Will my business be sucessfullwhich I am in the process of starting up?how long will it take?

Question

I am planning to import metal strapping and distribute it .I am in the process of incorporating the company.I am a libran-was a banker-now venturing into this .I want to be suceessfull.My birth date is 6 th Oct 1954.Now I am based in Vancouver,Canada.Please advise

Answer 1

Hi,

The success of your business will probably be based on two factors within your control. There are lots of items outside your sphere of influence, but I will concentrate on what you can adjust.

The first item is funding. Do you have enough capital to adequately fund your business in the early and growth stages? Do you have enough to cover "problems" that arise? As a banker, I am sure you understand the importance of financial statements, so just remember that you can keep your business rolling, hopefully increasing profits, as long as you have enough working captial to do so. Most businesses fail simply because they run out of money.

The second factor is... You. Your track record. Are you successful? Can you execute what needs to be done? If you have had success with other parts of your life, then running a business is no different. I have counselled so many entrepeneurs who are unfulled with average careers after earning average grades from an average school. Everything about their lives scream "average", yet they start a business thinking things will be different. According to Robert Kyosaki, over 90% of businesses fail within the first 5 years. Hence, being average is the surest method of not being in the 10% who survive.

In closing, I think those two factors will go along way in your overall succcess. Since my background is business from Harvard, I am always approached by people who want advice on business. The items I mentioned are based from years of working with them.

Cheers,

Leo

Answer 2

As with any small business, it all depends on marketing. Figure about 5 years though for a niche market company to really succeed. Also recommend reading Seth Godin's books - Purple Cow, Small is the New Big, and market market market!

Good luck.

Answer 3

Dear Entrepreneur,
Go ahead and start your business with a positive outlook. This would help you in overcoming any obstacle. Initially all new work is difficult but sincerity and hard work always pay off.

Answer 4

Yes! Be strong, Be hard & Smart Worker. and you will thrive. Just never ever give up.... Fall down seven times get up eight! Good luck to you.

I own a small business. Construction.

Answer 5

cut down on man power.............. !!