No business Become Financially Successful from day 1
Entrepreneurs should keep in mind that no business become financially successful from day 1. Most new entrepreneurs think that their idea will surely pay off from the start without knowing the rules involved in a business. In business, patience plays a greater role. Entrepreneurs should always be patient with their business, the time you are thinking of quitting or switching might be the point of attaining success.
In business, it takes practice and patience to get along and beat the odd. Why do I need to be successful in a business? what do I need to do to attain this goal? how do I get to know my customers very well? These are the kind of questions you should try to solve. No entrepreneur started out as an expert, you have to experience it first, check out what works and what not. Even if an expert entrepreneur starts a new business, it has to take time for the business to become financially successful, the world is a dynamic one likewise we human beings.
No business become financially successful from day 1, the world is constantly changing, what work’s today might tomorrow become obsolete. In business, you have to adapt to changes, learn from your failures and experience. New things are constantly evolving(trends and changes in technology).
“It can take years to be profitable, but it doesn’t mean you’re a failure.”
By Marcia Smith
There is no exact timescale for when you should expect a business to be financially successful rather, depending on the nature of the business and the sector in which you operate in. Here is Jeff Bezos, if you know him by now the rest is history.
Founded by Jeff Bezos on July 5, 1994. He left his big gig on Wall Street and moved over to Seattle. Jeff selected the name Amazon by looking through the dictionary; he settled on “Amazon” because it was a place that was “exotic and different”, just as he had envisioned for his Internet enterprise. He started Amazon initially just to sell books online from his garage and later on it turned out to what it is today.
By 1996, Amazon had sales that reached $15.7 million and $147.8 million in 1997. These got people amazed. Things changed as the decade was coming to an end, Amazon couldn’t keep up with their promise as they use to. Despite having revenues of $1.6 billion in 1999, yet it still managed to lose $719 million. 2000 was not much favorable to Amazon. It was found that Amazon had just around “$350 million of cash on hand,” despite raising billions of dollars.
Amazon finally came to a point of attaining profit by the year 2003. A whole nine years in a business before getting financial success. No business become financially successful from day 1, it takes practice and patience to get along and beat the odd.
Most businesses may take a longer period of time to become profitable while some start making a profit from the start, it depends on the nature of the business and the sector in which you operate in. If a business owner does not have sufficient working capital to cover the losses incurred until the business reaches profitability, then it will fail due to liquidity problems.
Please, kindly drop your comment or share your thought below or let me know any questions you have. I would love to hear from you.