This article is really going to be personal and very touching. Why? It is going to be so because as you read it, you will be forced to take a look at your life. In life, many entrepreneurs fail to succeed in business. Even with the best economic policy and the right market or product, they still fail to succeed in business.
The fault lies neither in the economy nor the product but in you the entrepreneur. I am going to reveal 3 fundamental reasons why entrepreneurs fail to succeed in business. These 3 reasons are just minor extracts from the 13 reasons published on my blog. You can go to my blog to read the full version. Below are the 3 reasons entrepreneurs fail:
1. Lack of a well defined purpose:
This is a major reason why entrepreneurs fail. I have come across entrepreneurs without personal purpose, not to talk of their business purpose. They have no dream, no mission, and no target. This type of entrepreneur wakes up in the morning and say "let me go out and see what today holds for me." They have no set goal.
If you take a closer look at these entrepreneurs, you will observe that their life is driven by fate. They believe in luck and simply takes whatever comes to them with this sentences "such is life" or "life is unfair." They have lost control of their destiny.
I have a friend who happens to be an entrepreneur. He plays the lottery weekly, hoping to hit millions one day. He goes to his business daily hoping that one day; he is going to make a kill.Now he has faith that he is going to make it in life but the problem is that his faith and hope are channeled in the wrong direction. The truth is this; this kind of entrepreneur is never going to succeed in business but anyway, i wish him the best of luck.
2. Inability to aim above mediocrity:
Entrepreneurs with this type of attitude are better than those without a well driven purpose. But the problem with this class is that they fail to aim above mediocrity. These groups usually take the bold step to set goals but they set small goals.
They set goals they know they can achieve easily. They don't want to stress themselves. An example of such is an entrepreneur with a current year turnover of $1,000,000, setting the goal of achieving a turnover of $1,200,000 in the coming year. Now what stops this entrepreneur from setting a turnover goal of about $2,000,000 - $2,500,000? The reason is mediocrity. They don't want to pay the price for success.
3: Lack of self discipline:
This is another hot reason why entrepreneurs fail to succeed in business. The worst thing about an entrepreneur that lacks self discipline is that there is no remedy. He can never succeed in business even when placed in the best economy. Self discipline is self control and it results fro self imposed personal standard.
In conclusion, don't just read this article and dump it. Instead, read it and analyze your life to see if you possess any of these traits. Do this and i will see you at the top.
Tuesday, October 20, 2009
Saturday, October 10, 2009
How Personal and Social Development Can Help You Build A Successful Business.
With a title like this, i bet you will be trying to figure out what personal development and social development has to do with business. I want to let you know they have everything to do with business. The business world is not your entire life, as much as it may seem to be. Many entrepreneurs tend to be so immersed and dedicated to running the affairs of their business that they forget other aspects of their life.
The earlier you come to acknowledge that your business is but one aspect of your life that also includes friends, family, personal needs and issues, the better for you. The only way to achieve success in your business is by succeeding in the personal and social development of your life. A balance must be struck between the three. True success cannot be achieved in one area of your life and not another. This is how personal development, social development, and business development are all linked together.
Personal development is simply how you handle your life, thoughts, feelings, emotions, and reactions. Personal development techniques include goal setting, changing to a positive mind set, and learning to deal with all situations in a positive manner. These skills will transfer to the workplace in business development. Without goal setting, stress management, time management skills, and positive thinking, it is not possible an entrepreneur to build a successful business.
Social development on the other hand is simply how you relate with people. People skills and social development are vital key points in any successful business development plan. Their importance can never be over emphasized. As an entrepreneur, your interaction with employees, your investors, and your customers, clients, or prospects is just as important as your actual work performance. Social development skills include situation management, public relationship, problem solving, dispute resolution, and communication skills. Without proper social development, a successful business can never be built.
Besides helping with your business development, personal and social development will also affect the way you run your personal life. Through personal development skills such as time management and organization, you will be able to manage your finance and household more efficiently. This will enable you enjoy the fruits of your labor. Social development will also help you develop stronger relationships with your friends and family, and gain more support from these groups than you ever have through improved communication skills.
Unfortunately, just as there are obstacles to business development, there are also obstacles to personal and social development which i will like to point out. But all in all, by developing your personal, social, and business skills, one will undoubtedly resolve the others. For example, if your business development is hindered by a lack of support, working on social development skills like communication can gain you the support you need from friends and family. If you have trouble developing social skills due to hindrance by past events or criticisms, then you can focus on personal development by changing your mind set.
