Let’s face it! Starting and running a small business is inherently risky. Number of things could go wrong at any point – you may run out of cash, another large competitor could move in your space, customers may not like your new product. The list can go on and on. According to SBA show that only 50% of new businesses survive 5 years or more. And yet, every year large number of entrepreneurs jumps in to try their luck. You do not have to be one of those 50% businesses that fall in the failure category. With proper planning and execution you can succeed in building a lasting business. Here are just a few ways to increase your odds of securing fame and fortune in the business world.
Know What You Want
Why are you going into business in the first place? What’s your primary goal? Some people want to change the world with their products or revolutionize the industry with their services. Others are simply looking to make a profit. There’s no right or wrong answer when it comes to your personal desires; just make sure you’re being honest with yourself about your intentions before you actually invest capital in them.
Learn How to Delegate
This is especially critical if you’re hiring employees or outsourcing some of your work load to others. You probably won’t have enough time to make every decision yourself, so you’ll want to hire others that you can trust to make these choices when you can’t. If you don’t respect them enough to complete these tasks, you shouldn’t have gone into business with them in the first place. Learning to delegate is probably one of the most important skills you need to learn as a business owner.
