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It has been discovered that most new business fail in the first five years of operation and this has been attributed so many reason and hidden growth factors.
In a country like Nigeria and all other underdeveloped nation of the world, the failure of most businesses have been attributed to
- Lack of startup fund.
- Poor purchasing power of the people.
The above mentioned factors are very true but in actual facts are not serious factors that can pull a business or a start up to the ground.
Owning a business is still the best achievement you can ever get.
Who Is An Entrepreneur?.
An Entrepreneur is someone who identifies a problem, provides a solution with the sole aim of building a business around it.
As simple and as Entrepreneurship seems, it has become one of the most challenging task in recent times, most reason because of Competition, Availability, Growth.
Why You Should Start your own Business.
Before we get into deep details, here are a few reasons why you should own or start your own business.
1. You Control Your Own Destiny
Owning a business saves you from having to work for anyone else. “One reason to own a small business is the ability to direct the culture of your company and in turn own your own destiny.
When you’re in the driver’s seat, you are making the decisions on how best to steer your company into the future.
This might be overwhelming for some and one must know when and how best to delegate.
However, when you are able to make your own decisions about how best to operate day-to-day, this leads to creating a culture, a brand and an organization which can unlock doors for your generation and lead you to unlimited wealth.
2. You Choose the People You Work With
When you work for someone else, you rarely get to choose whom you work with.
If you don’t like your co-workers you’d better start sending our resumes.
That’s not the case when you own your own business, since you get to make the decisions about who to hire and fire.
You also get the freedom to choose people who are of very good values to your business growth.
3. You Can Challenge Yourself
As an entrepreneur, you can bet that each day will be filled with new opportunities to challenge yourself, be creative and learn something new.
The great thing about owning a small business is you rarely experience the same day twice.
4. You Can Follow Your Passion
Many entrepreneurs say the long hours they invest in growing their business doesn’t feel like work because they’re actually having fun in what they’re doing.
And this is a major ingredient for the success of any business.
keys to a successful business
Why So Many Businesses Fail
It has been discovered that So many business owners were incredible at what they did before starting out in their businesses . For example,
- The hairstylist who opens a salon.
- The web designer who designs a website for clients.
- The mechanic that opens their own shop.
At this level you have very few going on in your life. Making reference to Robert Kiyosaki’s Cash flow quadrant below.
We see that the above mentioned individual are in the self employment quadrant, meaning they are employees in their own profession, no really difference between the native employee and and your being self employed because they lie in the same quadrant.Moving to the business owner and investment quadrant.
This post is here to guide you through three major tips to figure out what might be blocking your business from success.
Here are a few entrepreneur tips you should be aware of.
1 .Poor or No Feedback Medium.
Feedback’s are information about reactions to a product, a person’s performance of a task, etc. which is used as a basis for improvement.
- Feedback’s can be in form of complaints.
- custom form or box or feedback
The first tip in figuring out why your business isn’t taking off is figuring out what’s missing and one way to know this is by creating effective feedback medium.
When your business lacks adequate or no feedback, it is a sure sign that your customers are going somewhere else to get the kind of service they need and your business is slowly dying and may come down crashing all of a sudden.
In conclusion, The best approach to Generate customer feedback are listed below.
- Create a custom online form attached to your website.
- Create a feedback box in your office for complaints.
- Use Polls.
- Monitor Social Channels.
- Call your customers regularly.
- Provide live chat support.
- Create an online community
This forces you to break everything down to the most basic form and for you to see exactly what roles you are and are not filling in your business. You’ll be amazed at how quickly the holes start to appear.
2. Inadequate or No Systems.
Systems allows you to perform and schedule various business task effectively.Systems can be in various forms and some of them are.
- System for leads generation.
- Systems for sales and delivery
- Payment collection.
Most new business owners just piece together tasks as they come up throughout the day, week, month, year. And this works in the beginning, for the most part.
Then your business starts to grow and you still don’t have any clear process or system in place to make sure your operation is running smoothly and this becomes a huge drain on energy and resources because nothing is repeatable or scalable.
One of the most important aspect of building a business is to make sure you have essential systems in place that is required.
It may feel like you have no time to sit down and figure this out, but this is exactly what you need to reclaim your time and focus on actually growing your business instead of feeling like you have to constantly have your hand on everything to prevent it from falling apart.
3. Technician Or Entrepreneur where do you belong?
This last tip is an important mindset shift you have to make to succeed in business. You must shift from being a technician to being an entrepreneur and business owner.
Being an excellent technician means you have mastered very specific skills needed to succeed in your industry – so,
- A hairstylist is skilled as a hairstylist
- A mechanic is skilled as a mechanic.
- A chiropractor is skilled as a chiropractor.
This is wonderful and helped you rise to the top of your field and be successful. So it feels natural that you would be skilled as a business owner in that same industry, right? The problem is that you have not intentionally changed your mindset to step into your new role as an entrepreneur.
Some of your technical skills might translate to building a successful business, and your knowledge of the industry can give you an upper hand, but you must dedicate time, resources, and energy to building skills and knowledge as an entrepreneur and for you to successfully do this you need a shift of mindset.
Successful business Stories In The World
In order to buttress on this article i would be making a whole lost of successful personalities and their trials and their failure.
This section is going to lead some very few lessons that we are to learn from.
1. Steve Jobs – Apple.
Steve Jobs is an impressive entrepreneur because of his boundless innovations, but also because of his emphatic comeback from an almost irrecoverable failure.
Jobs found success in his 20s when Apple became a massive empire, but when he was 30, Apple’s board of directors decided to fire him.
Undaunted by the failure, Jobs founded a new company, NeXT, which was eventually acquired by Apple.
