Will Your Business Manage To Survive These 5 Risky Challenges?
Unless a business master's these 5 situations, it’s a ticking time bomb
Introduction
Do you know most businesses fail in the first 3 years of their existence?
While there is no guarantee that a business will stand the test of time, if it survives the first 3 years of operations, however, if a business owner wants their business to thrive and grow, they need to first focus on the following 5 situations of their business.
If you were to start a business, make sure you give your 100% to each and every one of the factors mentioned below.
The moment a business deviates from doing justice to any of the below mentioned points, they’re basically preparing for an uncertain future down the road.
1. Lack of product - market fit
This is the most unfortunate reason among all the reasons in the list.
Business by definition is a function of the risk that the entrepreneur takes.
However, lack of product-market fit is when the market tells the entrepreneur that the risk taken by the business owner has not paid off.
If the product/ service doesn’t get received by the market as anticipated, that will lead to a business falling apart, sooner than later.
Which is why, if possible, always try to look for a perfect product-market fit for your business idea in the scrappiest way possible, before you invest all of your time, effort, energy and money in the project.
2. Bad marketing &/or aversion to advertising
Marketing and advertising is the absolute spine of any business, especially today when the market is flooded with options, categories, choices and an endless supply of distractions for the consumers.
Great marketing creates demands for your brand and advertising gets more and more targeted audiences through the door.
Without any recognition of your brand and without people entering into your store/ website you’d not generate sales and revenues.
No sales/ revenues = no business.
3. Bad customer service
This is an obvious one, and yet it’s so surprising to see businesses going down because the entrepreneur and/or the team fail to deliver on the simple promise of treating the customers right.
4. Incorrect financial estimates/ decisions
Being passionate about your business is important, but what’s far more important is being passionate about a profitable business. The moment a business owner fails to talk about the numbers of their business with absolute clarity, be rest assured there’s one red flag too many and keep safe distance from that business (owner).
5. Lack of clarity
It’s extremely painful to come across business owners who fail to have crystal clear answers to fundamental questions like…
- What problem does your business solve?
- Who’s the target customer of your business?
- How is the product/ solution your business offers different from other alternatives available in the market?
More often than not you’d hear a new business owner saying, “clarity comes with time. However, it would take just one competitor who operates in the same business/ market to completely throw your business under the bus.
It’s a lot easier to find these answers than you’d assume.
If you’re unclear about the fundamentals of your business, or any other points mentioned in this email, feel free to reach out to me on Instagram DMs and let’s talk details.
Conclusion
If you’re a business owner, just implementing this one post is the only thing you need to focus on in your business.
Hope you manage to excel at all the points mentioned and grow faster than your peers.
May you be the member of the family who makes the most amount of fortune by serving the highest number of satisfied customers of your business.
Your Thoughts!
If you’ve reached till this point of the post, I’m sure you must have some thoughts/ feelings/ opinions about what you’ve just read.
I’m done sharing what’s on my mind, and now is your turn to share your POV.
Tell me how you are processing the information that you’ve just read?
Do you agree with my thoughts?
Do you think I missed something important?
Do you disagree with something in particular?
Let’s continue this conversation (or ask your questions about the post) in the comments below.
Keep Going Keep Growing 🚀
Have I earned your share?
Thank you for reading the full post. Since you read this till the end, it’s safe to assume you found value in the content.
Please consider sharing this post with your audience on social media. You may end up helping someone who’s struggling in their career/ business because they don’t understand the importance of building their personal brand.
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Share this with them, help them and earn your blessings.
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine a sad entrepreneur who's almost in tears standing with a box of their things because they shut their business”