In conclusion, success in business as an entrepreneur is dependent on your ability to strike a balance between personal and social development. Since your ultimate goal is to become a successful entrepreneur and a big business owner, personal and social development will help you realize your goals and ultimately become the successful entrepreneur you have always dreamt of. See you at the top.
The earlier you come to acknowledge that your business is but one aspect of your life that also includes friends, family, personal needs and issues, the better for you. The only way to achieve success in your business is by succeeding in the personal and social development of your life. A balance must be struck between the three. True success cannot be achieved in one area of your life and not another. This is how personal development, social development, and business development are all linked together.
Personal development is simply how you handle your life, thoughts, feelings, emotions, and reactions. Personal development techniques include goal setting, changing to a positive mind set, and learning to deal with all situations in a positive manner. These skills will transfer to the workplace in business development. Without goal setting, stress management, time management skills, and positive thinking, it is not possible an entrepreneur to build a successful business.
Social development on the other hand is simply how you relate with people. People skills and social development are vital key points in any successful business development plan. Their importance can never be over emphasized. As an entrepreneur, your interaction with employees, your investors, and your customers, clients, or prospects is just as important as your actual work performance. Social development skills include situation management, public relationship, problem solving, dispute resolution, and communication skills. Without proper social development, a successful business can never be built.
Besides helping with your business development, personal and social development will also affect the way you run your personal life. Through personal development skills such as time management and organization, you will be able to manage your finance and household more efficiently. This will enable you enjoy the fruits of your labor. Social development will also help you develop stronger relationships with your friends and family, and gain more support from these groups than you ever have through improved communication skills.
Unfortunately, just as there are obstacles to business development, there are also obstacles to personal and social development which i will like to point out. But all in all, by developing your personal, social, and business skills, one will undoubtedly resolve the others. For example, if your business development is hindered by a lack of support, working on social development skills like communication can gain you the support you need from friends and family. If you have trouble developing social skills due to hindrance by past events or criticisms, then you can focus on personal development by changing your mind set.
In conclusion, success in business as an entrepreneur is dependent on your ability to strike a balance between personal and social development. Since your ultimate goal is to become a successful entrepreneur and a big business owner, personal and social development will help you realize your goals and ultimately become the successful entrepreneur you have always dreamt of. See you at the top.
15 Crucial Questions You Must Answer Before Buying A Business Franchise.
In recent times, franchise businesses such as Wendy's, Pizza Hut, Burger King and McDonald's are booming. The entrepreneurs setting up franchise ideas and businesses have really discovered a gold mine and they are really promoting the idea vigorously.
Now buying a franchise is buying a business, so capital is going to be involved. I want to take you through a checklist of questions you must answer before buying a business franchise. So you won't bite your finger in regret.
Some business franchises are very good. They treat both the franchisor and the franchisee well. Others are one sided. But most of them are total rip offs because they make you pay ten to fifty times the actual value of the business idea, equipment, or whatever it is they are trying to get you to buy.
Before buying a business franchise, you should examine everything carefully, from the documents and paper work to the product. Infact, scrutinize everything. To help you out, i have prepared a list of questions you should ask and answer satisfactorily before buying a business franchise.
1. Has your attorney examined the business franchise contract, discussed it with you, and do you both approve it without any hesitation?
2. Does the business franchise require you to do anything or take any step that is illegal, questionable or risky in your city, state or country?
3. Does the business franchise give you an undivided territory for the duration of the franchise period, or can the franchisor sell a second franchise in your territory?
4. Is the your franchisor linked in any way with any other franchise company operating related products or services?
5. If your answer to the above question is yes, what is your guard against the second franchising company?
6. Under what conditions can you end the franchise contract, and at what cost will it be to you?
7. If you sell your franchise, will you be compensated for your helpfulness or will it be a loss to you?
8. How many years has the company offering you the business franchise been in operation?
9. Does the company offering you this business franchise have a status for honesty and fair dealing among its franchisees?
10. Has the franchisor shown any confirmed figures indicating exact profit of one or more of its members, and have you personally checked the figures with these franchisees?
11. Will the franchisor provide you with a management training program, an employee training program, public relations and advertising program, credit facilities and merchandising ideas?
12. If needed, will the franchisor help you in finding a fitting location?
13. Is the franchising company strongly financed so that it can carry out its stipulated plans?
14. Does the franchisor have experienced management?
15. What can the franchisor do for you that you cannot do for yourself?
These are 15 crucial questions you must answer before buying a franchise business. Let me share 3 more franchising tips with you as bonus.
16. Has the franchisor scrutinized you carefully enough to be certain that you can successfully operate a business and generate profit for both of you?
