Some tips to avoid failure in business, execution is everything
Implicit in any business idea is the possibility of failure. Personally I think that when a business fails is never because the business idea was bad, except in exceptional cases, almost always, a business fails because it is implemented incorrectly
When I started this blog about business something that took away the dream was to find the perfect business idea, I wanted to be a new business idea that no one else has started. I imagined that I was the first to create an idea and that lead me to make money.
Eventually I realized that the secret to doing business, not trying to look for a new business idea, if not find an idea that is already working and try to improve it. It could not scare me if the market which was directed this business idea, it was a market that was already overrun with competitors, as if I transformed the way of implementing the idea to give more satisfaction to the client or user, then that would take me to move my competitors in the market.
It’s the fact of developing a business idea that already existed, was a guarantee that the business idea work since, if several were doing the same, it meant that there was a market for such business.
The truth was that the execution is everything and so let me give you some tips to make this implementation as efficient as possible:
1. Avoid borrow as much as possible. One of the hardest things about starting a business idea is to get the money to develop it, that brings us many times to get into debt to finance our idea. The money, however, has a cost, this cost is called interest. Often our business, especially when it is being launched, just give us to survive, if above all the usual costs of launching idea, I would add the payment of interest may be that these interests do my idea fail.
It therefore crucial to avoid into debt, an alternative is to save as much as possible to carry out I just our business. I usually follow the rule of having enough to survive between 6-12 months without my business idea generate a dollar of revenue, in other words for six months handsome capital to businesses that my idea is just beginning work that involves capital saved for tender to finance the whole business idea for those first six months
Another option is to obtain financing that does not have a cost money ie need not pay interest on the borrowed money. This second option is possible through family that we can lend or incorporating business partners, investment partners who are willing to win only when they have profits. to work
2. Work harder and faster than our competitors. There is a misconception that the business owner is the least work the truth is quite the opposite is the owner of a business is the more hours you work and It has never breaks
If you’re thinking about starting a business idea to have a usual workday work, maybe five or six days where you can relax and maybe weekends then you’re completely wrong, business is not for you.
The entrepreneur is working 24 hours a day, seven days a week, the rest will come when the idea is already running on its own and there, at that time, if you are a true entrepreneur, you are looking for new business ideas to develop or continue to trying to improve you have. Execution is everything and that’s why you must work hard in implementing your business idea, no breaks, no truce, no parentheses have to fight hard for dreams.
3. Measure everything you can measure. Everything is measurable and should be measured, no way to see if you are running your business idea properly if you do not measure what’s going on with her. You must be obsessed by measuring and what can not be measured means that it is not good for your business idea.
You have to know how you develop your product delays, delays in how much you put on the market, how much the customer is late paying you, and so on. You must be clear that the implementation of a business idea is a process, a process which can fail but to be a process, you can go to improve it by continuous measurements.
What you did wrong yesterday, or what you took you yesterday, today you can improve and implement improvement plans without measuring you can not improve. It is true that the entrepreneur has a lot of insight, much of smell, but in a business idea executed in modern form, smell and instinct are not enough.