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Friday, 20 December 2013

BUSINESS THAT SURVIVE THE 21ST CENTURY


It is a known fact that small and medium scale businesses usually fold after two to three years of operation. This might happen as a result of so many entrepreneur traits lacking in the business or the business owner. Therefore if your business must thrive, it is important for you to put the following into consideration. 

·         Unwavering passion: If you have to win in business, you must be passionate about what you do. It must be something you do so easily and so effortlessly. Without passion a business may fold up quickly because passion is the driving force of any business.
·         Think more of value and service than profit: In business you have to add value to people through your products and services. When you focus more on profit, the value of the product and services reduce because better value increases profit and vice versa.
·         Package and branding: The difference between plantain chips and the locally made chips (igbekere) is packaging. This is especially true because when a product is well packaged and branded, it becomes even more attractive and up to standard to consumers thereby increasing the patronage of the product and services.
·         Sacrifice: You must be able to stick out your neck, go the extra mile and step out of your comfort zone. The survivor of a business depends on how much you’re willing to give for it.
·         Persistence:This trait is required of you if you must survive the 21st century. You need to persevere and tolerate a lot of things if your business must grow.
·         Management: The lifeblood of any business depends solely on cash flow. You need to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment. Also pay yourself so you can continue to work.

Now that we have examined some of the traits and characteristics of a business person that will help in growth of business, let us also look at some of the factors that can collapse a business.

·         Lack of passion: When you do business because others are doing it, your business is not far from folding up. This is so because passion is the driving force in business and when this driving force is absent, folds up is inevitable.
·         Lack of manpower: Lack of manpower and incapable people can contribute to business failure.
·         Finding the right set of people: No one person can build a successful business alone. It is a task that requires a team that is as committed as you to the business. Therefore, if the business lacks the right set of people with like minds, the business will definitely pack up.

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