If you own a small business or you want to start a small business, you just dropped by the right article. Most times, the problem most startups encounter isn’t the absence of hard work but rather engaging in obsolete business habits and sporting the wrong mindset.
Data has shown that businesses fail at an overwhelming rate and if they do survive somehow, it’s mostly with a live span of less than 5years. Now, that is alarming to say the least. Why do so many people go into business only to fail? What lessons aren’t they learning? With millions of business books being published annually and thousands of graduates flooding out of universities with degrees in business studies, why is it that only few businesses make it? These questions and many more carefully analyzed and answered will ultimately act as a guide throughout the journey of creating a sustainable business.
Many entrepreneurs go straight into implementing their breakthrough ‘idea’, whatever that may be, forgetting that there’s no substitute for the foundational elements of a sustainable business model; they also fail to unravel the secrets of conversion – working on the idea, staying true to the process and building steadily to achieve a viable business. While there is no shortcut to building a great business, the procedure must be followed through with a standard practice of right values and ethics.
Ideas are worth very little without a culture to execute the vision to serve a market need – as great ideas do not guarantee a great company. It is common for entrepreneurs to become so fixed on the uniqueness of their ideas that they forget to conduct an appropriate research around this ‘gold mine’ to serve potential customers.
Before running a start-up or building a business, the budding entrepreneur should at least:
Concentrate on what works: Being a jack-of-all-trade at the start of the journey may burn more than it pays you. Hydra-headed ideas or value propositions are liable to push potential clients farther away from you. Invest in the idea and make sure it works. You may as well begin with your sphere of influence. Get feedbacks and pivot when necessary – do not be afraid of visiting the drawing board every now and then.
Learn and grow in each phase of the business: Be patient with both the idea and process. It is too early to think of competitors. Document the trials and triumphs which will double as a learning curve and launching pad.
Have a clear understanding of what needs to be done and do it: It’s not enough to gain knowledge. What is more important is the application of what you have learnt. You may know all the business secrets and know-how but failure to apply these knowledge nuggets will eventually lead to a stunted business – or none at all.
Taking these baby steps in starting and building a profitable business will go a long way in helping convert business ideas to lucrative ventures.
Divine Beneth
