Is Your Business the Equivalent of a Winter Wonderland or An Artic Blizzard?
Does your business align with your interests and passions?
Does it still hold the awe and excitement of a once winter wonderland?
Or does it feel more like an artic blizzard with no way to see or predict what to do next?
As I write this article, we on the East Coast are right in the middle of Old Man Winter. I, personally, love the change of seasons so I tend to wax a bit poetic. So if I seem to use a great deal of puns and imagery in this particular article, I hope you will understand and still grasp meaning from it.
I often receive emails from individuals or even colleagues, who once really enjoyed their businesses. Many of them stayed up at nights—way past the …show more content…
Now, with the onset of a few challenges, the passion just doesn 't seem to be there anymore. Some are so disillusioned by all that has happened they want to just pack up and give up!
How Does All of This Happen?
Let me begin by saying that no one begins a business with failure or financial ruin as the main goal. Or any goal for that matter. However, without the proper mindset or planning, many small businesses will fail. According to the Bloomberg, 8 out of 10 businesses fail within the first 18 months. Most will never make it past the 6-year mark.
We have all heard some of the reasons. Some of the major reasons are:
• Insufficient funding or capital from the start
• Not enough business knowledge from the owners
• Lacking a 5-year, 10-year, and 15-year business plan
• Marketing the wrong product and/or to the wrong market
Now, by all means this list is not complete. However, these are the main reason cited.
How Can We Initially Prepare For a Successful Business?
If you know anything about Profiting From Your Passions Career Coaching—the kind of coaching that I do—you would do a few of the following:
• You would have one main income source, which could even be a regular
Does your business align with your interests and passions?
Does it still hold the awe and excitement of a once winter wonderland?
Or does it feel more like an artic blizzard with no way to see or predict what to do next?
As I write this article, we on the East Coast are right in the middle of Old Man Winter. I, personally, love the change of seasons so I tend to wax a bit poetic. So if I seem to use a great deal of puns and imagery in this particular article, I hope you will understand and still grasp meaning from it.
I often receive emails from individuals or even colleagues, who once really enjoyed their businesses. Many of them stayed up at nights—way past the …show more content…
Now, with the onset of a few challenges, the passion just doesn 't seem to be there anymore. Some are so disillusioned by all that has happened they want to just pack up and give up!
How Does All of This Happen?
Let me begin by saying that no one begins a business with failure or financial ruin as the main goal. Or any goal for that matter. However, without the proper mindset or planning, many small businesses will fail. According to the Bloomberg, 8 out of 10 businesses fail within the first 18 months. Most will never make it past the 6-year mark.
We have all heard some of the reasons. Some of the major reasons are:
• Insufficient funding or capital from the start
• Not enough business knowledge from the owners
• Lacking a 5-year, 10-year, and 15-year business plan
• Marketing the wrong product and/or to the wrong market
Now, by all means this list is not complete. However, these are the main reason cited.
How Can We Initially Prepare For a Successful Business?
If you know anything about Profiting From Your Passions Career Coaching—the kind of coaching that I do—you would do a few of the following:
• You would have one main income source, which could even be a regular