What To Learn From An Unsuccessful Business
Loyalty to Success, Not Product
Virtually every entrepreneur experiences failure, sometimes on a massive scale in financial terms, during their careers. In fact, not being risk-averse is probably one of the single biggest differences between entrepreneurs and ‘ordinary people’ - so fears of failure, looking foolish and standing out from the crowd are usually not major problems for such individuals. More importantly, what experienced entrepreneurs learn (hopefully early on in their careers) is that their loyalty is not to a specific idea, product or service but rather to their own success (within ethical boundaries, of course). Typically amateur entrepreneurs get too emotionally attached to their ‘big idea’ and when it fails, they borrow big in the hope of turning around their failed dream. Sadly, the inability to ‘let go’ of that failing idea can cost them and even their families a great deal in financial and emotional terms. After all, the statistical reality is that most new businesses and new business ideas fail so if an entrepreneur expects and is emotionally prepared for a relatively high degree of failure (while keeping the financial downside to an absolute minimum at all times) then they are much more likely to survive ‘in the game’ until that winner is found.
Watching the numbers
Being the dreamers that they are, entrepreneurs tend to live in a world of ideas, new projects and innovation. Unfortunately, that also means that they tend to not like the world of numbers, business metrics, Excel spreadsheets and hard-headed accounting thoroughness. Yet without that ruthless focus on the numbers behind a potential business, the likelihood of failure is much greater (get your sittercity promo code here). Knowing and researching the numbers may not be ‘sexy’ or ‘exciting’ but all too often can literally be the difference between success and failure.
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Few businesses can succeed without great staff. But with awesome staff, a (new) business can flourish at an extraordinary rate. But there’s a problem. Just as most business ideas fail and most new businesses don’t make it, great staff are in the minority and not that easy to find. One good axiom to follow in recruitment is that ‘smooth talkers are rarely smooth doers and smooth doers usually are not smooth talkers’. Basically what that means is that potential workers who are very good at selling themselves may not be very good at actually doing the work. On the other hand, those that lack a charismatic, social and appealing personality may actually be very good at getting things done. The other important note about recruitment is to not rush it and take time when sifting through candidates (edi software). Getting the shortlisted candidates to undertake mini-projects wherein they have to document their exact work process can also be very enlightening in the sense that it’s not just ‘what’ they produced but ‘how’ and therefore seeing their problem-solving and lateral-thinking ability.
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Systems and Blueprints
Virtually every successful business in the world uses proven, battle-tested systems, blueprints and checklists (this website has Deluxe Checks Coupon deals). McDonald’s is a great example of a completely systematised business wherein newcomers to the business are quickly taught the exact step-by-step procedures expected of their position. That’s very powerful as most floundering businesses probably have no documented checklist of steps or detailed blueprint to follow in the various parts of the operation. Ideally, such blueprints or checklists will have years of valuable experience, industry best-practice and expert input factored into them in a way that eliminates potential bottlenecks and troublespots and maximises opportunities. The more such blueprints are fine-tuned (over time), the more likely a business is to succeed, especially when it comes to integrating new staff members into an existing -business.
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Research Not Rush
The entrepreneurial personality type is one that can be pretty impulsive and quick to act. Let’s take the example of someone who wants to be a property developer and identifies a cheap derelict old house coming up for auction. In theory, the low purchase price offers the opportunity for a handsome profit. Seeing such an ‘amazing’ opportunity, our young example entrepreneur – let’s call him Steve - buys the super-cheap derelict house without having properly researched all of the potential traps (http://californiainjuryaccidentattorney.co). For example, Steve was so busy with all his entrepreneurial projects that he didn’t actually view the house before buying and just went by the details in the catalogue (it happens a lot with auction properties).
After Steve buys the house (with a loan from his retired father because property auctions demand cash buyers usually), he drives over to check out his new money-making ‘goldmine’ and finds that it is in the same street as a chicken processing plant and there is a rotten stench in the air. Buyers of a renovated property won’t like that much. Hmmm. Steve also finds out that the house has a major subsidence issue due to a broken drain near the house which will cost a lot to fix. Damn. And the government is planning to build a new freeway very close to the back fence – they won’t buy him out at a profit, they’ll just build the freeway right on the back border of his property. The noise levels will be horrendous, especially with all the chicken delivery trucks using it to reach the stinking plant down the street. Whoops. Now in this case, some exaggeration is obvious but the point is that simple research can save hideously expensive mistakes (see the best Zagg Discount Code here). Buyer beware indeed.