4 Subtle Enemies That Will Kill Your Business10:08 AM
One universal truth is "success brings enemies". Whether you doing job or running your own business , You'll face plenty of en...
One universal truth is "success brings enemies". Whether you doing job or running your own business, You'll face plenty of enemies as you chase after your dream. Successful people have enemies more than the unsuccessful person. According to a survey, 7 out of 10 companies disappear during the first 5 years of their startups.
Entrepreneurial success killer will try to destroy your career. You have to handle everything carefully, take challenges and be successful entrepreneur.
However few of these articles usually speak of certain elements or circumstances that destroy your dreams of entrepreneurship. Something that we could mention as the enemies of the entrepreneur.
"The certain elements or circumstances that destroy your dreams of entrepreneurship." TweetIn the US, the odds of a company subsisting during the first year are approximately 65%, i.e there is a high probability of failure. The probabilities of failing increase as the years pass since of every 10 companies, 7 disappear during the first 5 years.
Why this phenomenon? What are the enemies of entrepreneur to overcome?
Problems with partners
Much of the problems of entrepreneurs have to do with partners; When a project does not have a clear outline of participation, profit sharing and the role of partners, conflicts begin to be part of everyday life.
The company is not just numbers, it is also spirit and attitude of triumph. So perhaps one of the most important decisions of the entrepreneur is to know how to choose their partners.
How many stories we know of companies where only one of the partners seeks to position and grow the business project.In addition to this, if we add that 65% of SMEs in US & Canada are family industry, we are faced with a complicated scenario in which the entrepreneur can be immersed in both personal and family conflicts, which in the long run generates an extra battle in Your way.
Also read: 10 Common traits of successful entrepreneurs
Most economic projects come up with an idea; This idea in the vast majority of cases needs capital to be able to develop, which in turn generates the need to seek to finance.
And since the entrepreneur is not all-rounder and has no knowledge about the operation of bank loans, he usually chooses the option that seems to him the simplest, this lack of knowledge is the generator of economic problems that slowly eat up the company And that, in the end, have a fatal outcome in our projects.
"The worst enemy of business success is procrastination." TweetOn several occasions in which I have been attending the meetings and forums that are organized for entrepreneurs, I usually listen to projects in which the human capital needed is enormous, and when this is reflected in numbers we are faced with a monstrous payroll that also Will generate expenses and will end up causing you to request loans again, saving the flow of money.
So says Jeff Bezos, founder of Amazon:
"If in the beginning, you can't feed your team with 2 pizzas, it's too big."Unfortunately, there are many entrepreneurs who often draw up projects that are too ambitious, which generates huge loans; The result is easy to predict in a few months the project will be costly and therefore will have to close its doors.
Lack of business vision
How many times have we heard a friend or family member say what or what project is a big business; How many times have we heard or seen in newspapers, magazines or internet articles that tell us about the benefits of some projects, and even gets to ensure immediate success in some investments.
Says Charlie Munger of Berkshire Hathaway: "Never play games you do not understand, even if you see a lot of people making money on them."Undoubtedly this is the total part of the company; On many occasions we want to start projects of which we do not have an idea of how they work, what are their strengths, weaknesses or what future they may have; We usually only look at the image projected by the owners or partners of some companies, thinking that just by entering their market we will be identical in image and likeness.
If you are planning to run a business where you have never been or only have a vague idea of how it works, you are in error.
Be careful of those sirens that usually tell you great successes and that arousing your greed assure you great profits; The world of the entrepreneur is slow and maybe for some years do not see a penny of profit.
Make a project in which you have an important knowledge of it, no matter that it is trite or that there are many such, there are always greater chances of succeeding in a place that you know.
Administrative, accounting and labor knowledge
The management of a business or company is everything; We can not think of a winning project if we are not well advised; Says Ingvar Kamprad founder of IKEA: "The most dangerous poison for the entrepreneur is the sense of achievement.
The antidote is to think what you can do to make it better tomorrow. " How often do we close a council or advice? How often do we fall into the pride of thinking that we know from A to Z a business? How many times do we think that nobody can come and tell us what to do in a project that we started ?.
For this reason, the entrepreneur must always be a sponge capable of absorbing any knowledge that is presented to him day by day; And for that, it requires to be advised.
Many are the cases where ignorance about taxes ends up burying a big project or that of those problems that arise due to the ignorance of the work environment which reduces the productivity by decimating the possibilities to grow.
As for advice, I could tell you to approach the secretary of the economy as well as the various federal or state government agencies which can advise you on the documents and procedures necessary to start your business or project.
Finally, I would like to close this article with the following statement by Richard Branson. Founder of Virgin:
"You don't learn to walk by following the rules. You learn by walking and falling." TweetRecommended Article for you:
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