To be an entrepreneur means to live in insecurity, to walk on a twin edged sword, if you are successful, you struggle to maintain it. If you fail to take off then you struggle to make your vision and dream successful. Entrepreneurship offers limitless possibilities to grow but it is also very demanding in terms of dedication and hard work. To sum it up, in entrepreneurship either your efforts are in the right direction or they are in completely wrong direction.
The question is, “why do entrepreneurs fail?” the business they started was something they envisioned themselves, it was their baby, their dream. Sadly, there is no set formula for success in business. There are certain things though that if taken into consideration reduces the chances of failure in business. The readers might ask if this is a scare tactics, but no, my friend, I have written this so you, as an entrepreneur can avoid the mistakes that can prove costly.
People start business with one sole purpose – to earn money. If we look around us, we notice hundreds of products, do we need one more? The answer to this question lies in the value addition. If the products add value to the existing value chain, they are welcome and they will make a market for themselves, but what if the product fails to add value? Then it might have to struggle a lot to gain foothold in the market. As an entrepreneur, your focus must be on creating value and not profits.
Successful companies are successful innovators; the zeal to create something extraordinary that brings smiles to the customer will be rewarded even in a highly competitive business environment. The business will find it very difficult to survive if it does not solve the problems of the fellow humans. We don’t have dearth of such people who pursued their zeal with passion. Steve Jobs, Bill Gates are innovators whose products changed the dynamics of the market. Their passion to innovate made a fortune for them. If you are starting a business, ask yourself “what am I doing that will make the world a better place?” If you don’t get answer, it is time to retrace your steps and think again.
An entrepreneur is always keen to listen, to learn. He encourages the people around him to think out of box. He understands the reasons and necessities of failures, he is not intrigued by success nor does he feel dejected on facing the failure. Today’s new age entrepreneur must be disciplined, must seek new knowledge and hone his skills to remain competitive yet innovative to achieve what he deserves, success. These traits will salvage him from the risks associated with business world.