We are going to talk about entrepreneurship and also Why some businesses fail ?
Why do some flourish while the rest struggle.
When I first decided to become an entrepreneur I did it because I wanted to make money.
I was dead wrong when I got into action .
Getting into business ,growing a customer base is not as easy as I thought.
I had to learned the hard way that business ownership comes with great responsibility.
Without having a connection with the people I figured I was doomed.
Now days I think of entrepreneurship as a means to serve and solve .
This does not to mean that making money is not an important part of business .
There is not a thing wrong with wanting to get rich but you have to prioritize the foundational principles of growth .
The foundation to a businesses growth is not only good capital management.
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The thought of making big Money entices you to start your own business but having good marketing and communication to compliment that .
Successful entrepreneurs listen .
Their results are measurable .
The unsuccessful business man assumes and makes decisions based on his feelings and opinions. .
Entrepreneurship is not a get rich scheme . As a matter of fact very few people with the get rich quick mindset stick around long enough to see any growth
In their minds it’s about what they can get not what they can give.
Entrepreneurship is mindset and action more than it is anything else.
Some people view business ownership as a status.
People aren’t going to buy from you just because you own a business .
As an entrepreneur you have to involve the people in the process if you want a thriving business.
It all starts with mindset and intent .
You might be in business to get rich but your competitors might be in business to bring value.
The person bringing value to the table is far more likely to succeed .
The landscape is flooded with businesses Businesses so it’s is nothing new and it comes with great responsibility .
If you are into business you have to think of others .
Wanting to get rich is not a good reason to start a business because you will give up easily the minute you feel that money isn’t coming in fast enough.
The key to growing is by enriching your customers and the market with value.
Enrich others with value and solutions to enrich your business.
As an owner responsibility grows because now you have employees and customers to manage.
Abd when you do start selling there are risk involved .
Here below is a list of things you have to deal with
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Customer complaints
Returns
Budgets
Materials and supplies
Pension payments
Bonuses
Debt
Investing
Impairment charges
Provisions
Taxes
Lawsuits
The list just continues to go on but don’t be intimidated .
There are skillsets you will learn as you go .
I just want to make sure that you aren’t tricked into thinking entrepreneurship is a walk in a park.
It is very challenging but the reward Is well worth it .
The upside of the enterepreneurual journey is that there is no salary cap.
Employees have a salary cap .
Entrepreneurs answer to clients and negotiate .
You can do as you want with your time though but not the people .
Entrepreneurs take on the bulk of risk .
They negotiate
manage capital
purchase inventories
manage payroll and more .
Being able to manage money is not the only piece to the puzzle.
Poor communication and marketing can kill a businesses growth .
Focusing on sales services and products without involving the people is a recipe for disaster.
Look at Apple.
1 They are intune with the people
2 They are innovative
3 Their brand is trusted
4 They offer quality products
Conclusion
Before you decide to the market you should know or have an idea of what solutions that are not going dealt with .
It’s all good having a business plan but a business plan cannot prepare you for a change in the way people spend their money. Listening and staying intune will.
What your reason for starting a business?
Comment loud and clear for me .