![[Company Name]'s Founder Stories](/wp-content/uploads/2024/10/Fonuder@-Partners-01a-150x150.png)
Business is tough in today’s world! Most small businesses fail or are closed abruptly in the first five years. Over the course of the next five years, many of the remainders also pack up shop and lock their doors. Why do so many businesses fail?
The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.
The Personal Sphere deals with the owner’s personal motivation to start a business. For example, if an owner wants to start their own business, but isn’t willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated businesspeople. When a business starts for the first time often it doesn’t have a lot of money. Owners are required to sacrifice time, money, and happiness to succeed. If you can’t do that, it is unlikely that such a business will flourish. Many times owners thought they could handle the hardship but once the novelty of being your own boss wears off they close the door.
The Customer Sphere is one of the most important components of your business. Without customers you do not have sales, without sales you do not have money and without money you do not have a business. Many factors go into generating a good customer base. In the beginning you must have a cost effective marketing strategy that targets your intended buyers. This can be done by developing a psychological profile of your customer and then advertising in those places that they frequent. Because it is more expensive to get a new customer than it is to keep one you must make sure they are satisfied with your business and product. Keep in touch with them by sending them a follow-up letter with a survey.
The Operations Sphere is only second to the Customer Sphere. In operations you must have an appropriate method of reducing costs, keeping track of paperwork, and maintaining improvement. Operations can also take into effect the tax paperwork, accounting, scheduling of workers, benefits or any non-producing functions.
If all of these three components are well thought out and are appropriately designed you will increases your chances of survival. Failure to understand the integral details of your business and what it takes to succeed may mean failure in the long run. If you are having difficulty putting all the pieces together then consider a small business consultant.
Have an inspiring founder story?
Every entrepreneur’s journey is unique and powerful.
Your story of perseverance and success could be the spark that ignites the next generation of world-changing ideas. By sharing your experiences, you’re not just telling a story – you’re lighting a path for others to follow, dream, and achieve.
Disclaimer:
The views, thoughts, information, and opinions expressed in the text, videos, images belong solely to those of the individuals involved, and do not necessarily represent those of Founderat.com and its corporate owners, employees, organization, committee, or other group or individuals.
More from Insights
What Really Creates Health And Wellbeing?
Most of us know that eating well and exercising is important for good health. Yet often we hear about people …
Being in control of your life, not just your business.
One of the biggest challenges that most people face in the exiting times we live in, is the feeling that …
Think Different
The words "Think different" has been engraved into the minds and hearts of every founder and entrepreneur. Made famous by …
