Thinking of starting a small BUSINESS? Nice thought! Owning a business offers you the freedom to be your boss and the liberty to implement your ideas. And when you see your ideas are working and bringing you success, that feels GREAT. Isn’t it? But, does success come to everyone so easily? No, it does not.
Starting your own business has its downsides too and many entrepreneurs fail at what they set out to achieve. Yes! Challenges and difficulties are going to be a part of your journey, and you must accumulate the courage to endure it. The first rule that every business school teaches for starting your own business is – anticipate no profit and provide for all possible loses!
DISAPPOINTED? Don’t worry! With a great determination and persistence, the potholes, blocking your way can be taken care of and thrown away. Experience gives you the ability to endure the adversary and tough phases. Yes, EXPERIENCE! In most cases, the cause of failure of any business is the lack of business experience rather than anything else. The requisite experience is very crucial to succeed in your small business.
If you are a novice in this field, it is ideal to enroll for a short term course on entrepreneurship. Courses on entrepreneurship are designed to provide you the necessary knowledge related to accounting, advertising, marketing, leadership, and management which are essential for starting a small business. If joining a course is not your cup of tea, then join a company in the same niche or genre that you want to be associated with.
SUCCESS
Success can never be assured. Though, focusing on the following few things will definitely help you reach your goal.
Value Customer Service: Just place yourself into your customers’ shoes and think of how you will react after receiving poor customer service. Unhappy and angry! Yes, that is very obvious. Likewise, when your business fails to provide effective customer service, the reliability of your business is questioned or lost.
Effective Online Presence: You must try to build an online presence. Create a professional website to introduce your business into the online space which is very important. Along with that, social media presence can be another booster to the success of your business.
Positive Word of Mouth: Negative reviews and word of mouth affect your brand and business. Yes! It’s true. Consumers are smart today, and they carefully observe the reviews before making a purchasing decision.
FAILURES:
Failure is a part of the growing process. However, your lack of attention to overcome these failures is bound to affect your growth in the long run. To overcome failures you must focus on the following.
Poor Management: If your business lacks the attributes of strong management, it may suffer acutely in its revenue and customer acquisition. With insufficient management skills, you may mess up your finances, hiring, or marketing.
No Online Presence: Time has changed now. Without an effective online presence, your business will fail to reach a relevant audience. If you are occupied with other things and responsibilities, you can always hire a freelance agency to outsource a part of your work.
LESSONS TO BE LEARNED
What if you fail? Will you give up or run away? NEVER do that.
Accept that you have failed and take advice from the right people or experts. Your inability to accept failure will only delay your next move. Seeking guidance from experts is a smart choice to avoid hurdles in your vision and mission.
Equip yourself to handle repeated failures: What if your services go stale and your business experiences an influx of pitfalls again? Yes! Understand that a few things are out of control.
A come back is possible. REMEMBER! This is not the END. And every end is also a beginning. Don’t wear the defeatist attitude instantly. Fight Back! Most businesses suffer a setback in one form or another. Believe in perseverance, and keep your hopes and optimism alive. With a positive attitude your business will bounce back and make inroads into paths of success beyond your wildest dreams.
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