Be it Small businesses, medium-sized businesses or even large businesses, it all doesn’t matter as any of these businesses are more than susceptible to one thing.
Failing.
This is a fact and the statistics prove it. Entrepreneurs and their businesses (online or not and regardless of size) are forced to close down or call it quits. The only positive thing that comes out from this is that we are able to learn from these people’s mistakes.
But as there are many reasons (and theories) to as why an entrepreneur’s business faces closure. Let’s bring out some common beliefs on what really is a business killer and see whether or not if it’s true.
The first belief is entrepreneurs fail because they lost did not stick to their long-term plan. This is true for small businesses however. For a small business, short term goals and results are more important than long ones.
This is because, small businesses usually have not much money to start out with.
Therefore there is not enough money to help sustain small businesses in the long run of things.
If you’d like to see your small business grow into a large one, a long-term goal and plan is more than necessary. But the trick here is to have your business operations based on short-term goals.
Another common belief on why entrepreneurs and their businesses fail is because entrepreneurs depend on only a small number of customers. This belief is true, but only if you have only 5 customers to start out with.
The internet is flocked full of potential prospects just waiting for you to come along with what you have to offer. But once thing for certain that everyone can agree is that, it’s always easier (time and money wise) to push your products or services to existing customers than it is to find new ones.
You should always keep finding new ways to bring in customers while at the same time, maintain a pleasant business relationship with your current ones. It’s a juggling act, but it’s something that will benefit you in the long run.
So how do you keep the customers happy? By giving them what they want right? So how do you go about doing that?
Ask.
Encourage them to provide feedback such as discussions, suggestions and comments.
The next belief is that entrepreneurs fail because the tend to “undercharge” their clients. Actually, “overcharging” your clients is like shooting yourself in the foot and overcharging is more likely to drive yourself out of business compared to undercharging them.
“Undercharging” has it’s advantages and place. For example, if you’re a start-up company and you have yet to build your reputation and credentials. The only way to do that is by having customers. And when they like what you have to offer, your reputation will go up. So what is the best way to ask prospects to give you a chance?
By offering services cheaper than what most are offering. People can’t resist a good deal (including myself) and if you’re cheaper or the cheapest one available, people will come flocking in and looking for you.
When you have a better reputation and have positive testimonials accrediting to your good name, only then can you afford to charge a little higher for your guaranteed quality services or products.
Being an entrepreneur has its risks.
But what makes an entrepreneur a successful one is the ability to pick themselves up when they fall, brush it off, learn from their mistakes and move on forward.
