“All life is an experiment.
The more experiments you make the better.” — Ralph Waldo Emerson
Entrepreneurship is for
bravehearted, not for fainthearted. Although every entrepreneur wants to
succeed majority of them fail due to several reasons. We will discuss the
reasons for businesses failures and explore practical ideas to achieve business
successes.
Why
do some Businesses Fail?
“No matter what one does,
regardless of failure or success, the experience is a form of success in
itself.” — Jack Ma, founder of Alibaba
Only few businesses succeed
while most of them fail. Here are the reasons for business failures: lack of
vision; gap between vision and mission; lack of liquidity; improper planning; failure
to adapt to change like Kodak; no long-term planning; deviating from the main
goals; compromising core values; lack of persistence; inability to manage
external threats; lack of internal locus; lack of right team; inability to
retain the right talent; focusing more on ends, not means; and above all, lack
of ethics. In a nutshell, the businesses fail when entrepreneurs are not ready
to take the plunge; no proper marketing strategy; not able to reach right
customer; no idea about budgeting; not using automation; not implementing paid
advertisements; and not sure of what to measure.
How
to Achieve Your Business Success?
“Success is the result of
perfection, hard work, learning from failure, loyalty, and persistence.” —
Colin Powell
To be successful in business,
you must enter unexplored areas where there is a huge potential for growth and
expansion. You must keep the technological changes in view before you write
your business plan. You must do a thorough research about the area to analyze
prospects and problems. You must conduct SWOT (Strengths, Weaknesses,
Opportunities and Threats) analysis. You must build a strong team of employees
and retain the best talent. Be prepared for internal and external challenges
and changes. Be adaptable. Build a team of advisors and trouble-shooters to
assist you whenever you encounter business challenges. Here are some tips to
achieve success of your business:
- Don’t be overconfident.
- Learn when to hold and
when to fold.
- Keep liquid capital ready.
- Manage volatility,
uncertainty, complexity and ambiguity.
- Hire a coach or mentor.
Convert
Your Passion into Profit
“Failure should be our
teacher, not our undertaker. Failure is delay, not defeat. It is a temporary
detour, not a dead end. Failure is something we can avoid only by saying
nothing, doing nothing, and being nothing.” — Denis Waitley
There are highs and lows in
business the way you undergo highs and lows in life. You must take the
challenges head-on. Remember, no business is too big to fail or too small to
succeed. Hence, be passionate about building your business empire, add value to
customers through continuous feedback, and reinvent regularly through innovation
to succeed as an entrepreneur.
“We need to teach the highly
educated man that it is not a disgrace to fail and that he must analyze every
failure to find its cause. He must learn how to fail intelligently, for failing
is one of the greatest arts in the world.” — Charles Kettering
Share if you care.
Life is great!
Professor
M.S.Rao
Founder of MSR Leadership
Consultants India
Thanks for reading!
Kindly share your thoughts
and comments below, I’m sure someone out there will find your story useful.
Copyright©2017 MSR Leadership
Consultants India. All Rights Reserved. Reproduction in whole or in part
without permission is prohibited.
This is a nonprofit blog to
share Professor M.S.Rao’s passion and vision to build one million students as
global leaders by 2030. Please don't cut articles from my blog and redistribute
by email or post to the web. The use of this material is free provided
copyright is acknowledged and reference or link is made to the Blog http://professormsraovision2030.blogspot.in. This material may not be sold, or published
in any form, or used in the provision of business services to a third party
without permission.
