17 Things Only Entrepreneurs Understand
You need to be able to support yourself not just through the opening, but for the first few months as well
Having enough cash on hand to open your store or start production of your product isn’t enough anymore. You need to have enough cash on hand to make sure that you get through the first few lean months. After all, it takes time to build up a clientele and get the word out there.
You don’t want to have to close your doors a month in because you jumped the gun on opening. Successful entrepreneurs know that having cash for the first few months beyond opening is critical.
There are tons of successful entrepreneurs out there who have failed multiple times, but they keep going. They know that every failure in business is merely an expensive learning opportunity, and the only time you’ve truly failed is when you don’t learn anything from the experience.
Each failure, rather than demoralizing you, should galvanize you to make the next time more successful.
You don’t need to wait forever to start your own business, or to become the entrepreneur that you’ve always dreamed of being. Start planning immediately!
This doesn’t mean you should sell your house and quit your job. You can plan for a successful business at the same time as you earn money elsewhere. Use your evenings and weekends to do research, and make sure you have enough cash before you quit your day job.