When most people decide to become an entrepreneur, they start with growing their business. That makes sense, right? Once the profits roll in, many people decide that they should follow where the money leads. However, some people decide to pursue business opportunities that have a bigger potential for growth. It’s not that they don’t consider the profits of the opportunities, but they choose to spend more of their time on growing a business rather than running it. The justification is that the bigger the business becomes, the more money it will produce in time. So, not as much money now, may mean more money later.
Every business person has a different perspective on running a business. Some are gamblers and some feel more comfortable with the security of knowing they have money coming in and they just want to keep that going. The only thing is that many of the business people that decide to take the risks are the ones that end up being the most successful entrepreneurs out there today.
It’s not possible to generate more income if you don’t extend your reach. Yes, extending that reach may end up costing you a lot of money and it could even lead to business failure. However, how many business owners have failed before they found success?
Running a Successful Business: Rob Kramer’s Story
Take Rob Kramer featured in Entrepreneur Magazine. He started with PopRule, a politically minded social network. When a team that supported Barack Obama decided to start their own social network, his website took a huge hit. He didn’t want to let it go, so he tried to change it into Digg for Politics. It was a big flop, he shut it down, and walked away. After taking a break of about three years, he decided to try again with HipSwap, which is a marketplace for secondhand items. This site is much more of a success with 200,000 registered users with many of the items selling for as much as $75.
Kramer tried an idea, generated some income, and then decided to morph it into another idea to grow the idea into one that would generate more profits. It failed miserably. It only took three years for him to come up with an idea that succeeded. After failing before, he could have given up on online businesses. He didn’t though, and that has made all the difference in his life.
Will You Take the Risk?
How long has your business been sitting still? If you’ve been generating the same profits for the past few months or worse, the past few years, it’s likely time to grow your business. It’s scary at first because taking time away from running a business can decrease profits temporarily; however, if you have the guts to take the risk of trying something new, you may just see that level of profits return quickly. You may even see the increase in profits you want.
Start slowly if you have to by choosing to pursue one opportunity that wouldn’t carry as much risk. Just understand that lower risk often equates to lower profits. It may be enough to get your feet wet in business growth and give you enough of a taste of success that will lead you to take bigger risks, which could generate higher profits. Do what you feel is best for you and your business, but always keep in mind that the more you move, the more possibilities you have to reach success.
Image courtesy of Master isolated images / FreeDigitalPhotos.net
About Carson Derrow
