Why do over 90% of the Small Businesses fail? This
percentage never reduces despite the increased population world over. As you
know, small business means the owner itself a business. There is no proper
prequalification methods available to select an entrepreneur, all the jobs have
a set of norms for the selection process. However, entrepreneurs need to have
full knowledge of the business to increase the probability of success.
Normally people allow an
incubation period of 1-3 years to get the business rolling and making money.
But the period can be minimized if it is planned well in advance.
Anyone can cook. We
heard of this. Can anyone do business? No. Business needs to have the business
acumen to make the business successful.
If any business failed
it can create a great impact on the society can cause damage to the society as
well. Hence, Prevention is better than cure. We highly recommend Entrepreneurs
before stepping into business go through a prequalification process which will
help in various areas they need to know before starting the business.
Many say Entrepreneurs
are building their parachutes while falling from a cliff, but if he fails to
fix the parachute, he falls. Hence, basic planning helps in making the
entrepreneurs successful.
It can do two things
- By
looking at the number of things they need to handle as an entrepreneur,
they may quit and go back to the job, which is also good for society as
failure is avoided
- By
looking at the number of things they need to be aware of they may find
gaps and fix the gaps before starting the business
The small business parameters are completely different
from corporate, Franchise models.
Only a few entrepreneurs
learn from the failures and successes.
There is a lot of
self-help books and courses available but it is all time-consuming. There
is no point in reading a book on failures after the failure, it has to be read
in advance so that you can avoid making the same mistakes. As success leaves
clues, failure also leaves clues.
But if you have already
started a business and you don’t have time to think of anything other than
business.
After deciding to start
the business, it is important to have self-check-in various areas of business.
Because your business success is largely dependent on the decisions you make.
Please take the
entrepreneur Quiz before you enter the business.
SME Leap is designed to provide tools and information which entrepreneurs and business owners need in one place to cross the growth barriers they had in taking their business to the next level. Please visit https://smeleap.com/to know more about us.
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