Most new businesses will fail and that is a statistically proven fact. That should not prevent an entrepreneur from commencing a new business because even if the new business does fail there will be lessons that can be learned from it. If you count yourself among people who want to fail, here are some suggestions for how you are able to do a better job of staving off success and ensuring absolute failure till you die. However if you want success... there are some tips for that too.
While most books are for people who are interested in bettering their lives, I’m aware that several are committed to the contrary path. These people by choice decline steps that would lead to measurable advances. They prefer that everything fails — for as long as possible.
Occasionally they screw up and accidentally do something correct. They’re commonly able to countermine these unwanted successes in short order, however they like it best when they may prevent these favorable experiences from ever occurring in the first place.
Mistakes are made by us all and if a mistake is made in business we can learn from it and ensure that in the next venture it doesn’t happen again.
Three basics lessons can be taught about business failure and what is learned should be applied to a new business to improve its chances of not failing. The lessons are common sense and simple and probably because of that they work.
The first lesson is to work to make the business supports itself. A business is just a hobby until it makes money. Making money means cash in hand after all expenses and capital outlays have been accounted for.
Do not pour money into a new business and keep feeding it cash hoping it will magically become a business – it will not and your business will fail.
Lesson two is all about focus. Lack of planning can mean no goals and no business focus. Flexibility is essential to running a successful business but so is focus.
The business should not enter into extraneous distractions which could devastate productivity and profits. The three main things that a business must focus on is its mission, its message and its market.
Most importantly the final lesson teaches us that the head of the business must lead the staff or tribe. Effective leadership has to be shown.
To succeed in business you must focus, like a bulldog, on your mission and your message and be sure to lead your tribe.