Tuesday, June 30, 2020
Three 'I's For Success in Life
Monday, June 29, 2020
Success: Is Hunger An Important Part Of Success?
Sunday, June 28, 2020
Listen to Improve Your Performance
Saturday, June 27, 2020
Wealth Without a College Degree
Friday, June 26, 2020
Are You Destroying Your Dreams
Thursday, June 25, 2020
Want the Key to Manifesting Success Faster?
Wednesday, June 24, 2020
Get MAD Before You Kick the Bucket
Tuesday, June 23, 2020
The Price of Hard Work
Monday, June 22, 2020
Message From the Universe: Living Your Ultimate Dream
Sunday, June 21, 2020
10 Good Reasons Why Small Enterprises (Small Businesses) Fail
You'll agree with me that there are so many small businesses which have contributed a lot to the growth of economy. They have created employment opportunities for many families although some remain to be small throughout their operational life.
It is obvious that those who are starting new ventures have objectives to achieve. And to mention each business has got its own objectives to achieve such as maximization of profits and sales, minimize costs, maintain a certain level of production and labor force etc.
Failing of a business opportunity is what an entrepreneur won't want to happen. Inasmuch as we agree with the fact that there are firms which have succeeded, we should also accept the fact that a good number of them have failed even before two years lapse after they commence business.
If aspiring entrepreneurs addressed the reasons why small businesses fail, then they will not fall to be victims of the same causes of failure. This is because they'll be in a position to identify these causes and fix them before it's too late.
Now you may be asking yourself as to why some businesses remain to be small throughout their operational life despite some of them making profits or are capable of growing.
4 Reasons Why Small Business Remain to be Small
1.) The owners of these businesses prefer not to expand their businesses. Some sole proprietors do not want to be bothered with the challenges of managing a big business. They don't want to employ people to assist them in running their businesses but instead they prefer to be assisted by their family members.
2.) The nature of the product/service the business is involved in doesn't allow expansion. There are people offering products/services which make it difficult for their business to grow.
3.) Lack of capital for expansion. There are small businesses which are viable and have the potential of growing but they lack enough capital. Such businesses have the challenge of securing funds from financial institutions. Lack of capital plays a negative role in hindering the growth of small businesses.
4.) Very low demand. If the business has a very low demand for its product or service, then at the end of the fiscal financial year/trading period the business won't realize profits, and if it does, it's very low, therefore the chances of it expanding are very minimal. Just to mention, realization of inadequate profits as a result of very low demand hinders the growth of small businesses.
However, there must be a starting point and as such, every business starts as a small entity and it gradually grows to a medium entity and eventually it becomes a big business entity which is either a private limited company or a public limited company. Note that a partnership business can also grow to become a big business.
Reasons Why Small Businesses Fail
1.) Wrong Reasons For Commencing Business: People who start a business for wrong reasons haven't succeeded. Just because another person is making high profits in a certain line of business doesn't mean that you will also make the same amounts of profits as him/her if you start the same business.
2.) Poor Business Management: When there is poor management of the business it becomes difficult for such a business to succeed in its operations. Finance, marketing, purchasing and selling, planning, hiring and managing employees is what most new business owners fail to execute effectively thus making their small businesses to fail.
3.) Lack of Commitment: Starting a business requires someone who is committed in ensuring that it succeeds. Neglecting the business will cause the business to fail. Many small businesses have failed because the owners didn't take their time in monitoring performance and in marketing them. Some business owners leave their businesses to be managed on their behalf by incompetent people who lack book keeping knowledge and the knowledge of managing a business.
4.) Lack of Finances: Small businesses have failed because of lack of adequate finances. Some of the owners underestimated the amount of capital required and as a result of this underestimation some ended up running out of operating capital thus ending the operation of their businesses.
There are those who have no reserves which has led them not to be able to take care of loses and disasters when they occur thus making them to quit business.
5.) Over-Expansion of the Business: This has led to failure of many small businesses. This happens when there is borrowing of too much money beyond what the business requires so as to expand the business. Moving to markets that are not profitable is also over expansion of the small businesses.
An ideal expansion is the one that is driven by customers due to their high demand for the products and services which leads to high sales thus the business experiences good cash flow.
6.) Location: The place where the business is located is critical in determining its success. Small businesses have failed because of them being located in areas that are not ideal for business. They should be located in areas that are accessible, populated with people and has demand for their products and services.
7.) Personal Use of Business Money: This is the biggest challenge facing many small business owners. They withdraw money meant to operate their businesses to meet their personal wants and needs. If they continue to withdraw money from their businesses without returning it, their businesses will eventually run out of finances therefore forcing them to end the operations of their businesses.
8.) Lack of Delegation: Small enterprises have failed due to owners not delegating some of the duties to their employees. They think that if they delegate them, then their employees will not perform these duties as they would personally perform them. When such owners fall sick or are away from their businesses, then the operations of some tasks will be paralyzed till they resume to work.
9.) Not Diversifying: Small enterprises which have only one product/service to offer are prone to fail easily compared to those that have a variety of products/services.
