As the saying goes, “the best way to learn is to learn from failures” and if from other’s failures, then we are defending ourselves to fall.

“Business is an art as well as a science.”

It’s a matter of practical experience, judgment, foresight and luck. To be successful in business, the mastery is necessary in basics. Luckily, all business skills are learnable. One can learn anything which is needed to learn, from other’s failures or the obstacles they have faced in their journey. There are no limits–except the limits you place on your own imagination.

There are three major reasons why businesses fail: lack of money, lack of knowledge and lack of support.

So what are the essentials of business success? There are key areas of activity that determine whether your business will thrive or die:

1. Marketing- It is the backbone of every business, enable to determine and sell the right product to the right customer at the right time.

2. Finance- For every business, whether expansion budget or Working capital this pillar plays a vital role. There must be sufficient funds before launching any venture, “half investment is equal to high probability of failure”.

3. Production- The ability to produce products and services at a high enough level of quality and consistency over time.

4. Distribution- The ability to get your product or service to the market in a timely and economic fashion.

5. Research and development- The ability to continually innovate and produce new products, services, processes and responses to your competition.

6. Regulation- The ability to deal with the requirements of government legislation at all levels.

7. Labor- The ability to find the people you need, deal with unions, establish personnel policies, training and organizational development.

 

 

From the above list, we will now define some specific reasons for business success –

1. Solving a Problem – Having a product or service that’s well suited to the needs and requirements of the current market.
2. Business Plan – Developing a complete business plan before commencing business operations.
3. Market Study/Analysis – Conducting a complete market analysis before producing or offering the product or service.
4. Strategy -Thoroughly developing advertising, promotional and sales programs.
5. Financials – Establishing tight financial controls, good budgeting practices, accurate bookkeeping and accounting methods, all backed by an attitude of frugality.
6. Resources – Ensuring that there’s a high degree of competence, capability and integrity on the part of key staff members.
7. Responsibilities – Having good internal efficiency, time management, clear job descriptions, accompanied by clear and measurable output and responsibilities.
   
8. Effective communication – Among the staff and an open-door policy for managers, especially the business’s owner.
9. Focus – Generating strong momentum in the sales department and placing a continued emphasis on marketing your product or service.
10. Customer is the king – Making concern for the customer a top priority at all times
    Putting determination, persistence and patience at the top of the list on the part of the business owners.

    So now you know the essentials of business success and the factors responsible for the company’s growth and success !

    The above points are the experiences of the entrepreneurs who did not succeed in their Ventures, by focusing on the weaknesses an entrepreneur can succeed but for that the acceptance is needed.

    All the best !

 

@Igniting EntrepreneursOfficial