Looking to Start a Business on Your Own? Beware

Business ChallengesThere’s a certain level of pride that comes with putting up a business on your own. It is, after all, a difficult undertaking. Self-studying your way to an enterprise means that determination and personal smarts got you there. Still, remember the age-old phrase ‘No man is an island?’ Today’s business landscape is vastly different. Assistance is more than just a luxury but a necessity, and firms such as UK Business Mentoring can attest to this.

Below are various reasons to not put up a business on your own.

Competition is Extremely Tight

To say that competition is tight in business nowadays is a monumental understatement. Always keep in mind that for every ‘innovative’ idea you come up with, a dozen more people have come up with something more or less similar. Data from commercial insurer RSA reveals that more than half of new businesses don’t see five years in the market.

If you try to put up an enterprise now because you believe in your idea, the odds are stacked against you. Also, you’re likely to burn through much of your savings without getting paid if you try to keep a failing business afloat. It’s not always about being ‘innovative’. People don’t always want something new. They want something useful.

Passionate, You Say? That’s Not Enough

Just like mere love won’t keep you alive, passion alone is not enough to keep a business running. You’ll need to have specific skills. First and foremost, you have to be knowledgeable in the most important aspect of all: selling. You may have something extraordinary, but if you don’t know how to get the word out, your idea is useless.

Lastly, aside from good infrastructure, you’ll need a great team. Nobody has ever been able to put up a business without having other people aid them. Do not think that you can be the first. This rings true even in small businesses. But putting up a team is difficult. TechCrunch’s David Tisch explains this well, albeit in terms of a tech startup. Non-technical Silicon Valley mogul hopefuls aren’t likely to find a willing technical partner anywhere else. They have to learn the technicalities one way or another, or risk failure.

As much as possible, forget trying to put up a business on your own. Asking for professional help doesn’t hurt.