Every year hundreds of thousands of company start, most of them never get off the ground while some of them fizzled. Small business enterprises are having the issue not to achieve the profit and subsequently not cover adequate income not only for founder but for their family members who participate in the business.
If you are looking for additional profit then need some investors and potential buyers at the same time. Whereas another young company growing rapidly and making a huge profit, it’s depending upon the business model. As they import products from China at the lowest cost and sell products or services them within the country.
As long as the company (venture capital) is getting profit, its’ attracts the attention of investors, customers and tempting the 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 will manage the organization sustainable economic growth. An entrepreneur can only manage two or three business opportunity 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 company 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 is typically depending upon decisions that are right for them, accompanied by rules of thumb and help them to analyse the situations in which they find themselves, priorities among the opportunities and always have rational decision-making strategy for future.
The framework that works for every successful entrepreneur follow three steps:
- Clarify the current goals
- Evaluate the strategy in order to attain those goals
- Access their capacity to execute their strategies
So, lets’ we discussed in detail of 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 assume the risk.
Many of us become an entrepreneur in order to become independent and take control of their destiny.
For some us entrepreneurship to make rapid money by creating small enterprises and sell them, to develop a cash cow and some of us thinking of sustainable business growth.
What kind of enterprise would you like build?
For rapid money, mind thinking you can not think for the sustainable business because in and out exponentially happen with them even their lifestyle does not depend on whether the business runs for long-term or not.
Personal goals impart the key value addition for determining the target size of business they are going to launch. It is also true for the individual entrepreneur if the size of the business is large they can unable to 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 a 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 gonna reinvest the profit or not under the financial risk management.
You can count a risk either in terms of financial crises, no more stock value, 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 sacrifice might be high and low with the implication of the right strategy.
Selection of right strategy will lead to achieving your goals
Most of the entrepreneurs in 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 in order to manage crucial business decision and resources.
The right set of strategy 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 entrepreneur need 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. Solo entrepreneur becomes successful by following well-defined strategy. An entrepreneur who wants to make a sustainable business need to formulate the bold entrepreneurs face and explicit set of strategy that helps the company to serve its technological capabilities, also help to attract users and resources for entrepreneurial ventures.
User Review( votes)
Find these so much motivational and strategies are no doubt amazing.