, where people work hard, invest themselves, and their time, can become overcome by market forces or simply by bad luck. Starting a business is always a risk.
It is never smooth running either. When I tried to start up my business, Australian Dismissal Services, in 2003, I was challenged almost to the point of abandoning my venture. It was only through consistent perseverance that I eventually succeeded, and ten years later the business is more successful than ever.
From 2001-2003 a business recession caused a small decline in developed economies, particularly the EU and the US. Although the Australian economy remained largely unscathed, the possibility of the recession spreading caused economic conservatism and prudence. As a result, I was unable to obtain venture capital for my business, despite the fact that Australian Dismissal Services is most profitable during a recession or a time of economic hardship. I was refused business loans, rejected by numerous private investors, and unsuccessful in my application to countless new business grants. As people tightened their purse-strings, they were less and less willing to take a risk on a new idea.
Eventually, I was forced to take out a second mortgage on my house in order to be able to afford the services of the industrial relations experts, qualified legal staff and administrative staff that I needed for my business to run. We now service an ever-widening range of industries, in both the government and private sectors, and work businesses of any size. Because the risk was all mine, the returns on my investment are all mine too, but none of this would have happened if I had been discouraged in those early stages of rejection, or if I had lost faith in the viability of my business idea.
Here are five things that every entrepreneur should know before starting a business:
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