Launching your own business is one of the most exciting things you will do in your lifetime. When you first launch, you will dream about how far this can go. This is human nature and it's a good thing. Without that dream, you wouldn't have the passion and drive to get where you want to go. At the same time, you must realize that this is a road filled with roadblocks, landmines, detours, thieves, and ditches. If you're willing to do whatever it takes to keep going and make it through this long road of challenges, then keep reading. You might find a pot of gold at the other end but you will have likely have challenges no matter what.
Cash Flow & Debt
Cash flow is king in business. Debt can be your enemy, but it can also be your friend. Most successful startups needed to take on debt for years in order to grow. If you're going to take this route, it's normal, but first make sure your personal debts are simplified. For instance, if you're still paying back college debt, look into a student loan consolidation. This is a process that combines multiple student loans with different rates and term lengths into a single product. By making this strategic move, you will be able to focus on your startup.
Being a Leader
When you're the leader of a company, you determine the culture. This, in turn, determines the attitude throughout the operation. The key to good leadership is being loved and respected at the same time. If that describes you, you're on the right track, unfortunately, most people don't fall into that category. If someone is loved but not respected, others will walk all over them. It will at least lead to people complaining of incompetence and could even lead to a mutiny. If someone is respected and not loved, it's going to lead to a lot of animosity, which leads to a toxic environment and lack of production.What you say goes, but do it with respect. If someone crosses the line, give them a warning. It's good to be transparent and your team will appreciate that.
Hiring the Right People
This is a fun yet difficult part of the process. When you're hiring people, you want to look for the following traits: hard-working, trustworthy, respectful, punctual, innovative. If someone checks all those boxes, it should be an immediate hire. Putting together the right team will play a tremendous role in your potential success.
Executing Your Plan
Having a good business plan is important, but it must be executed. If you're a good leader and you have the right team in place, you're off to a great start, but you also need timing. Look at YouTube as an example. YouTube was launched prior to the popularity of streaming services. The timing of YouTube turned it into a $2 billion sale to Google. If you have a product or service idea that is just ahead of a trend change, you will have the potential to become a millionaire, and maybe even a billionaire.