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Entrepreneurship: the good, the bad and the ugly

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Starting a business is not synonymous with knowing how to do it, in this article I tell you the reality faced by dreamers, sorry … those who seek to undertake in Mexico. Are you one of them? Don’t say I can’t and put fear aside.

Although the outlook in Mexico is not the most positive, since 8 out of 10 small and medium-sized enterprises (SMEs) fail before reaching the age of 5 and only one company survives the first decade, 99.8% of business units are SMEs that generate 52% of the Gross Domestic Product (GDP) and 72% of employment in the country. Nothing more and nothing less!

How many times have you heard that the best job is the one where you do what you love and, in addition, you are your own boss? “You will have your own schedules”, “you will not receive orders from anyone”, “you will earn what you want” … Yes, all of that could be true, and it’s the good side, but every good plan has tricks on it. The important thing will be to have a goal in your sights and not give up in the face of adversity.

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The good:

Being an entrepreneur will force you to grow. It will be your money, your responsibility, your decision. You will become, if you are not yet, a more determined or confident person when choosing. Remember, it is necessary to set goals and objectives to measure profits and recognize when a business is profitable or not.

The bad:

Forget about the fortnights, food vouchers or paid vacation days that your Godínez friends receive. Maybe you will be the “billetudo” some days, but others you will have to be more demure in your expenses. Consider that when you start a business, it will take a few months before you see profits. This is something that you should be very clear about and consider a savings fund for times of drought.

The ugly:

According to research conducted by the Institute of Failure in coordination with the Eugenio Garza Lagüera Institute of Entrepreneurship, of the Tecnológico de Monterrey, and EGADE Business School.

These are the main reasons why a company goes bankrupt:

  1. Insufficient income to subsist
  2. Lack of indicators
  3. Lack of analysis process
  4. Poor planning
  5. Problems in execution

Then? Don’t worry, all is not lost:

  • If you do not have the capital to start your project, consider other financing alternatives. Not only are INADEM government programs, you can also look for an investment partner. The key is to make a good business model and know how to sell the idea. Going!
  • Look at your surroundings and make a list of consumer needs. Sometimes they are distress calls that we ignore and a specific product or service could cover that requirement.
  • Don’t forget to read or take a course to learn how to be a good leader and not just the boss. Remember that bad authority practices reduce up to 25% the productivity of each employee, which will generate stress and frustration, both for you and for them.
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According to most dreamers who decided to undertake, everything makes more sense if it goes hand in hand with the great passions that drive your life. Don’t give up if something goes wrong, remember that every mistake is just an opportunity to try again.

“If you’re tired, keep going. If you’re afraid, keep going. If you’re hungry, keep going. If you want to try freedom, keep going.”

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