5 Things That Can Take You Out of Any Business
The importance of business seminars can never be over-emphasized, as they give us intensive exposures to topics of interest, teach us about the latest methods of networking, provide an opportunity to learn from the experts, make connections and learn about our industry.
There we are taught that to keep your business afloat and ensure its steadfastness in remaining a going concern, we must strive to diversify our customer base, avoid a declining gross margin, see to a balanced account, study our competitors, etc.
The above has been tested and proven by the best in different business spheres to ensuring a smoother sail of a business ship, but what they may not tell you is how to combat the fair share of internal battles every burgeoning business owner must fight.
And not just fight, but win, to avoid joining the statistics of the 80% of businesses which burn out after just a couple of years.
Beyond the physical and practical steps necessary to be taken towards the growth of your business, research has shown that a good part of what is required for the running of a healthy business is internal.
This ranges from our mindset to our attitude, our habits, our conscious and subconscious disposition towards our self and our business, etc.
When I began freelance writing, I experienced so many setbacks which made me run back to people who had been in the industry longer than I have for questions and clarity.
But all I got were steps to take in carving my niche, discovering myself better, gathering a wider audience through different platforms, etc.
However, very few had answers to questions arising from the emotional and mental struggles birthed by my sudden detour. I had to personally walk through them one at a time before I could find my footing, these experiences, and state of affairs are what irrespective of your business type and the physical and practical input to it, can successfully put you out of business faster than anything.
IMPATIENCE:
It is the natural desire, aspiration, and hope of every man to succeed at what they do. Every man wishes to wake up in the morning and read about himself in the papers to have risen to become the 3rd richest man in the world. This inherent passion is a powerful force latent with the ability to push us forward to take every necessary step towards the advancing of our business.
However, this desire when in excess and unchecked and not surrounded by a commensurate visible and encouraging result, turns around to produce a bitter business enemy called impatience.
This is the timekeeper that reminds you that others have all gone ahead of you. It becomes that feisty voice yelling at you to see how slow progress you are making. It becomes the mirror that reflects only how little you are in comparison to your supposed mates. Keep up at this, and you will soon make the bankruptcy declaration.
MINDSET:
Even an investment by the World Bank into your business and a step by step adherence to every business strategy cannot keep your business from taking a nose dive if your mindset towards your business is negative.
If success begins in the mind, it follows therefore that failure begins also in the mind. When your mindset towards your business is negative, it is invariably reflected in your attitude and dispositions towards it. These likewise send negative vibes to your business which will suck the life out of it and shut it down.
EXCESS PASSION:
We are all aware of the difficulty and ineffectiveness of conducting a task without passion. Well, worse still is the harm that excessive passion can do to your business. You can be too passionate about a particular arm of your business that you neglect the various other important aspects of it.
Passion for your business is of the essence, but too much of it will confirm the proverbial adage that too much of everything is bad.
LACK OF EXPERIENCE:
Rarely do you find men naturally born with the know-how on how to run a business? No matter how natural the knowledge of your business comes to you, you still had to go and learn more about your trade.
Likewise was no man was born with experience on any subject. Experience is what you have to learn from experiences itself. They are what give you the solid foundation upon which you can stand at moments of adversity.
As a result, if you fail to garner your own fair share of experiences as regards your trade, then you will be closing it up soon along with every theoretical knowledge you had before now.
COMPLACENCY:
Many business owners begin to get complacent once the business is up and running. But that is however when you need most to work hard. It’s like a reptile that creeps in when you least expected it, therefore you have to be watchful and fight it once you see it rear Its head.
Take care of these five factors in addition to what our great predecessors have taught us in our business seminars, and you would be well off on your way to success.
