What is the worst thing that can happen to an entrepreneur? Success
That probably does not make sense, does it? Unfortunately it is the brutal reality of many small and medium size businesses, but especially start-up entrepreneurs. What I mean is that you put your heart into your brilliant idea and concepts and at the end your business may turn into a beast that you cannot tame.
One of two things typically happen when you do not plan for how success you want to be and what your business plan needs to look like when your business becomes successful. The first is working yourself into oblivion and the other is that your business fails because you run out of cash and resources.
Starting a business is stressful enough and you worry about how you can get people to pay attention. That typically takes a while before you pick up momentum. The majority of entrepreneurs are worried that their business is going to fail. The same can be said for smaller established business entities. When you reach the tipping point and more and more business comes your way you start working more and harder. Finally you have money left over that you could and should re-invest into the business. Most folks err on the conservative side and hire new employees way too late, or do not have hiring practices in place attracting the best candidates. You work harder, but not smarter.
If it is not a heart attack that gets you from working way too hard, then it may just be that you can run out of cash. Tremendous growth is great and if it was not for your customers you could run a great business. Unfortunately, just a few late payers, vendors that do not deliver on time, perhaps you have a disenchanted customer refuses to pay at all and yet you need to buy inventory and/ or hire more people to be able to deal with more orders. You are going to be out of cash before you know it and you may have to watch your life’s dream go down the tubes right in front of you. Banks tend to be your friend only when you have money. The moment you are late, you may find yourself being left hanging out to dry.
Do not fret success. The biggest favor you can do yourself is to plan ahead. Start by pondering how big you want your business to get. Then take inventory what living a balanced life means to you and how much time and money you are willing to invest in it. Finally make sure to plan for success in attracting and retaining talent into your company. Good advice is hard to come by when you are in a hurry. Start a mastermind group where you can meet with like minded people in the same situation like you. Seek help and build your support structure as soon as possible. Other business leaders usually have been through what you are experiencing.
Plan for success – not for failure. How is that for shaking up your entrepreneur’s snow globe?