Management -More startups go down than those that remain fighting for a better day. Research can, unfortunately, give worse statistics.
According to the Blooberg Research, only 2 out of 10 businesses survive past 18 months of launching. It is grim but anyway, a reality.
While trying to start up a business, many individuals will tend to ignore the reality of failure ahead because they think this will pull them down or put it blatantly, demoralize them. What these individuals fail to appreciate is the fact that with an idea of what it takes to fail, they can correct afew of these things in time. Ignoring the truth about failing in business is like believing that there is still no death and therefore no need for medication.
With that in mind, to have a real shot of success, allow your business to grow through those failures. This is the time one can really learn his or her weaknesses then start anchoring its stability on search grounds. Moreover, and more importantly, this will help anyone not to repeat some mistakes in future.
Now to have a viable business enterprise, one must learn to deliver real value through making a business look unique from the rest. When you get your first group of clients, make sure he or she leaves away with value for their money. This will bring in more referrals and that is how businesses grow. The mistake many entrepreneurs make during the first six months is to want to make profits very fast without caring about quality of their what they are offering- inventory or services.
Another reason businesses hit rock bottom is because of leadership failure or simply put, poor management skills. To manage a business is a task that one must learn. It comes with its fair share of challenges hence stress. Some even abandon their ventures at this level. Fact, it is not easy to manage a growing business.
Further, as an entrepreneur you will have to be a good leader of your team which is looking upto you. They might not care about your failure because they didn’t invest anything with you but, on your part, you will be caring about what they are doing every day because any mistake and you will be squarely responsible. This is another baggage you must carry. However, it is obvious that how you lead your team will be proportional to their output – what they will be giving you in return.
Thirdly, we recommend financial management skills. True to form, one of the leading causes of business failure is poor finance handling. They say, 82 percent of these failures in business is rooted in finance.
Last but not least, you will need to pray, work smart and practice persistence to be able to go through this challenging learning curve. It is however worth it.
