Did you know that at least 60% of the world’s population, especially youths below the age of 35 have considered starting, owning and building a business of their own. As a result, people create thousands of businesses every blessed day. But statistics have it that more than 50% of small businesses fail in the first four years and yearly, only 4% of those which survive make it to the second year, and only 3% made it to the fifth year!
You have got to admit that those statistics are scary. But now that you know that you must do it right for your business to thrive, let us get on to how you can do it right.
What is progressive entrepreneurship and why does it matter?
Progressive entrepreneurship is the ability to grow, improve and sustain an entrepreneurial idea. It means that for you to succeed as a business owner, you have to be able to come up with a viable idea, groom that idea, and sustain it until it starts yielding returns. (By ‘until it starts yielding returns, it means that the huge cash won’t start rolling in immediately. It took 10 years for apple to blow up as a topnotch company, and Amazon didn’t hit billions the first week)
How to grow your business progressively
- Start with a business idea you truly believe in:
When it comes to business building and entrepreneurship, you have to start with something you truly believe in. Not something you think might work or something you doubt as a person. It is okay for people to doubt your dream, but if you are going to make progressive money from entrepreneurship, you will need to believe in the dream yourself! That kind of determination is what will keep you going even in the storm! Oh yes, I said storm, there will be some, so you need to brace up and prepare for it.
It is investment time genius! You cannot harvest from your field if you do not plant! Don’t get discouraged by the word ‘invest’ just yet. Your seed does not have to be money! Your seed could be service, your seed could be time; your seed could be a side hustle to gather the cash you need to invest!
So before you join the ‘I don’t have money to start my business’ crew, make sure that you have done all the laundries in your area, make sure that all the petty sales and services you can render are done, make sure that you have exhausted all the local services you can do to gather fund. Essentially, what I am saying is this; ‘render small services and save up funds to start your business.’ This is serious business, and the earlier you get on with it, the better. Trust me; it is only going to make your success story more inspiring.
The essence of every business is to profit. The next step in progressive entrepreneurship is to profit and harvest from where you have invested. So, if you are at the preliminary stage of rendering services for money, make sure that you harvest your funds and save them separately.
Now, this is the most important part. For your business to grow progressively, you will need to invest and re-invest consistently until forever. Oh yes, Bill Gates is still re-investing in his business, and Mack Zuckerberg haven’t stopped either, neither should you. Essentially, you will need to put in at least 70% of your profit into re-investment and you shouldn’t spend more than your own salary on personal needs. For more information on how to deal with your business fund for best results, click here (link to article about business funds).
Everyone cannot be successful entrepreneurs but there is absolutely nothing stopping you from being among those who are. As you have read and learned the tips below, practice them. Also, it will be best for you to let go of every form of negativity and approach entrepreneurship from an optimistic angle.
Best of luck!