Things to do to bring your business down
If we are to use statistics as our guide, we can safely assume that we should be prepared to fail at some point in our business endeavor. It is embraced by researchers that 80 percent of start-ups fail after a year and a half.
It may be a little difficult to stay optimistic after knowing that you are 80 percent setting yourself up for a heartbreak. But do not lose hope yet. The real question here is how to take 20 percent chance of not failing.
There are traces and patterns that lead to a crash. All you need to do is to stay focused and sharp. Some of the things that start-ups did which lead to failure was shared in the internet. According to them, there are several ways to lead your company to crash.
The Savior/Superhero Approach
Most idealists fall under this categories. People with vision tend to be so protective of their idea that they don’t want anybody messing with it. Sometimes, the problem arises from the misconception that since it is his idea, he must solve ALL problems that spring from it.
Although being responsible and reliable are good traits, it is always nice to delegate work to people who can actually do better than you. To set yourself up to fail, you have to begin by doing all the problem solving on your own.
Being a good leader involves communicating your plans well. You define your goals accurately and define job descriptions accurately. Do not fall into the temptation that you have to cast everything about the business to your team right away.
Some business plans take months and even years before they could really materialize. Focus on what is the most necessary (not urgent) area that needs action. Do not be too bothered with what you can’t understand, yet. It is best to lay out a time-bounded plan. Keep working on the solid concepts you have at the moment and avoid getting paralyzed by both knowing too much and knowing too little.
Team Spirit – as in dead spirit
Teams are necessary for any task that would be involved in start-ups. More than just the moral support and extra gray matter, working with a team (choose teammates carefully), increases everything exponentially. Being in a team produces synergic effect.
Build a team that believes in your goals and meets the skills you need for your entrepreneurial endeavour.
Failures may come, but do not let failures define you. Bill Gates said that we all just have to be used to the fact that life is not fair. It is always wise to be prepared for unpleasant weathers. But after reading this article, you now have something to work on and begin with.
Statistics are observed facts. You still have the future in your hands. Do what you love and make it your business. This way, there is no way you could fail.