Emotional Intelligence lessons · Finance

READ THIS before you start that Online business

Earlier in the year before social distancing became a thing and conferences rang alarm bells of virus spreading hubs, I attended a conference for event professionals, where Ceci Johnson (a brand strategist) gave a presentation on Building Your Brand.

Relaxxxx… today, I am not talking about building your brand – personal or business (even though it is also important at this time), I’ll be sharing on a particular slide that stuck with me during her presentation.

It was a picture of how most people view the trajectory of success.

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Here is what most people having in mind when they think of the success of their new venture…

Now… is this true?

As the Covid-19 Pandemic rages on, and more people lose their jobs or become furloughed, starting a new business is going to be the next best option for most people; whether it is something that they are being pushed to do by the need to attract additional income or something that has been on their bucket list for a while.

With lots of messages flooding social media on how quick and easy it is to make $1,000,000 online, most people are excited to hit the ground running and can only envision the picture of success as seen above.

As you start your new business, it is great to see that you are pumped and optimistic about the future of your young business; but even greater is the need to manage your expectations about your new business.

Most seasoned entrepreneurs and those who have started a business, will be quick to tell you that, success is no straight line… but in the thrill of the moment and in the excitement of starting a new business or endeavor, this comment is usually either NOT heard or simply neglected.

What does it mean to Manage your expectations about your new business?

Managing your expectation is about understanding your patience and perseverance level as an individual which will become very essential as you start your new business. You need to understand your threshold for curveballs and tolerance for humble beginnings.

Understanding yourself, knowing who you are as a person, knowing your strength and weaknesses, triggers & temperament in details will help you know your risk appetite, patience and resilience levels necessary to help you set goals and manage your expectations in your new business. If you want things to happen super-fast, and you already know that you may not have the energy to stick with it, you may want to consider looking at other safer options like looking for another job (and take a pay-cut while retaining your peace of mind).

As a business start-up, you have to be patient in building and growing your business; and you have to endure (or at least prepare to stick it out) if after getting online, things don’t move as swiftly as you’ve heard or expect them to.

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In managing your expectation, I am not saying that you should not dream big; I am not saying that your new business will not succeed, I am only reminding you that every business is a seed which needs to be watered and catered for before you expect it to yield a harvest.

Prepare yourself and set realistic projections for your business; also be flexible enough to tweak them as the weeks go by. Imagine travel operators/airline business owners (who are among the worst hit during this pandemic) who had set their 2020 goals before Covid, if they insist on sticking to those goals, they are not only being unrealistic, they are also risking their health and energy levels.

Allow your business adequate time to grow, so you will yield a proper harvest not an epileptic one or heart ache and financial losses. See below the picture of the actual trajectory of success for a new business…

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ALL THE BEST!

4 thoughts on “READ THIS before you start that Online business

  1. Thanks Tosan, we often overestimate what we can achieve in a short time and underestimate what we can achieve over a longer time frame. Managing our expectations will also help our mental state.
    Well done ma’am.

    1. Hmmmm. I like that. We overestimate what we can achieve in a short time and underestimate what we can achieve over a longer time frame. Thanks Caleb.

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