Myths about Entrepreneurship
The rate of new businesses that have been launched in Bahrain’s market recently is impressive, on the other hand the rate of businesses closing every couple of months is scary!
What happens is that talented individuals go into the misconception of being talented means that they have what it takes to be an entrepreneur, business owner, manager, accountant, HR, clearance agent and employee all in the same time!
So after the business launch they get drowned into the operations which leaves no room to practice their talents, they all end up saying (I didn’t see this coming!)
Here are few tips that will help you to avoid the reality tornedo attacking your life time saving and venture:
1) Get an investor
Don’t use all your life time saving and retirement fun and credit limits into your own business, get the help of an investor, he will share the risk and provide some useful insights in how to run the project.
2) Hire a professional consultant
A little investment to evaluate your idea and provide some useful advice before launching your business will allow you to apply vital adjustments to your plans and will avoid major pitfalls which you might not anticipated.
3) Get a manager to run the show
If you are the core talent of your business (The Artist) such as chef, designer, creator etc, hire a manager to take care of the daily operations, his or her salary is a good investment comparing to the time you will have to deliver the output of your creations.
Look for every opportunity to outsource, accounts, storage, cleaning, delivery, everything you can get rid off, give it to those who do it best, its a blessing of 21st century business models.
5) Partner up
Collaboration between businesses is a great opportunity to grow, when you partner up with businesses that complement your core offerings will add value to your products, such as training providers with consultants, catering services with bakeries, events management with hotels, etc.
6) Be flexible
If plan A didn’t work, don’t panic there are plenty of 25 other letters in the Alphabets, be flexible, be open for new ideas, and diversifications, even in your initial phase, if you stayed on the same track and its not working, there is a good chance that the track is not being used anymore!
for advisory and consultation services on your star up concept, please contact (Sameera@mubadara-bahrain.com)
Chief Initiatives Officer