SME: How NOT to fail?
If you are thinking of starting a business, one of the first places you can look is for articles or videos about ‘how to succeed in business’. To be honest, failures are some of the best learning opportunities that are available. Failing shows you more about success than wasting your time reading and studying tips to succeed.
Why?
Because there is no business that can be guaranteed not to fail. Failing teaches us the things we should do to overcome, and shows us very clearly where we went wrong. According to The Telegraph, 20% of new businesses in the United Kingdom will close their doors within just 12 months and 60 % of new businesses will go-under within three years. As much as we want to avoid reality, we cannot because it is the truth.
Now this is where dedication starts to play its role. As a business owner, how much are you willing to risk to have your business grow into an empire?
Some pitfalls to avoid:
DO NOT BE NEGATIVE
When you place a rotten fruit in a basket of fresh fruit, it can cause other fresh fruits to rot.
One of the many reasons why businesses fail is because their owners are negative about many things. Being afraid of risk would not help you in your journey. Being scared to spend money will reduce your sales and marketing opportunities. Being scared of hiring someone smarter than you can mean that your business does not have fresh ideas. Being scared of networking, means that you reduce your reach.
It is important to have a positive perspective. Positivity attracts Positivity.
NEVER BE IN A HURRY
Failure happens because people always want to take the easier road towards success. Remember that the things you acquire without hardwork and effort are easy to break or lose. In doing business, patience is very important as it will help you think thoroughly and helps you plan better.
DO NOT START SOMETHING YOU DON’T UNDERSTAND
Starting a business is a life-changing move. The financial risks, the time that it takes, the energy that it needs can all be draining for you.
Now why do businesses fail? Is it because the owners aren’t good enough? Is it because the product is not efficiently marketed?
For whatever reason, the greatest risk of failure in business relies on how much knowledge you have invested in the product you opt to sell. If you are willing to start a business right now, ask yourself if you are really educated about it.
