Building a new business is a gamble. Most of the entrepreneur could be extremely good in coming up with great business ideas based on “DREAM IT, BELIEVE IT, and ACHEAIVE IT. Despite this positive attitude, not every entrepreneur strikes it big, especially on their first attempt. Running a business is not for the faint-hearted; entrepreneurship is inherently a risk-taking person by nature. Before an entrepreneur has any chance of reaping the rewards, he must recognize & calculate his capacity & ability to avoid & withstand consequential risk resultant.
Before we go into understanding the real mechanics of doing business let us have a quick look at the very obvious reasons “Why Businesses” Fail?
Besides many less consequential reasons, the main cause of business failure is the owners themselves as they do not take time enough to research well & find as to why most other similar businesses as theirs’s were failed. Here are common drawbacks that can lead to a business failure and its inability to deliver & blend into various successful business elements.
Bad marketing, inadequate funding, Ineffective sales performance, Staffing imbalances, Lack of Synergy, Poor planning, trivial Strategies, Confused Tactics and Multiple Goals or No Goal & Not Following the Trend etc.
This is a non-exclusive list of reasons why businesses fail. With a plan in place, one is able to safeguard his business from any common problems. Whilst having a plan in place you are able to know which areas you need to focus on in order to create a flawless business empire.
Many of us have practically seen, experienced & witness many of today’s businesses flourishing with tremendous success & now listed in the top 500 trading index were conceptualized in a bedroom and commenced in a garage or backyard patio. What did they do great? What different traits they had which you don’t? A lot of us can answer these questions with many different angles however, there will be five factors which will remain the same, may the wordings could be a little different those are:-
- Impeccable pattern recognition (Sound thinking)
- Faith in themselves (Healthy & Focused state of mind)
- High risk tolerance (Courage)
- Preference for horizontal or vertical integration (Mental analytical capacity)
- Stubbornness to pursue a passion (Brain’s state of consistency)
If one attempts to crack carefully & with an unbiased mind, all the above adjectives will lead to a wonderful blend of an extraordinary human with superior qualities. Having said this does not necessarily mean they are exceptions. All of us have eminence potential to exercise these faculties ….What is needed to accomplish this, RECOGNITION, FAITH, COURAGE, ANALYSIS & CONSISTENCY.