Avoiding Business Failure

Business failureBusiness they say is a risk! If you don’t want to take risks, then, you are not meant to be in business!!! To succeed in life, you have to be daring which involves risk taking. Hence, anyone who aspires to get to the top must face whatever fears, failures, setbacks, brownout that comes his or her way with a view of getting headway in business.

Statistics show that worldwide, 85% of new businesses fail within their first year of operation, about 65% in their second year and about 50% in the first five years. First time entrepreneurs can be over-excited about their products and fail to see the market realities that may not be favourable to their line(s) of businesses.

Success in business is not automatic and does not depend on luck but, aside other things, depends on the foresight and your organizational skills and abilities. Having millions of your gratuity money or inheritance to throw around does not even guarantee business success. There are lots of people who had enough money to start their businesses but soon packed up. It is however, in your ability to know what to do at what time with what is obtainable.

Below are some ways to avoid failure in business:

HAVE A GOOD KNOWLEDGE OF THE BUSINESS

“He who wants to build a house would first sit down….”!!! Sitting down is a function of so many things. Ranging from having a good knowledge of the type of business you want to do to how you are going to understudy a fellow known to be doing well in that line of business. If you fail to have a good knowledge of the business you are proposing to start, you will be living at the mercy of others and you shall honourably fall and fail. Be informed so as not to be deformed!!!

GET  REALIZABLE AND WORKABLE BUSINESS PLAN

A business plan is your road map to business success now and beyond. It is a plan you make for your business before setting out because if you fail to plan, you have actually planned to fail. This is a formal statement of a set of business goals and the plans for reaching those goals which also contain background info about the business entity or organization or team attempting to reach the set goals. From the business plan, you can actually know if the business will be profitable or not before jumping in.

DEFINE YOUR PURPOSE IN BUSINESS

A lot of times some of us don’t know why we are in business. Business is about rendering quality service  and then at a profit. But most people set out with the mindset of making money without rendering a quality service. In the same light, starting a business is like a farmer who wishes to cultivate a farm land. Different seasons and methods of sowing are needed before you harvest. Most people give up clearing the site, some during planting, some during the waiting season, some even go ahead to consume the harvest – the capital and the profits!!!

You have to motivate yourself with hope, faith and courage that if some people can do it, you can do it well too. Spell out your purpose and you shall get direction to achieving your set goals.

UNDERSTAND YOURSELF AND YOUR CLIENTS

Life begins from understanding who we are and internal conflicts will lead to interpersonality dysfunction which will result in a poor relationship with other people we are to serve with our business ideals. Understanding yourself involves self adjustment, self appreciation, etc and you must accept the fact that your assessment of a person/client may not be correct. Make it a good habit to closely observe people when you can do so. It is a good trait in business success. People do not want to care about how much business skills you have got until they know how much you care in solving their needs with your business ideals.

DON’T STOP LEARNING

Another major way to avoid failure in business is not to stop constant and continuous learning. We are in an upwardly mobile age and you must also be upwardly mobile in learning new ways of solving peoples’ needs. Be creative in your approaches. Don’t use old ways of attending or getting clients as the best way of getting or attending to yours too. Take for example, our old ways of marketing our products and compare these to the modern, progressive, dynamic and highly functional ways of marketing, you can see the differences? So if you stop learning new ways and methods, you can imagine how quickly you would be “deported” out of the way.

Read, read and read. Can you sacrifice a stomach filled with KFC to a book, journal, magazine, seminar, workshop that will make your company/business/idea  grow and make clients pay you up to half a million just in a day’s business deal?  We need to constantly learn and learn about our businesses unless they will die. Business ideas are also like rabbits, if know how to care about them, learn new things about them, they would breed and produce more for you!!!

It is an old saying in business that, “people buy into you first before buying into your products and services” so you can imagine if they get disappointed while meeting with you in a sales presentation or business roundtable breakfast set up and you lack the coordinates of enunciating the benefits they would get and ways to increase their profitability in your products but you were busy with the features of your products. Or your personal approach to clients, thereby losing the gears of your temperaments at the slightest provocation. Be informed to always sell the importance, benefits and enumerate how your product and services would better the lives of your clients – it is your job and also a function of how much you have learnt, read, heard, watched, absorbed, mentored, etc!!!

Stop doing your businesses by trial and error. You can actually avoid the common mistakes and make your business stand out.

FAILING AND FALLING FORWARD

Why are you afraid of failure? A philosopher said, “Failure is not failure until it has become the end result”!!! The fact that you failed in that single attempt doesn’t mean you can’t start something more intelligently and expediently. In fact, it is an opportunity to be wiser and start solidly. Most people fear failure because:

  1. It makes them a “bad person”, a “loser” that others look down on.
  2. You can lose all of your ideas, money, interest, etc.

Failure would only make you a loser if you allow yourself to be one. It is not you being terribly down, it is the staying down that makes you a failure and a stack loser!!!  Always fail and fall forward to learn something valuable when you are stretched beyond your usual limits.

Don’t let your fear of failure make you miss out anyway. Be courageous. Someone is in need of that your business idea to make a living and meaning in life. Start and do something now.

Nobody is a total failure if he dares to try to do something worthwhile!!!

Great people are ordinary people with extraordinary amount of determination!!!

Tough times never last but tough people do!!!

If it is going to be, it is actually up to you!!!

Do your best and be the best!!!

Till I come your way again, winners don’t quit and quitters don’t win!!!

You must be logged in to post a comment Login

Fill The Form

[contact_form lang=en]