Undertaking a business is a huge
responsibility and demands great sacrifices. In these times when competition is
intense, business houses are closing faster than ever. The reason for business
failure lies in the small consistent mistakes that becomes unacceptable after a
time. If you’re facing difficulties in achieving your business goals, these
must be the underlying reason for those unachievable goals.
1. Lack of consistent efforts
One of the most important
requirement for any entrepreneur or business person to succeed in their
business is an attitude of never giving up. You cannot survive in a business
with a motivation that lasts 2 days. You need to understand that success don’t
come easily in business and you need to strive constantly for months or
sometimes even years to get through breakthrough. You see one of the finest
things I heard somewhere on Internet was this, “Getting your first client would
always be harder than the next 10 clients after it. But if you give up before
that you miss out an opportunity on creating a billion dollar company.” Your
efforts needs to be persistent and consistent with whatever activities you
undertake in a business.
2. We are feared by the idea of
failing
More than actually failing we are
all fearful to the idea of failing. We are all so attached to the idea of
success in someone else’s opinion that we don’t allow ourselves to fail. And do
you know which of the business organization with least failure is? The one that
does not try. The one that doesn’t take enough risks. Business is unpredictable
at times and you have to take risks even when there are considerable chances of
failing. The key is to define your own success and not getting fearful to
failure in business.
3. You’re not willing to make
sacrifices
You need to identify the
difference between goals and dreams. You wish to make a billion dollar company
of your business and it seems all peachy. But what about the pathway that would
lead you to billion dollar company. You don’t have concrete plans and
milestones to reach there. You think all of it would happen eventually without
you putting in extra efforts. Well let me break it for you. You have to
sacrifice. Sacrifice your binge watching for podcasts, your social gatherings
for research, your vacation plans for building solid teams and much more. Business
demands sacrifices and no one could sacrifice more than you in your own
business.
4. Lack of customer
understanding
The competition is intense and
you couldn’t succeed unless you’ve something that could solve your customer’s
problem. Customer is the king and you’ve heard it often. We urge you to spend
considerable time understanding this customer. Learn what they need, learn how
your products could solve their problems and whether or not your products/
services offer value to your customer for their money spent. Above everything
else, your business should be customer centric.
5. Unrealistic goals
Maybe you don’t seem to reach
anywhere because your goals are completely unrealistic. Your goal to create a
billion dollar company within 2 years of establishment is completely
unrealistic. Having a big picture surely motivates you but you need to develop
SMART goals for your organization. SMART that stands for Specific, measurable,
attainable, reliable and time bound goals. When you have concrete and measurable
goals, team would have a clear picture of your expectations and would put in
efforts accordingly. Besides, most of the business organizations fail when they
need to communicate their goals to their employees. Make sure you have a clear
communication system to communicate goals.
Besides, if you don’t seem to
find any solutions to your business problems, it is perhaps the time to take
help from business consultants.
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