The Ultimate Business Survival Guide
Posted on July 2, 2017 by Stephan Yeong
Fight or Flight?
With the uncertainty of the global markets, common sightings of corporate layoffs and potential trade wars brewing along the peninsular, this may cause some to grab their kids and cash and move to a place where they can hunt their food and grow their vegetables.
Entrepreneurship is not for the faint hearted, for every 10 new businesses formed, there is an average of 7 to 8 business closures. With the stakes up high and businesses on the line, we are here to share with you some tips on business survival and developing your business survival instincts.
Focus on what Matters – Language of your Customer
A survey was conducted by Fortune on the top reasons of failure for startups, and it was due to making products that no one wants. This was simply the single biggest reason of failure due to the lack of market research on a market need for the product. To overcome this hurdle, business owners must readily stay ahead of the game by knowing the market, understanding customers pain points, staying ahead of competition activities. Sam Walton, once the richest man in the world, took the liberty of walking through the stores of his competitors to memorise their products prices regularly to understand the market. He also believed strongly that the only boss, is the customer, for he can fire everybody in the company by simply spending his money somewhere else.
Avoid Being the Olympian- Ditch Perfection
According to Jack Ma, “Don’t try to be the best, but be the first to change and try new things as there is only one Olympic Champion.” Many businesses have failed due to owners trying to seek perfection in every aspect of the business and work tirelessly over all the little details that they lose sight of the bigger picture. To be successful in business, you will need to be ready to put aside perfectionism and place your business in the front line of change. Break away from the herd and expose your business to new concepts and ideas. It’s through this experimental process that gives rise to the emergence of new insights and opportunities.
Fueling Your Persistence – Expanding your Stamina Tank
The journey of entrepreneurship is never always smooth sailing and rarely a tale of overnight success. Being fully committed and prepared to try harder even after certain failures is the hallmark of a survivor in business. As how Elon Musk puts it “there is no such thing as failure, just a temporary pause from success.” Be proactive in setting yourself targets and devote yourself towards achieving those milestones. Baby steps matters as long as you are moving forward. The difference between employees and entrepreneurs is the mentality of having to work on months end with no profits, believing in the long term goal of achieving and generating wealth. Know that you are not alone and not the first, so actively surround yourself with like minded and successful entrepreneurs and you will be on route to success.
Success consists of going from failure to failure without any loss of enthusiasm
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