Entrepreneurship is not magic, which is why it does not meet the expectations of some people. There are those who get into businesses with the expectation that they can start making money instantly. People want to start a business in the morning and have good returns in the evening. That, apart from being far from the truth, is just an illusion.
If people are talking about sales, that’s a different thing entirely and there is always a process that has been put in place before sales can become encouraging. Building a business is a serious thing and it takes time to build any business.
It is important for people going into any type of business to match their expectations with reality. Over the years, there are so many people out there who have paraded themselves as entrepreneurs making a lot of money and living large. The young entrepreneurs may not even think that the narrative is exaggerated so they get into business thinking that they will be able to make so much money in a short time.
Apart from the unrealistic picture that too many people have about businesses, entrepreneurs generally expect too much from their businesses when starting. They give a shorter time frame to projects or things that can take longer and project higher than normal. While this comes with some level of optimism which is needed in business, there is reality out there and it will meet with any entrepreneur sooner or later.
No matter how exciting or promising a new business idea is, the business owner should still keep expectations realistic. When a business promises ten opportunities, it is advisable for the business owner to expect only three or just two. That does not mean those other promises will not come. When those promises of the business come, the business owner will be excited but it is very devastating for many when a business promises ten opportunities, they expect ten and nothing shows up.
There are several phases in business and every business will go through those phases. Bearing these phases in mind might just help any business owner to keep expectations minimal. Some of those phases will include but not limited to the eight that have been listed below:
Conception – Every business starts with an idea and sometimes, end with an idea. The conception is an important phase in the life of any business because only what is conceived can be executed. To conceive an idea does not really mean one has gotten an entirely new idea. Ideas can come from existing ideas. A business idea might just be an improvement on an existing business or a solution to the challenges being experienced by another business.
Crystallization – Sometimes, business owners want to jump from conception to implementation. While this does not seem very important, crucial things to the life of the business are only missed out at the crystallization level. What are entrepreneurs supposed to do here? It is simple. It is not enough to have an idea. All the ideas must be documented in a manner that any other person can read, understand and implement. This is where all the necessary details are noted.
Sowing/Implementation – There is no way a business can skip the sowing and implementation phases. This describes the saying about ‘putting your money where your mouth is.’ Entrepreneurs in this phase put in all that they have in terms of resources and time. For any business idea to see the light of day, the parties to the business must sow.
Waiting – Like every seed, when the sower sows there will always be that waiting period. For a few days or weeks, nothing serious may happen. That does not mean the business is dead or that it has no prospects. Entrepreneurs will only learn to be patient in this period and show more passion.
Teething – There will be a few aches here and there in the early life of any business. Some decisions will turn out to be wrong. A few expectations will not be met. That is not something strange and entrepreneurs should not be discouraged just because of this.
Little harvest – Once the entrepreneur is able to master some things and do them right, there will be that phase of little income for some. This might come from the people that will be referred to as the first clients. It may not be much but it will be encouraging that some people have shown interest.
Predictable growth – The next level will be the predictable growth. At this level, the business is now known and is doing well. The income of the business is steady and the increase can almost be predicted to the exact figures. There are regular clients and what to expect from those clients is also certain. The problem is that too many business stay on this level and are very satisfied. It also takes a while to get to this level.
Quantum leap – While these phases may not come in this particular order for several businesses, the quantum leap is usually the last for many. After doing things the right way consistently, the business experiences a big break. Income triples and this may require a sudden expansion if the business will continue to meet the demands of its customers.
From all that you have read, you can see that it will take a while to build any successful business and aspiring entrepreneurs or new ones must limit their unrealistic expectation of instant success.