Some research conducted on entrepreneurship have reported that an estimated 90% of start ups fail in their first few years. In our part of the world, more young people are now daring to enter the realm of entrepreneurship, however, it is no secret a few end up in the estimated 10% of start ups that succeed. What could possibly be the cause of the failure of these entrepreneurs to realize their big dream?
Growing a business can be likened to the germination process of a fruit bearing plant. First, a seed must be planted in a fertile soil. Then this seed must decay before it can shoot up as a plant. This seedling must encounter some harsh weather conditions before it finally reaches the flower bearing stage. After bearing flowers, the tree is sure to now give off fruits that can be plucked and enjoy.
Like the seed sown in a fertile soil, you cannot begin your business in an environment that cannot support its growth. Businesses are born out of the need to solve a problem in a society. Identifying the problem means finding a fertile soil to plant your business. The decaying process of the seed that is not visible to the world can be likened to the stage in start up where you come up with a strategy that supports your growth. The strategy should involve building a business plan for at the first year, developing an effective marketing plan and building the necessary clientele for your business.
Successful businesses thrive on the element of “strategy.”
For many failed entrepreneurial endeavours, the elements of “Perseverance and focus” are far-fetched. The least encounter with challenges means leaving their future in the hands of fate. Have you ever wondered what will become of animals and humans if all plants did not try to adjust to changing weather conditions? Once you decide to start a business, you should build have a mindset that is bent on winning no matter the challenges that come by. The only way to win is think outside the box. Strategies are beautiful on paper, implementing them is another story, never dream of a smooth sail into the land of prosperity. Sticking to the status quo is not your best bet to succeed as an entrepreneur. Times change and when they do, you need to change strategy to survive. As many times as it becomes necessary to adopt new strategies, you should be willing to take the risk. Nonetheless, you should not lose focus of the goal. Remember, “there are many ways of killing a cat.” There is no fast rule to success, dare to be different, think outside the box.
“Starting “big” when you do not have the necessary resources for continuity is the recipe for a short lived dream. Do not jump into the major league right from scratch if you do not have the feet to stand the competition from the big guns. Celebrated Ghanaian businesses such as Kingdom Books & Stationery, Despite Group of Companies, Kasapereko Company Limited, UT Bank started as little unrenowned businesses. Today, they are named amongst Ghana’s top and most successful businesses. The best way to is to take time to grow into a big name, unless of course you have the muscle to wrestle with the big guns. Starting little means coming into encounter with all the mistakes you can come across in business and making the corrections. It serves as a tutorial period for the future. You can take as many risks as you can as a little company and survive, because you have time to make amends. As a big starter, you may not be able to survive the damage once you fail to deliver.
Not everyone is born to be an entrepreneur in any case and so the reality is that some may never succeed at it. Learn from the plant and build a flourishing business. HelloFood is a perfect example of a business that has paid its dues and has found the answer to your meal delivery. Download the app now.
Courtesy: Twitter: @hellofoodghana Facebook: Hellofood Gh Instagram: @hellofood_gh
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