Reasons For Business Failure, And (How To Overcome Business Failure)
Reasons For Business Failure, And (How To Overcome Business Failure).
Why are you in business? To point out the answers to certain individuals is to make quick money, and they hop in hoping business will solve their financially lack and money hunting, and they eventually begin, hoping to earn millions at a short time of the business. To others, business mean to render services in which they can create value to solve individuals problems, and that is where the real money are. Everyone who chooses to be in business have one or few reasons to exchange values for reward, but whatever best reasons you have for being in business, you only have to focus and learn to be a successful business person. Learning what it takes to overcome business challenge and most reasons for business failure, and (How to overcome business failure).
According to business Administration points out that only 15% of small business operators and owners have attended a formal business school. Furthermore, 75% of small business operators have no previous business experience. It has been aptly said that education only cost once but ignorance cost over and over again.
So looking at what leads to most business failure could be due to incompetence as stated by Dunn & Brastreet. It may not be incompetence relating to the product or the service to be offered to the public, but things that typically leads to business demise is incompetence in the area of running a business.
Unfortunately, many who take the plung into business don’t invest the time and effort needed to seek out sources of information, wisdom and expertise required to develop competence in running a business. Before taking the plunge, consider the odds of failure. Many new business also fail within their six months of operation. Research have also shown that about 75% percent of start-ups shut down within five years. These odds can be depressing. It makes you wonder how many businesses operating today will eventually fail or just give up trying. But you can make your business become a success by acquiring the right knowledge and properly apply it. According to proverbs which says, Plans succeed through good counsel; don’t go to war without wise advice (Proverbs 20:18).
How To Overcome Business Failure
1. Learn from Successful people
I suppose it would be possible to break the code of a combination lock by trial and error, but most people would give up dispair long before random-choice luck would open the safe. How much easier if someone gives you the combination. You can get the combination numbers but it is not enough to just have the right number – you must have them in the right sequence. What you need is someone who has gone before you and open the lock successfully.
If you don’t have a burning desire, drive and dogged determination coupled with the persistence to seek out and learn the facts that lead to success in your given pursuit, you should seriously reconsider the advisability of going into business for yourself.
The business success depends entirely upon you. But just the proper attitude is not enough; nor is hard work. You must work hard, for sure, but work at the right things. You can work years and never discover the secret that can make your business truly successful, or you can learn them quickly by following the method or principles used by other successful role models.
2. Build a business of lasting excellence
I learnt about a story from the Vice chairman of advance Magazine group. Steven T. Florio. He said when he was about twelve years old he joined his grandfather at his carpenters basement workshop, and his grandfather said to him: ” You should start earning your own money. You will have to clean up the wood shop and I’ll pay you it worth.” Being a young child, he was so happy to start earning. Because he knew there are things he’d loved to have bought then. So he spent the next three hours to work and make the place look shine.
When he was done for the day, his grandfather went back to the shop. He observed, by what seemed like a very long time. Then his grandfather nodded slowly and said “Fantastic!” You can tell how proud a young child of no experience would want to get an appraisal for a work done.
His grandfather reached into his pock and handed him his wages -a quarter twenty five cents. A quarter? He asked, he felt been cheated, because he couldn’t believe that was the worth. Because in 1960 a quarter for three hours of work was nothing to an America kid. And his grandfather said to him, “I want you to learn something about the real world.” In as much cleaning up is useful, but it is not worth much. Anyone can do it. It is worth, maybe a quarter. ” Now if you had built something useful with these tools, a bookcase maybe-something that was functional-that would have been worth a bit more.” But if you had envisioned something new, something no one had ever thought of before, and if you had built that, pouring your heart and soul into it, well, that would have been worth a lot of money. Always remember that. So, craft your business vision from something different and lasting. Practice excellent and do things worth the time and effort is another way to overcome business failure.
3. Seek Mentor
Choose your mentor wisely. Be careful from who you take advice. If you want to improve your business, it best to find someone who has been already taken the journey.
For example, if you decide to climb Mount Everest next year, obviously you would seek advice from someone who had climbed the mountain before. So choose your teachers and mentors wisely. It is one the most important thing you can do for your business to overcome business failure.