Hello everyone! Giving latest tech news and updates recently, let me now give you all something related to business, entrepreneurship and corporates. Today I’ll be discussing about avoiding failures in a business. Be it a small and medium enterprise (SME) or a big organization, failures occur in every type of business you do.
Striking out on your own in business is one of the most exciting decisions you can make. Taking your skills to the open market and being your own boss is thrilling, and the potential for growth and independence can open up a world of possibilities. Also there is no such business in this world which will only work in profits (it’s an ideal situation for businesses and businessmen). A business big or small, irrespective of the product or services that are sold, a business is bound to witness ups and downs i.e. both profits and losses.
Still there are many business, which hold up high and run with great profit and great impact in the corporate sector. Such business tend to be an inspiration for the youth and young and dynamic wanna be entrepreneurs. Though, only people who run businesses are aware of what it takes to run it in a profitable manner, what it takes to run smoothly without being affected by the competition, what mind set and thought process is working in the minds of businessmen and many other. These are some insights about a businessman’s mind.
The fear of failure and the greed of success is majorly in every person’s nature and that is bound to increase more if either of the two increases or decreases. The fear increases, if you are bound to suffer loss continuously for a specific period of time and also the greed of success increases, if you are bound to achieve success in a continuous manner. This tends to happen as competition grows, market changes and people change. Many parameter affects the business growth. These parameter changes and the one who embraces these changes, will win the race in this corporate sector.
The forces of failure are constantly working against you as an entrepreneur. It takes a strong will and an unrelenting purpose to find ways in which your startup can sustain success and avoid becoming a failure. Now, there are two ways you can improve your business and have it generate more profit for you. Two ways, they are:
- Increase your potential, which in turn will increase the chance of being successful.
- Decrease the amount of obstacles you are facing, overcome them and avoid failures which tends to be a hindrance to your business.
I mean you do either of the one, the other one will be dependent on it. If you increase your potential, you automatically decrease the chances of failures and vice versa i.e. if you decrease the chances of failures, you are bound to achieve success. Depending and studying various surveys, business models, I would suggest few steps, which can help you overcome failures in your business. So here is the list, which goes as such:
- Maximise your resources: In this information age, you need to gain as much as insights as you can about your customers, products and the services that you offer. Use tools which eases your task and help you achieve gain great outputs (Take a look on the article on various tools which can lead to increase in productivity for small and medium enterprises). The link for the same: Must have Tools for SMEs
- Leverage your network: There are different sets of people whom you have in your circle: your family, your friends, the positive people, the negative people and the influencers. Grow with them, think more and apply that thought process in your business. Everyone knows, something or the other, the key is to know when to network with what kind of people.
- Build a learning culture always: The culture that you have in your company or organization defines you and your business. It is very important to have a healthy and a positive culture which learns, grows and ideates innovative stuff, which might be helpful to the organization.
- Try to build a Minimal Viable Product (MVP): A MVP is a product which has just enough features and strengths to gather validated learning about the product and its development. In simple terms, it is building a product which attracts maximum customers and is developed by using minimum cost. Will help more cash inflow and lead to more profit.
- Understand the realities: Having a clear idea of what your startup costs will be is critical. Knowing isn’t really an option, but having the best estimate available could save your business. So try to understand your business model as much as you can and be aware of the realities associated with it.
- Don’t borrow too much and don’t borrow too little: Once you are aware of the reality check for your business, you need to understand the concept of optimality in every case, especially in case of the operational cost, working capital and materialistic stuff. Borrowing too much will lead you to debt and borrowing too little will make you out of cash and lately in loss. So calculate accordingly and then proceed ahead with your plan.
- Market the business to make it relevant always: Tons of business and companies are establishing each day, with an aim to change the world. In such a competition, you need to keep on marketing your business in order to stay relevant among the consumers and in the industry.
- Experience is everything: Good judgment only comes from experience, and experience typically comes from bad judgment. The toughest lessons to learn are usually the most costly in terms of resources and capital, so the best practice for you is the one that keeps your business unique.
I hope these tips might help all types of businesses and entrepreneurs be it, small and medium enterprises (SMEs) or big organizations. Also this will be useful for wanna be startup owners and people who wish to start a business.
There is nothing important than experience, so go ahead, make mistakes, learn and grow each day. It’s never too late. Start and Change the world with your ideas!
Few references were fetched from: entrepreneur.com
Article written and submitted by: Akshay Rakesh Toshniwal