Research reports and surveys show that more than 90% of the business organizations fail within ten years. According to other surveys on the same topic, it shows that almost 40% of the business organizations fail during their first year. Now, thinking about how the failure rate of businesses is so high, it shows that most entrepreneurs are simply, making the same mistakes repeatedly. Why else would so many businesses fail, isn’t that right? There must be some mistakes, which every single one of these organizations made, which made them a failure.
Learning from the business organizations, which are successful out there is something, which every entrepreneur is trying to do. However, there is a very small percentage, of people or entrepreneurs, who are looking at the reasons, which allow businesses to fail. History teaches us that learning from others success is quite a good way of learning how to succeed. However, learning from others mistake is an even better way to succeed because this also teaches a person about the things one must never do. Avoiding mistakes can at least, if not make you successful, can at least save you from failing miserably. Does it make sense?
If you are someone, who is running a business or who is trying to startup a business, then here are some valuable suggestions, which can help you in taking your business organization towards a successful future.
Focus on Creating Value
One of the most common mistakes, which most entrepreneurs make, is that they are always in a hurry to make money. They forget why they are in a business. See, earning a profit and making money is very important, undoubtedly. However, what is more important is, that you create value for your customers. If you start providing your customers with value for their money, then you will see that more and more customers will start to come towards your way. The problem with focusing on making money alone is that most entrepreneurs lose sight of their original goals. They forget their customer’s interest and they allow themselves to flow in a direction, which usually becomes dangerous for their own business organizations. Therefore, the most important thing for any business organization is, that they keep a clear focus about how they can create maximum value for their customers.
Don’t Fall into the Trap of Innovation
While innovation is one of the most important components in making a business organization successful, most entrepreneurs forget that everyone is simply, not built to innovate. It is not something to be discouraged about rather, you need to accept things as they are. Having a dream is good but a dream, which may become the reason for your failure only looks good when you have to resources to stand back up after falling down and most entrepreneurs simply, do not have such resources.
The point is very simple. You need to focus on making your business organization stand on its feet first and worry about innovation later. Innovation requires a lot of research and when, you are just starting out you may simply, not have enough resources to spend on research and development. Instead, you can simply, focus on doing something, which has already been proven to be a success in the market. Once you have taken your business organization to a certain level of success, you may then shift your focus on innovation as well. In the early years of a business, it is about surviving and most businesses simply, cannot survive if their priorities are not set.
Follow the Demand
The supply will create its own demand, this is a concept, which is now considered as old and worn out because, this is not the way a market works anymore. Now, the focus is on following the demand. Therefore, you should also adjust your focus on following the demand as well. Conduct a thorough and comprehensive research, do surveys and listen to the latest news, which will provide you with updates about the situation in the world. This information will help you understand what the people are demanding. For example, in the current pandemic situation, where people are frantically buying face masks and hand sanitizers, if you start to produce 3 play masks then the chances of you finding 3 ply mask buyers around the globe are quite high. It is simple, because the demand is quite high for these masks across the globe due to COVID.
Don’t Try to Do Everything Yourself, You’re not Superman
Most entrepreneurs fail simply, because they think they can do everything alone. They take on all the responsibility and stress of making the business successful and everything ends in a disappointment. Why is this so? Well, most entrepreneurs simply, do not have the ability to trust their employees with important work. Either, if they somehow trust their subordinates with some work, they cannot help themselves and start micromanaging or they simply, do not trust them with the work at all. In both these circumstances, the loss is going to be yours and of your business organization. Face it; you simply, cannot do everything alone. If you have hired experts then you need to trust them to handle their work. You need to delegate your work and focus on making new strategies, which will help your business organization to move in a direction, which you want for it.