Archive for April, 2012

Why Most Small Businesses Die The Day They’re Born

Most Small Businesses are bound to succumb to failure the first day they were set-up due to the following reasons:-

  • A business that came up as a result of desperation in which the owner expects quick results to fulfill certain needs or cover up past failure.
  • You need to see your business at a certain level for 5, 10 or so years to come. When things are tough, the goals you had set out will spring you and your business to life. If goals are not set, then your business is short sighted and is bound to fail.
  • Your manager and staff are like a gold mine to you. They’re your treasure. They determine the direction of your business. If you recruit any Tom, Dick and Harry to run your business, be assured that it’s destined for doom.
  • There are businesses which do well in a specific geographical area and time of the year. If you start an Ice cream business in the arctic during winter, you’re the biggest joke of the year. If you run a business that recycles dirty water to clean, fit for human consumption water in a dry area, you’re meant to stay relevant for long term.
  • Running a business is not a joke. Running a successful business is even more serious. There will be ups and downs for sure in your venture. Are you prepared for that? Then, you must be ready to execute your plan B, C or even D when A fails to work. If not, be prepared to face the music.
  • Get rich quick schemes aren’t businesses. They swindle, gain unfairly or even gain at their victim’s lives expenses. They’ll end up being pounced on by the authorities just because of their awful nature. Drugs, pornography, and human trafficking are just some examples.
  • When taking a business venture, pragmatism is key. What works is what you need to apply. A mixture of pragmatism and bravery is necessary to spring your business to greatness. Taking risks will not kill your business. Taking BIG, un-manageable risks will. Excuses all the time will plunge your business into mediocrity and eventually in existence.
  • Your customer is your king. If you disrespect the king, be sure to be executed. Crown your customers for they’re the sole targets and the reason why you’re still there. Turning a blind eye on your customer’s complains is like hanging your business.
  • Honesty is the best policy in business just as in other aspects of your life. Your products should be what you claim they’re. Do not exaggerate. A business that thrives on cheating and false promises, is sitting on a time-bomb. Customers do learn and find out with time. Trouble will start from one unfairly treated customer and spread like bush fire.
  • If you start a business thinking that it’ll be a smooth sail and customers will flock and money will flow, think again. Dry times are real as much as foul weather is real. It’s how you prepare and protect yourself from the foul weather that determines your survival. A business that is not prepared will be caught off-guard!

What other businesses do you think will not see the light of the day? Please add your thoughts in the comment box.

Kindly, don’t forget to share, comment or like if you do. Thank you!

To Your Success!

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Starting Your Own Business Is Granting Yourself Freedom

Do you feel you’re in a rat race? Is your Boss being overly authoritative on you? Do you hate your job? May be worse, you’re so embarrassed to show your paycheck. Worse still, you might be killing your own potential to doing greater things with your life.

The good news is, you can overcome all these. Not by asking for a pay-rise. Not either by changing jobs every turn of a new month. Let me tell you how.

Do a SWOT (Strengths, Weaknesses/Limitations, Opportunities, Threats) analysis of yourself first. Do research of how you can enhance your potential and beat the odds you might face. By now you know am talking of preparing yourself for a new venture (a new self owned business).

Read widely and use all relevant resources available to you. Learn from people who’ve been there. People who’ve made it. Follow them on social media and find out what they’re up to. Duplicate the relevant ones, leave out the irrelevant stuff and save yourself time and energy.

During your leave from work, take a breather. Have enough rest and use part of your leave to reflect. After you’ve discovered where your greatest opportunity lies in terms of starting your own business, make sure you’ve visualized it working or else, it would simply not work. Next, plan well and execute your plan at the right time.

Still, don’t quit your job. You never know it might not work. It takes luck too. Some bad news this is but don’t worry, you can overcome it. Your plan may fail to work because of lack of proper planning from your side. It might be because of business regulation issues or lack of enough capital.

Nevertheless, you can succeed if you deal with all and more of the above stumbling blocks. When you feel ready, and you’ve for-seen your plan working, tell your Boss. If possible, request him/her to support you. You need his/her blessings. Who knows, you might need him later?

Remember, what goes around, comes back around. When the reality sinks with your Boss, write a humble resignation letter. Eventually, move on and embrace your new self granted freedom.

To Your Success!

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