17. Does your state have a law regulating the sale of franchises?
18. If yes, has the franchisor complied with that law to your satisfaction?
19. How much equity capital will you need to purchase the franchise and operate it until your income equals your expenses?
If you can answer these questions satisfactorily, then you are on your way to buying a good business franchise. But if you are in doubt with any of these points, be sure to check it out and know the answers before you invest or sign anything.
Buying a business franchise can give you a degree of security, and in some cases, sure-fire profits. Business analysis surveys show that less than 20 percent of all franchised businesses fail. This is in contrast with a 60 to 80 percent failure rate for all new businesses started each year.
Information regarding specific franchising ideas can be found in the franchising directories, which are generally available at the local library. Often there will be a notice posted in franchise outlets themselves.
You can also purchase business books and guides that will help and give you more insight in buying and building a successful business franchise.
If you can afford the capital involved in buying a business franchise, statistics are on your side. You are now armed with some CAUTION and STOP and GO signs!
Now buying a franchise is buying a business, so capital is going to be involved. I want to take you through a checklist of questions you must answer before buying a business franchise. So you won't bite your finger in regret.
Some business franchises are very good. They treat both the franchisor and the franchisee well. Others are one sided. But most of them are total rip offs because they make you pay ten to fifty times the actual value of the business idea, equipment, or whatever it is they are trying to get you to buy.
Before buying a business franchise, you should examine everything carefully, from the documents and paper work to the product. Infact, scrutinize everything. To help you out, i have prepared a list of questions you should ask and answer satisfactorily before buying a business franchise.
1. Has your attorney examined the business franchise contract, discussed it with you, and do you both approve it without any hesitation?
2. Does the business franchise require you to do anything or take any step that is illegal, questionable or risky in your city, state or country?
3. Does the business franchise give you an undivided territory for the duration of the franchise period, or can the franchisor sell a second franchise in your territory?
4. Is the your franchisor linked in any way with any other franchise company operating related products or services?
5. If your answer to the above question is yes, what is your guard against the second franchising company?
6. Under what conditions can you end the franchise contract, and at what cost will it be to you?
7. If you sell your franchise, will you be compensated for your helpfulness or will it be a loss to you?
8. How many years has the company offering you the business franchise been in operation?
9. Does the company offering you this business franchise have a status for honesty and fair dealing among its franchisees?
10. Has the franchisor shown any confirmed figures indicating exact profit of one or more of its members, and have you personally checked the figures with these franchisees?
11. Will the franchisor provide you with a management training program, an employee training program, public relations and advertising program, credit facilities and merchandising ideas?
12. If needed, will the franchisor help you in finding a fitting location?
13. Is the franchising company strongly financed so that it can carry out its stipulated plans?
14. Does the franchisor have experienced management?
15. What can the franchisor do for you that you cannot do for yourself?
These are 15 crucial questions you must answer before buying a franchise business. Let me share 3 more franchising tips with you as bonus.
16. Has the franchisor scrutinized you carefully enough to be certain that you can successfully operate a business and generate profit for both of you?
17. Does your state have a law regulating the sale of franchises?
18. If yes, has the franchisor complied with that law to your satisfaction?
19. How much equity capital will you need to purchase the franchise and operate it until your income equals your expenses?
If you can answer these questions satisfactorily, then you are on your way to buying a good business franchise. But if you are in doubt with any of these points, be sure to check it out and know the answers before you invest or sign anything.
Buying a business franchise can give you a degree of security, and in some cases, sure-fire profits. Business analysis surveys show that less than 20 percent of all franchised businesses fail. This is in contrast with a 60 to 80 percent failure rate for all new businesses started each year.
Information regarding specific franchising ideas can be found in the franchising directories, which are generally available at the local library. Often there will be a notice posted in franchise outlets themselves.
You can also purchase business books and guides that will help and give you more insight in buying and building a successful business franchise.
If you can afford the capital involved in buying a business franchise, statistics are on your side. You are now armed with some CAUTION and STOP and GO signs!
3 Guaranteed Business Growth Strategy You Can Use To Sustain Your Business.
Every entrepreneur desire growth in his/her business. Every business need to grow, and sustained growth is the dream of every committed business owner. Starting a business is one thing, growing the business is another thing but sustaining the growth and staying ahead of competition is another game entirely.
Without wasting much of your time, join me as i unleash to you five business growth strategy you can apply to your business:
1. Do Your Best To Preserve Your Customer Base: You know how difficult it is to find a new customer. I am always an advocate of keeping your existing customers happy by any means necessary. You can sustain your business growth by enticing your existing customers and developing more complex relationship with them. This will make it difficult for them to switch to your competitor. I feel this is the most important business growth strategy you can employ.
