Every year hundreds of thousands of companies start, most of them never get off the ground while some of them fizzled. Small business enterprises are having the issue of not achieving the profit and subsequently not cover adequate income for the founder and their family members who participate in the business.
If you are looking for additional profit, then you need some investors and potential buyers at the same time. Whereas another young company growing rapidly and making a huge profit, it depends upon the business model. As they import products from China at the lowest cost and sell products or services within the country.
As long as the company (venture capital) is getting profit, it’s’ attracts investors, customers, and tempting competitors. If the company does not control the fixed cost, then its business will evaporate.
With coherent strategies, competitive strengths, talented employees, well control, and adequate reporting, the organization will manage sustainable economic growth. An entrepreneur can only manage two or three business opportunities and two or three problems at a time. An entrepreneur cannot expect sort guidance and comfort.
Similarly, human beings undergo physiological and psychological stages several times in their life, but companies do not have any of them. Each of the companies has its’ own development strategy, structures, and evolution of a founder’s role in the enterprise absolutely different.
Entrepreneurial (such as Steve Jobs) different from one another. It typically depends upon decisions that are right for them, accompanied by rules of thumb and help them analyze the situations in which they find themselves, prioritize among the opportunities, and always have a rational decision-making strategy for the future.
The framework that works for every successful entrepreneur follows three steps:
- Clarify the current goals
- Evaluate the strategy to attain those goals
- Access their capacity to execute their strategies
So, lets’ we discussed in detail these steps for further understanding:
Ask yourself where you want to go?
Every entrepreneur (business owners) is completely intermingled between their personal and professional business goals of economic development. Entrepreneur accomplishes their personal goals by making more money and seeks investors attention for similar goals with assuming the risk.
Many of us become an entrepreneur to become independent and take control of their destiny.
For some of us, entrepreneurship makes rapid money by creating small enterprises and sell them to develop a cash cow, and some of us are thinking of sustainable business growth.
What kind of enterprise would you like to build?
For rapid money, mind thinking, you can not think for the sustainable business. In and out exponentially, even their lifestyle does not depend on whether the business runs long-term.
Personal goals impart the key-value addition for determining the target size of the business they are going to launch. It is also true for the individual entrepreneur if the size of the business is large, they cannot enjoy their personal life too as they are involved in doing work all time.
What sort of risks and sacrifices does really an enterprise required?
It is a long-term bet for a single-handed entrepreneur to build sustainable business growth only because of their own set of skills. Lots incorporation of investors, equity funds and depending upon the type of business and how you are gonna reinvest the profit or not under the financial risk management.
You can count a risk either in financial crises, no more stock value, or a distressing lifestyle. Entrepreneurs work 14 to 16 hours daily even they did not know when they went for a vacation.
You can accept or reject these risks and sacrifices
As we already make it clear that risks and sacrifices depending upon your personal and professional goals. So, similarly, risks and sacrifices might be high and low with the implication of the right strategy.
The selection of the right strategy will lead to achieving your goals
Most of the entrepreneurs in the United States (such as Bill Gates) start their business to attain short-term goals without thinking of long-term strategies working capital.
You know successful entrepreneurs always follow the long-term strategy to manage crucial business decisions and resources.
The right set of strategies will always help to manage the recruitment process, define the role of founders’, control the successful business operation.
Both control setting and organization well-defined structure never lead to the company in a dilemma situation. Before going to implement your strategy, an entrepreneur needs to test their strategies first:
The business venture strategy well defined or not
If strategies fail to provide a clear direction to the company, then it fails to another test also. The solo entrepreneur becomes successful by following a well-defined strategy.
An entrepreneur who wants to make a sustainable business needs to formulate the bold entrepreneur’s face and explicit set of strategy that helps the company serve its technological capabilities, also help to attract users and resources for entrepreneurial ventures.