What makes these business owners so successful? Is it luck? Is it grit? Are smarter than us? Do they work harder than us? Are they smarter than us? Are they just better than us? Is it all of these? Let us have a look at this. It is hard to know because most of us do not spend much time interacting with them. They appear to live in their own bubble, separated from the rest of society. It is hard to place exactly what it is that sets them apart from the rest of us. Most of Us are Lazy As hard as we might find it to admit, it is true. We will want to achieve things with the minimum of effort. This also translates to efficiency. Looking at some innovations, it is true that many of them do …..
People have a lot of preconceptions when it comes to entrepreneurship. This is due to what we see when we see entrepreneurs. This is because we only see the successful ones. We also only see them when they are at their best. They are either on vacation, in fancy restaurants, driving fancy cars, with a nice office, and amazing house. The fact is that entrepreneurship is not as idyllic as it might seem on the surface. Let us have a look at some of these misconceptions. Becoming an Entrepreneur is the Easiest Way to Make Money It is true that many entrepreneurs are very wealthy. You only need to look at the list of wealthiest people in the world. The majority of them made their money through their own entrepreneurial ventures. Many entrepreneurs retire early. These are only the success …..
You have finally managed to establish your business. You have loyal customers who provide you with regular cashflow. Your product line is clearly defined at last. You have a team that you can trust, and is as committed to the business as you. You are seeing healthy and stable profits throughout the year. Not only this, but you can finally pay yourself a salary. You feel that it is now time to grow your business. You want to expand into new markets, hire new people, and get that fancy new office in the prestigious location that you have always coveted. Before you do any of this, you need to consider some common mistakes that people make when they try to grow their company. Hire Quick and Fire Slow While when you grow your business you will be going on a …..
Business growth is something that most entrepreneurs want to do. Some will do it at any cost. This is because there is some prestige associated with having bigger offices, more staff, and higher production. This is a double edged sword, however. Such expansion comes at certain costs which are not always taken into consideration. Let us have a look at some of these. Higher Costs and Lower Flexibility Economies of scale is often a reason for a business to choose to expand. This is when the cost per unit of production or per sale falls as production or sales increase. This is true for a lot of industries such as car manufacturing, electronics manufacturing, and power production. In many situations, something called diseconomies of scale occurs. This means that profit margins actually fall as scale increases. This can sometimes turn …..
Many businesses struggle to grow at the rate that they seek. Sometimes, as few as one in five businesses are able to reach their targets. There are several reasons for this. There are two principal reasons, however which encompass many of the problems which stifle business growth. The first issue is a lack of suitable consideration of opportunities at several levels. These can be within the core business, adjacent business, and potential customer target groups. The second issue is an organizational structure which is unable to make the successful execution needed to grow the business as needed. There are ways of identifying these lost opportunities and then taking advantage of them in an effective manner. Identify the Core Business This is the first thing to do. It is also what will best assure a minimum level of success as the …..
When it comes to growing your business, sustainability is a big issue. Too often we see businesses see explosive growth in the early days only for this growth to slow down sharply resulting in the business to need to downsize or find itself in a situation where costs have risen out of control so that it eventually needs to shut down. Here are some things that you can consider when growing your business to ensure that it is sustainable, and has a longer lifespan than it would otherwise. Solve a Big Problem Give people what they want. Do not use the philosophy of build it and they will come. This is totally wrong. You do not want to build capacity with the eventual hope that demand will rise to match your increased capacity. The prime example for this, and a …..