2. Do All You Can To Increase Your Market Share: Always give your customers a reason to come back. Try to be the best to your customers and encourage them to tell their friends about your business. Attracting customers away from your competitors can prove to be tough, so you must apply every weapon in your arsenal to give any new customer the best you can. Offering higher value and quality service is essential at this point in time. If you want to sustain your business growth, you must strive to increase your market share.
3. Exploit Market Trends: Of all business growth strategy i am sharing today, this strategy can make or break your business. You must keep your eyes and ears open to take advantage of any available industrial trend. This can be achieved by monitoring the industry for changes in buying criteria, product or service innovations and population trends. Trend is your friend, never resist change. Instead, be quick to adapt to change. This can be a competitive advantage for you.
4. Keep Your Eyes Open For New Business Opportunities: Being an experienced entrepreneur, i can confidently tell you that you can never talk of sustained business growth without having a diversification plan. Few years ago, a mentor of mine went to replenish his stock. He actually had in mind to buy his regular goods of motor parts but on getting to the marketplace, he discoverage that there was shortage of motorcycle parts. He carried out preliminary feasibility and found out that motorcycle parts scarcity was impending. Though not a motorcycle parts dealer, he invested all the money he had budgeted for his motor parts into buying motorcycle parts. He was not a motorcycle dealer, he was not experienced in that field but he took the risk and invested all he had into purchasing motorcycle parts. The business bombed and he made millions. Today, this friend of mine sits atop a conglomerate. The lesson from this story is you must keep your eyes open and be prepared for opportunities when it comes.
5. You Must Have A Diversification Plan: This is the last business growth strategy i can share with you for now and it is as important as the others. When you have made it in an industry or you feel your market is saturated or has grown too competitive. Don't hesitate to diversify. Diversifying into other industries will help sustain your business growth. When developing business growth strategies and plan, always remember to include a future diversification plan.
If the five growth strategies prove too tedious to apply, then try implementing at least three of it. In conclusion, I wish you the best of luck as you strive to grow your business. Good Luck.
Without wasting much of your time, join me as i unleash to you five business growth strategy you can apply to your business:
1. Do Your Best To Preserve Your Customer Base: You know how difficult it is to find a new customer. I am always an advocate of keeping your existing customers happy by any means necessary. You can sustain your business growth by enticing your existing customers and developing more complex relationship with them. This will make it difficult for them to switch to your competitor. I feel this is the most important business growth strategy you can employ.
2. Do All You Can To Increase Your Market Share: Always give your customers a reason to come back. Try to be the best to your customers and encourage them to tell their friends about your business. Attracting customers away from your competitors can prove to be tough, so you must apply every weapon in your arsenal to give any new customer the best you can. Offering higher value and quality service is essential at this point in time. If you want to sustain your business growth, you must strive to increase your market share.
3. Exploit Market Trends: Of all business growth strategy i am sharing today, this strategy can make or break your business. You must keep your eyes and ears open to take advantage of any available industrial trend. This can be achieved by monitoring the industry for changes in buying criteria, product or service innovations and population trends. Trend is your friend, never resist change. Instead, be quick to adapt to change. This can be a competitive advantage for you.
4. Keep Your Eyes Open For New Business Opportunities: Being an experienced entrepreneur, i can confidently tell you that you can never talk of sustained business growth without having a diversification plan. Few years ago, a mentor of mine went to replenish his stock. He actually had in mind to buy his regular goods of motor parts but on getting to the marketplace, he discoverage that there was shortage of motorcycle parts. He carried out preliminary feasibility and found out that motorcycle parts scarcity was impending. Though not a motorcycle parts dealer, he invested all the money he had budgeted for his motor parts into buying motorcycle parts. He was not a motorcycle dealer, he was not experienced in that field but he took the risk and invested all he had into purchasing motorcycle parts. The business bombed and he made millions. Today, this friend of mine sits atop a conglomerate. The lesson from this story is you must keep your eyes open and be prepared for opportunities when it comes.
5. You Must Have A Diversification Plan: This is the last business growth strategy i can share with you for now and it is as important as the others. When you have made it in an industry or you feel your market is saturated or has grown too competitive. Don't hesitate to diversify. Diversifying into other industries will help sustain your business growth. When developing business growth strategies and plan, always remember to include a future diversification plan.
If the five growth strategies prove too tedious to apply, then try implementing at least three of it. In conclusion, I wish you the best of luck as you strive to grow your business. Good Luck.
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