As a newbie and upcoming entrepreneur, chances are that you will be optimistic about your business growth, expecting it to show up in the nearest possible time.
You dream of building the huge business empire from scratch enterprise, in optimism you will get there but sadly everyday seems to be the same. Getting clients seems like lifting up 500lbs weight. Taxes and rates, employee wages, mortgage and other things eat up the whole revenue and at the end there’s nothing left but peanuts.
Now what if I actually show you where you are erring and support you with some tips to help you improve the success in your small enterprise. Sounds good doesn’t it?
# 1 You know little about managing money and income
As an aspiring CEO and company builder, this is one of the skill you shouldn’t joke with. Money comes in and money goes out, but it is important that it goes in the appropriate way. You don’t want your business to liquidate and your dream of being that CEO die do you?
If you can’t manage money, then sorry you wouldn’t be able to manage a business, hiring people who know about it will rather make you incur more expenses which isn’t advisable.
You can take part in part-time courses where you will be taught the basics of money management.
# 2 You just have no skill in raising revenue
When you know how to manage money then you will begin thinking of ways to maximize the one you already have.
Building an enterprise isn’t that easy may be portrayed by some gurus who will advise you to quit your 9-5 and become an entrepreneur as if it is that easy. You have to think and take decisions, sometimes they will be favourable and sometimes they fail and you learn from your mistakes which will make you more better.
# 3 You begin thinking of giving up too early
Report shows that most failed enterprises owners abandoned them when the revenue wasn’t coming as expected.
Don’t be a failed MD my friend, be passionate about what you do and put in time coupled with patience to see yourself succeed. The truth is feeling depressed and seeing your business as a failure won’t do you any good but rather impact negative thoughts on you. Rather check out where you are lacking and try to work on those areas, no success story is a smooth one.
# 4 You aren’t productive
Just like I told you before. As an entrepreneur you have to own an initiative mind, you have to set business goals, try reaching your goals and if you fail, track your failure and work on them to achieve positive results.
# 5 You haven’t engaged yourself with like minds.
Associating with the entrepreneurship types is not only necessary but compulsory. It is advisable to engage yourself with entrepreneurs and see how you can make as many entrepreneur friends as possible as as this will boost your business success.
Reasons being that:
* They’ll gladly share what they know with you
* You will actually learn from their mistakes
* They may be some successful ones and listening to their story will rather motivate you
* You will learn how to overcome negative that thoughts
Try making friends with successful entrepreneurs and see how it will impact you positively.
# 6 You keep hiring ineffective employees
Now, I know you weren’t paying attention to your employees. “If he’s got the grades, then it’s okay” I hear you say. Grades has got nothing to do with your business success. As an employer, there are some qualities I’ll advise you seek before hiring the next dude as an employee of your firm.
Some people are very passionate about some fields and enjoy working there. People are different, some are passionate about computers, some playing musical instruments, some dancing etc. It is advisable you find someone with similar passion to what your firm does before hiring as this will yield better result and also business success.
# 7 You know nothing about bringing new people into your team
I have always said it as a young M/D you are expected to possess many skills if you want your business to succeeded. Recruiting new people into your team isn’t something you should take for granted.
You should be ready to show the new hands how your business works and how they can help your enterprise grow which is actually the reason you are hiring them.
Try setting up incentives or monetary compensation for employees who reach a goal and see how it would boost your employees performance.
# 8 You aren’t going online yet
So you don’t know many people are becoming aware of the internet even in developing countries? You should simply use the internet to boost your sales.
There are many digital marketing firms around which you can learn about creating a website for your business, setting up basic SEO (search engine optimization) and increasing the sales.
There is a potential on the internet to boost your business fortune and also bring the targeted audience to patronize your products or service.
# 9 Your inability to spot the changes
There is boom in business when you stay up to date with the latest trends and happenings. You can’t expect a strategy that worked 10 years ago to still be 100% effective today, chances are that it will be less effective or not effective at all.
# 10 You don’t know how to deal with failure
As a business builder you should always expect failure, in fact you should be happy when you come across one. Keep in mind that failure is necessary so as to make you learn from mistakes.
Know that not all projects embarked on will be a success, some may fail and the capital lost, always have it at your mind that no successful business became successful straight away, they also passed through failure.