Once back at Apple, Jobs proved his capacity for greatness by reinventing the company’s image and taking the Apple brand to new heights.
2. Bill gates – Microsoft.
Bill Gates is now one of the world’s wealthiest individuals, but he didn’t earn his fortune in a straight line to success.
Gates entered the entrepreneurial scene with a company called Traf-O-Data, which aimed to process and analyze the data from traffic tapes more loke an early version of big Data as popularly know today
He tried to sell the idea alongside his business partner, Paul Allen, but the product barely even worked.
It was a complete disaster and this led to a better innovation called Microsoft
However, the failure did not hold Gates back from exploring new opportunities, and a few years later, he created his first Microsoft product, and forged a new path to success.
3. Arianna Huffington – Huffington Post.
One Of America’s Finest online publisher Arianna Huffington also got rejected
Huffington’s second book, which she tried to publish long before she created the now ubiquitously recognizable Huffington Post empire, was rejected 36 times before it was eventually accepted for publication.
Even Huffington Post itself wasn’t a success right away. In fact, when it launched, there were dozens of highly negative reviews about its quality and its potential.
Obviously, Huffington overcame those initial bouts of failure and has cemented her name as one of the most successful outlets on the web.
4. Walt Disney – Disney Motion Picture.
Mickey Mouse creator Walt Disney dropped out of school at a young age in a failed attempt at joining the army
One of the most creative geniuses of the 20th century was once fired from a newspaper because he was told he lacked creativity.
Trying to persevere, Disney formed his first animation company, which was called Laugh-O-Gram Films.
He raised $15,000 for the company but eventually was forced to close Laugh-O-Gram, following the close of an important distributor partner.
Desperate and out of money, Disney found his way to Hollywood and faced even more criticism and failure until finally, his first few classic films started to skyrocket in popularity.
How To Build A successful Business.
Are you an aspiring or an entrepreneur already ? here are the tips to guide you on achieving success.
1. Just do it!.
Nike’s shoe brand has it motto as “Just do it” embedded in all it products, i always make sure i get that phrase all stacked up in me and i try as much not to forget.
There are two main ways in which business ideas emerge and they are:
- Building a new system or a business idea
- Tweaking and Upgrading an existing system or a business idea.
Whichever way it comes to you mind just do it!
2. You’re going to get less sleep.
Starting out as an entrepreneur is not an easy one though, especially if you are bootstrapping the idea and vision all by yourself, you have a whole lot to worry about most of which involves human resources, Funds, growth and dealing with competition in business.
The above mentioned factors are sure to cause you less sleep and countless sleepless Night, but behold, you will surely conquer because you are far better than those in a front office desk sitting from 9 – 5 waiting for a monthly pay check.
3. Stay and remain focused.
You are totally capable of anything you really put your mind to.
If you want something bad enough you can figure out a way to make it happen and focus is the key.
Most times you feel like giving up, but i tell you, that idea is making impact already just that you might not be open to see those impact.
4. Build solutions.
One out of the factors to watch out for when creating or bootstrapping a business idea is to make sure you are solving problems.
Here is an article on business ideas to venture in.
5. Learn to delegate and play on your strengths.
Bootstrapping a business idea can be a very difficult task especially if we don’t have enough team on ground and if our business idea requires skills of various types to function effectively.
The administration part of running a company can really bog us down.
So instead of fretting and wasting a ton of valuable time on it we have learned to delegate tasks that don’t play to our strengths. That said, we still run the show 100% of the time .
6. Surround yourself with people you love, trust and are inspired by.
As an entrepreneur it can sometimes feel like you’re in a lonely place.
But we have found that by surrounding ourselves with others who are either in a similar situation or who just genuinely love and encourage us, that we have been given the grace, patience, and the positive vibe needed to move our business all the way forward.
7. Take care of yourself.
All work and no Play makes Jack a dull Boy, a popular proverb used while i was in high school. Relating it to business, as an entrepreneur we should learn to take a break from overwhelming work activities for a while and get back when we feel the time is right.
Make sure you are not skipping meals, vacations and rest because of your business that why you need to develop a system around your business that would come into play whenever you need rest.
You can check out my article on overcoming depression.
8. Be impatient.
If things don’t work quickly, they probably never will. If your product isn’t selling, there is a reason. If you aren’t driving traffic, there is a reason.
There are certain things that we did at the beginning that we wouldn’t dare do now. Not because they were bad or even that they hurt us, but they didn’t add value.
By being impatient and looking at valuable statistics and data helps you as an entrepreneur identify your faults and area of needed improvements
Here is an article i recommend to help you get business grants.
9. Be desperate over your online presence.
One of the ways to take your business soaring high is by it online presence, Word of mouth and referrals are wonderful.
Here is an article on social media.
- How To Grow Your Business With Facebook In 2020
- How To Grow Your Business On Instagram In 2020
- 5+ Quick Ways To Get Verified On Instagram In 2020
- How To Start A Blog And Make Money In 2020
Another way to show that you are active online is your search engine presence.
Here is an article i recommend you read on search engine optimization.
- Learn How To Do SEO The Right Way In 2020
- How To Do Proper Keyword Research In 2020
- 200+ Google Ranking Factors You Should know In 2020
- Facebook Ads Or Google Ads, Which Is Best For My Business ?
10. Organic growth is key.
Organic growth comes as a result of trust and reliability build over time by previous and prospective users of your business.
Here is an article that can help you grown your business online.
Growing a small business can be a very stressful task and most times you don’t usually see the end from the beginning but it is up to you to take up the challenge.
Here is an article i recommend you read just in case you find problem with competition.