Ever since the Covid-19 pandemic, many individuals have migrated from the traditional labor market to entrepreneurial and other forms of earning. Due to the effects of the shutdowns, some employees found themselves out of a job. Businesses struggled to meet their bottom line while others closed down entirely. For the most part, nations have begun to recover. Shriveled economies are seeing invigoration by the collective effect of national policies driving productivity and the effort of people willing to take a risk.
So, if you want to join the entrepreneur’s club or those who are embers already, here are 10 REASONS FOR THE SUCCESS OR FAILURE OF A BUSINESS.
1. WILLINGNESS TO ACT
This is an essential factor for a business owner or entrepreneur. You cannot be afraid to take action. You can spend as much time as you like planning and assessing risk, but there can be no real success without effort. Inaction breeds doubt and fear.
2. A CLEAR CUT VISION
For your business to succeed, you need to have a direction. A vision is not a wish or a want. A vision is a carefully sculpted plan that details what an individual/company wants to do and achieve. “Write the vision and make it plain upon tables so he that reads it may run with it.” A clear vision allows members of your team to trust in your leadership. It gives you a precise goal to aim at.
3. Knowledge
A business owner must possess knowledge about the field he finds himself in. Similarly, suppose you want to start a business. In that case, you need to know the specifics, the ins, and the outs of the specific industry you want to venture into. The level of knowledge you have will translate into expertise in your field. You can’t act if you don’t know. You can’t plan for circumstances you don’t know anything about. So, an entrepreneur should always be searching for ways to expand his knowledge bank.
4. Persistence
Pretty much every “successful” businessman has failed at some point or the other. What separates the wheat from the chaff is persistence. Persistence is the ability to keep at something even when it gets difficult or when it fails. Developing that resilience will allow you to pick yourself up when you fall and to move forward on your journey.
5. Structure
It is critical to put systems in place that reinforce positive outcomes and help minimize risk. Structures provide a frame for the rest of your business to rely on. These structures include the rules, roles, and responsibilities in a company. It also details how information flows across the different levels of your organization. It’s the framework that enables plans to be carried out successfully. But the key is to start early. No matter the scale of your business or venture, there are things you can put in place that will optimize your workflow.
6. EXPERIENCE
Experience really is the best teacher. Before you start your journey into the rough seas of starting a business, make sure you have experience as your captain. Wisdom comes with experience. This is why inexperienced business owners hire seasoned experts with years of experience. Knowledge can do a lot for you, but it is no substitute for actual experience.
7. WRONG EXPECTATIONS
A lot of people go into businesses expecting to be billionaires overnight. Some start a business because they heard someone somewhere made X amount of money off it. Others underestimate the actual amount of work that goes into creating a business. The point is, you need to be well informed so you can don’t fall into the pit of making wrong assumptions about things you don’t know.
8. SEEK EXPERT ADVICE
Experts are called that for a reason. When starting a new business, it is vital to seek professional advice. For example, let’s say you want to start a business in real estate business based in Lagos, Nigeria. It would be wise to talk to industry leaders(e.g., Catalyst Business Consult) or individuals with experience in that field. People who could provide you with tips about the market or how to get customers interested in your products, or even general information you may not have been aware of. There are only upsides to seeking professional advice. It can be the difference between success and failure.
9. CUSTOMER RELATIONS
Another thing to pay close attention to is how your business relates to its customers. Your customers are more likely to return when you treat them well. Think about everyday interactions that can occur with your customers. Ensure there are available channels for feedback from your clients. Customers are the most precious resource a business must manage. Treat them as such.
10. PROPER PLANNING
As an entrepreneur or business owner, you should have long-term and short-term plans for your business that align with your vision. The act of planning help to organize your thoughts and refine your decision-making. Improper planning has led many firms to take poor actions, which led to their failure.
To learn more about starting a business or for consultation services,
Contact Catalyst Business Consult at
