Ever dreamed of one day becoming a self-made millionaire? Or maybe even a billionaire since a million dollars these days seems like “chump change” to so many people? Whatever your impetus may be, building your own business from the ground up and selling your products or services can be your golden ticket to Willie Wonka’s Chocolate Factory, so to speak, if you do it properly.
And that is the key.
Properly running your business, researching your competition to understand what makes them successful enough to start say, franchising, or what went so terribly wrong for them that they had to close up shop? You also have to be aware that fully 99%, (yes 99%) of businesses begun by individuals lacking some form of business experience went under within their first 2 to 3 years of operation. Not a comforting statistic by any stretch of the imagination. That is why we will now look at how to succeed in the business world.
Lets begin with a quick overview of why a business may fail. Generally, it is the business owners themselves that are to blame, not the products or services. That is because they do not understand how to succeed in the business world. They have services and products but lack the business knowledge to put it all together and create a long lasting company.
Having said that; our main focus of this article is to understand how to succeed in the business world. Here is another fascinating statistic: A full 80% of businesses opened up by business people with experience will succeed. And why is this so? It seems like a very simpleton answer, but it is true. They simply understand how to run a business. For example, they understand the right way to talk with their suppliers to negotiate prices, to buy services and products, to manage the books and money, to market and sell and they can raise capital when needed. As you begin to absorb this information, remember to educate yourself as much as possible in order to be successful in your endeavor when the time comes.
And here is another starting fact: according to research undertaken by Dunn and Bradstreet, managerial incompetence is the cause of 96% of American business failures. This means that, unfortunately, those particular individuals had no concept of what their job entailed. The research also found two key areas of incompetent management that leads to business failure: Poor marketing and sales and poor control of costs. With poor marketing and sales practices, business simply go belly up because they are unable to sell enough of their services or products to stay alive. This is the reason why 48% of American businesses close up shop. When you have poor cost control practices, even if your front end is profitable, your back end is losing too much to stay afloat for any extended period of time. This poor cost control will ultimately put you in the same category as 46% of the other failed businesses in America.
As discussed earlier in this article, in order to get ahead you must take it upon yourself to learn effective business skills in order to succeed in your business ventures. Success does not usually come in the form of pure luck or strange coincidence, either. It is more about your abilities, both God given and learned. It is also about applying yourself and your talents fully in order to succeed. When you have decide to learn what it takes to be accomplished and fruitful in your business endeavors, you may want to partake in on the job instruction seeing as how many highly successful business people have become so due to learning their skill from someone whom they previously worked under.
Edward Dean is an accomplished website developer and author. To learn more about how-to-succeed-in-the-business-world [http://myfreefranchises.com/how-to-succeed-in-the-business-world] visit My Free Franchises [http://myfreefranchises.com/] for current articles and discussions.
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