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The Flevy Blog covers Business Strategies, Business Theories, & Business Stories.
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Editor's Note: Take a look at our featured best practice, Five Stages of Business Growth (25-slide PowerPoint presentation). This presentation introduces a framework for entrepreneurs to use when building and navigating their business from a nascent, startup state to an enterprise with a global footprint. This framework, called the 5 Stages of Business Growth, is based on the fact that all businesses experience common [read more]
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Coming up with a viable business idea can be challenging but implementing it may be even more difficult. You need a strong determination to succeed if you want to be successful. Still, coming up with the funds to get there can be challenging, especially if you want to bootstrap your idea.
If at all possible, consider going at your idea on your own. Owing others money can take a toll on your profits, and this is especially true if you have borrowed from well-meaning family or friends. Mixing money and relationships does not usually go over well, and it can result in hurt feelings and even broken relationships. Look for ways of earning extra money to make your business idea work.
You may consider investing in real estate through rental property shares. That’s because real estate is often one of the best ways of building wealth. These assets can gain value in the long run, and in the short-term, you will have another cash flow. You can review a guide on why you may want to consider investing in real estate. Before you start your idea, consider saving as much as you can. Set a goal of how much you think you will need and consider the things you will need to do to be successful. No matter what you believe you will need, you will likely need more funds. Do some research to get an honest idea of how much you can expect to need to obtain.
Many people tend to overthink things, especially when managing megaprojects like a startup, and then they find it challenging to make a decision. You may be concerned about leaving your full-time job, being able to pay your bills, or not being successful. Furthermore, if you are interested in starting a SaaS, you should also look into the saas development cost. If you are filled with fear over what might happen, you may find yourself afraid to act. Inaction will prevent you from getting started on your idea. The best way to address your concerns is to just take action now.
Don’t be afraid of making mistakes and try to power through your days. Even gaining a little can add up over time, so try not to analyze things too much. Putting in the work and meeting short-term goals can help motivate you to keep going. While it is important to focus on the end goal, try not to think about it too much in the beginning, as this can cause you to feel overwhelmed about all you have to get done. Try to live in the present.
You need to have passion for your business if you want to succeed, because sometimes your passion is the only thing that will carry you along. You may understand the benefits your idea will have for your customers, or you may receive feedback and reviews. Knowing that what you do helps other people can be a great motivation. Being deeply passionate about your idea will prevent you from giving up, even when the going gets rough.
You can download in-depth presentations on Entrepreneurship and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.
For even more best practices available on Flevy, have a look at our top 100 lists:
These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.
