Most small business start-ups worries about how much money they have to invest in their new company. But they forget to make themselves a fundamental question. Besides money—Do I have what it takes to grow a business, and don’t give up on it when facing big challenges?
So what is your answer?
Every time I hear a podcaster or read an article saying how many small businesses fail in the first three years. Then the considerable percentage go out of business in five years. And last, the minimum number that makes it into ten years.
It always wonders me —What their story is?. What happened? Why did they give up? Is it really because of lack of money?
Is the lack of money the main reason small business owners give up on their business?
Running out of money is the first reason on the list. Maybe it is, after all, who is me to go against the research numbers? However, I don’t believe a lack of capital is the first reason people give up on their business. More than money, you need a workout mindset.
Start a business is easy. Everyone can do it having money or no money. But, growing a business is a different story. It is hard. It is challenging. You have to work insistently and maintaining that for a long time. And things are going to get messy and stressful. And if you have an average mindset, you won’t be capable of managing the pressure. You’ll quit.
Can you grow a business overnight?
Contrary to what many people on the internet say, you won’t make a half million dollars overnight. The truth is, you have to work long hours, have insufficient payment, most of the time in the first year you get no payment at all. And there is where your mindset will give you more results than cash.
The mistake most entrepreneurs make is to start a business thinking about only the business idea. I see they think and dream about the profit they will make—the joy of quitting that 9 to 5 job. How easy and convenient to work from home and the extra time they’ll have with their family. But once they stop to know themselves. Not once they analyze themselves to see if they have what it take to grow a business —If they have what it takes not to give up when facing the hard times and make difficult decisions.
Not once they ask themselves— No matter how difficult it gets, am I willing to find ways to make this business work?
So, let me ask you again.
Do you have what it take to grow a business, and don’t give up on it when things get hard?
Let me explain why lack of funds is not why people quit their business. But first, I’ll tell you what you need to have to not give up on it and make it into ten years and over. I think you’ll be surprised by what you’re about to read.
There we go, ready?
Here is a list of all it takes to grow a business, and don't give up on it.
- Courage – To take risks, embrace challenges, accept your mistakes and learn from them.
- Persistence/determination – To keep going strong when things get hard and confuse.
- Patience – to watch your business grow in slow motion.
- Trust – in yourself to make the right decisions.
- Purpose – To work intensely on your goals and don’t give up on your dreams too easily.
- Love – The business challenges seem less complicated when you’re doing what you love.
Surprised?
The first time (1999), I started my own jewelry business (Vidart Amazonia). I grew it pretty fast and well. In one year, I was selling countrywide (Brazil), and I had eight women working full-time, a saleswoman (commission), a website designer, and a developer (fixe price, wasn’t tip), four persons (part-time), and me, of course, double shift.
Ps. I worked so much because I loved it. I have done many joyful things in my life, but grow that business was exceptional. Also, I was single and had no kids.
You need Courage and Patience to start and grow a business.
I didn’t start with a lot of money. Not because I didn’t have, but because I didn’t need much money at that time. I started working on my kitchen table. So the only money I had to spend was to buy beads, leather, metal feedings, and pay to ship from Sao Paulo to Rondonia – Amazônia. Oh gosh! Shipping is so expensive in that country. And my first order took around 40 days to be delivered. Can you imagine that?
The business return
In 2018, I started a jewelry business again (Vidart & Life). Things have been different at this time. I started with little money, but not because I don’t need it, but because I don’t have a lot of money to invest. I have to tell you; I could use all that money I didn’t need for the first time to invest in my business today.
I’m in business for two years (I’m not counting the last year-covid19). On the contrary of the first time, I have grown so slowwwly, that I feel I’m slow motioning 100% of the time. I feel like I’m a sloth.
Have you seen how slow a sloth moves? I have! They move slower than turtles.
By the way, I think they are so cute. Look at their little faces. Here is a video if you want to know the speed growth of my businesses. Or better say, the speed of a sloth.
Ps. I have been working hard because I love it. I love to run my own business and I missed doing it so much. It makes me so happy and fulfilled, and no matter how difficult it gets, I’m willing to find ways to make this work. I will never let it go again.
People give up their business because of a lack of persistence and trust.
In 2007 I decided to live in this country. I still have a business in Brazil and want to keep running it. But nowhere, in the USA. I didn’t know how or where to start or keep going. But I want to try. So I decided to start doing craft shows. I participated in three events and did OK. I made a good revenue – which I didn’t realize at that time.
However, I had some difficulty communicating with the clients. I barely spoke English, and I thought that was incredibly hard (embarrassed). Instead of adding up all the good results I had with the sales, even not communicating with people, keep going ahead and look for new opportunities to grow. I decided to put everything on hold until to learn English first. I know, don’t even say anything, ugh.
The painful price to give up in our business
After that, I started work doing things I wouldn’t say I liked to do, to make money. I Cleaned up houses and stores – I feel like Jin Rhon when I talk about one specific place I worked cleaning – I worked at Target. After all, I had to pay rent, food, and school.
I also worked putting hardwood floors (construction) and baby-sitting. Although, I like working in these two last jobs I mentioned. Especially the hardwood floors.
The point is: I grew a business investing little money because I didn’t need to invest a lot of money to grow that business. And I quit that same business, not because of a lack of funds. But, because of a lack of persistence, courage, and trust in myself.
Today I’m working hard to grow my jewelry business again. At this time, basically, after three years, I have three virtual assistants helping me only for a couple of hours a week. And I have me, me, and me working full-time—a completely different picture from the first.
Also, I have so many kinds of challenges to face and deal in the best way I can — Not much money—no one besides me helping me full-time —working long hours between business and family— a bunch of things to learn to make things going smoothly — still not speaking English well. Nevertheless, the thought of quitting? It never crossed my mind, even for a millisecond. And won’t! I’m sure my business is passing that ten years mark.
Why am I so sure?
- First, I love what I do so much. I’m willing to find ways to make this work no matter how difficult it gets.
- Second, I’m a very patient woman, and I’m using this gift in favor of my growth to grow my business and reach my goals.
- Third, I have learned that the pain for not been persistent in my goals and life purpose is dreadful.
- Lastly, I have no money to pay for people to help me build a website, marketing, make sales, writing, SEO, copywriting, time management, prioritization, and so many others things that involve growing an online jewelry business. So, I have to learn a lot to do all these things by myself. And that is a good thing. Isn’t it?
Of course, yes, no doubt about it.
I have had so many lessons — life lessons, business lessons, pandemic lessons. The best of all this, I have learned a lot about myself. I have been uncovering and discovering all my strengths covered up when I moved to this country. It’s all dug up, baby.
Among them is courage, persistence, determination, creativity, open/workout mindset, flexibility, a learning from setbacks, positivity.
As you see, I have done my homework. I have asked myself that question — Do you have what it take to grow a business & don’t give up on it?
My answer… Oh yeah!
What is your answer?
With Love
xoxoxo
Vida
Do you have what it takes to grow a business & don’t give up on it?
