According to the World Small Businesses Association more than 50 percent of new businesses fail within the first five years of their activity. Why? Many entrepreneurs are not aware of the difficulties that accompany the initial stages of development of their own business. They underestimate the amount of time, energy, dedication and care that are necessary to create a solid successful enterprise.
Here is the roadmap to follow in the first phase of work to stay oriented to time and place and not to get lost in the unbeaten track of business.
Orientation clues are following:
Before “hitting the road”, prepare for the trip properly. First, start learning. Study your industry: interesting companies, trends, forecasts. Prepare to take the entrepreneurial leap by learning about your future business, don’t shy “being a sponge" for related information. Even successful people attend alumni events and panels discussions which provide ideas to help you move forward.
Besides at such events you may develop relationships with people whose skills compliment your own.
You can't “make your journey” all yourself. You may want to. You may even feel like you have to. But unless you have a strong team at the top, you and your company will struggle under the weight of growth. You as the idea-generator of the company may feel like nobody else really "gets" your vision as clearly as you do. Your mission is extending the values, vision and plan to the members of your team. The should manage their functional areas and the resources allocated to them, attract and retain great people communicating effectively so that everyone in their unit understands the company purpose and plan.
But remember that recruiting a team is more than just bringing people to sit around a table and agree with your decisions. It’s important to have team members that will not hesitate to point out your mistakes and work towards offering forward thinking solutions.
Every experienced driver knows that one of the most important things on the road is concentration. Don’t spread yourself too thin in your business!
When something succeeds, there is the temptation to do something else. There are so many imperfections around that you could turn into a couple of different-looking business, especially since popular wisdom advises not to put all your eggs in one basket. But where have you seen the housewife who holds the eggs in different bags?
To gain your purpose you should be the best in your field first, you should concentrate your time, money, forces, knowledge in one business and try to hone it to perfection.
Speed and Efficiency
No doubt that it’s good to have big goals, but it is bad to rush with their implementation. Your ambitions should not influence the efficiency of your work. Typically, rush is initiated by fear of competition or the desire to use the profitable opportunity - whether it is the weakness of competitors or the favorable situation. But the price for instant growth may be too bitter- bankruptcy.
Usually a successful entrepreneur is one who would always safeguard his integrity and business ethics to earn a good name in the market for better prospects in the long run. He or she will not run before the hounds but debate each idea in mind and let it mature.
Thomas Edison wasn’t able to light the lamp from the first time. He succeeded only before he tried and experimented thousand ideas. You also can start from the scratch and begin with small start up that may lead you to success.
Succeeding as an entrepreneur takes hard work and persistence. There is no business-startup fairy who magically bestows success. Its hard work and responsibility of taking risk. Because whenever you see a successful business, someone once made a courageous decision.