10.) Procrastination and Poor Time Management: Postponements of tasks which the small business owners feel to be unpleasant to perform has made the small businesses to fail. An example of such tasks include following debtors to pay their debts (debt collection).
Time management remains to be a challenge for many people who own small businesses. If important tasks like delivering products to customers, purchasing stock etc are not handled in the appropriate time, then the business will lose its customers.
The above are not all the reasons why small businesses fail, there are more reasons.
Visit our website today and learn how to ignite your entrepreneurial spirit [http://www.nikenya.com/entrepreneurial-spirit.html] and make the difference between dreams that come to fruition and those that decompose on the drawing board.
The author of this article is Joshua Nyamache and together with other team members they are working on Nikenya website, a website that you connect with friends and family and read articles about doing more work in less time, achieving dreams, how to get out of debt, why you should stop complaining and many more articles that give you useful information that will inspire you in achieving self-improvement.
Article Source: https://EzineArticles.com/expert/Joshua_Nyamache/529325
Article Source: http://EzineArticles.com/6981910
Excelling At Work
Saturday, June 20, 2020
People DON'T Resist Change - That They Do Is A MYTH
Friday, June 19, 2020
How to Pursue a Lifelong Legacy
Thursday, June 18, 2020
10 Habits of Successful People
Aside from the random element of luck, much of what makes some people successful involves the cultivating of certain habits. Learning what these habits are and how to employ them in your own life is worthwhile.
To that end, here are 10 of the most often-cited habits of successful people.
1. Organization
One of the most frequently mentioned habits of those who are successful in life is organization. Such organization includes planning as well as setting priorities and goals.
Joel Brown, the founder of Addicted2Success.com, calls for a prioritized “To-Do List” every evening before going to bed to prepare for the next day.1 2
According to Twitter co-founder Jack Dorsey, Sunday is an important day for organization “getting ready for the rest of the week.” 3
2. Relaxation
It’s interesting to note that relaxing – by meditating or simply avoiding distractions – is another of the most-often mentioned habits of successful people.
Of course, relaxation comes more easily to those who are organized, so perhaps for some, it is more of a natural byproduct than a conscious decision.
It may also be that the act of “taking a breath” is the successful person’s way of preparing for the effort yet to come. In fact, one of the first steps toward achieving a meditative or relaxed state is to concentrate on your own breathing for three to five minutes.
3. Taking Action
Third on the list of habits of successful people is the inevitable “action” habit. It is important to organize, to plan, and to set priorities, but without action, a plan is nothing more than potential.
Successful people act – quickly and often. In addition, although it may sound counterintuitive, according to James Clear, they act (start, anyway) before they feel ready.4 While others come up with reasons not to act, successful people take that all-important first step – even if it seems outlandish.
4. Personal Care
Personal care with regard to diet, exercise, and hygiene comes next on the list of habits of those who are successful.
For some, personal care involves a complex regimen and a highly disciplined lifestyle. For others, not so much. Elon Musk, the CEO of Tesla Motors, put it succinctly when asked what daily habit has had the largest positive impact on his life. In a, Musk said simply, “Showering.” 5
5. Positive Attitude
According to many successful people, having a positive attitude is not just a result of being successful – it’s one of the root causes of success.
Joel Brown refers to gratitude and positive self-talk as priorities in the lives of the ultra-successful. Moreover, Brown says, it’s not enough to express gratitude and a positive attitude. You must also remind yourself why you are grateful in order to achieve a deeper effect. 2
6. Networking
Successful people know the value of exchanging ideas with others through networking. They also know the value of collaboration and teamwork – all of which are likely when you network.
Successful people know the importance of surrounding themselves with other successful people, according to author Thomas Corley. Corley says 79% of wealthy people spend at least five hours a month networking.6
7. Frugality
Frugal is not the same as stingy. Frugality is a habit of being thrifty, with money and resources. It is also a habit of being economical. Learning to be economical comes through avoiding waste, which automatically results in efficiency.
Successful people avoid overspending. Instead, they comparison-shop and negotiate. The result is financial success through the simple act of saving more money than they spend.
8. Rising Early
The more time one can devote to being successful, the more likely success will result. Successful people are accustomed to rising early, and that habit appears repeatedly among those who do well in life.
While the “Early Riser’s Club” has a huge membership among successful people, a few notable members include Sir Richard Branson of Virgin Group, Disney CEO Robert Iger and former Yahoo! CEO Marissa Mayer.7 8 9
9. Sharing
Whether through donating to charity or the sharing of ideas, successful people have a habit of giving. They know the value of sharing and most believe their success should result in something more than the accumulation of wealth for themselves.
Some of the most well-known successful philanthropists include Bill and Melinda Gates, Oprah Winfrey and Mark Zuckerberg.
Lack of wealth does not need to be a factor when it comes to sharing. Volunteering in your community or at a local school does not cost anything but could provide help where it is needed most, as KeepInspiring.Me points out.
10. Reading
It's important to note that successful people read. While they also read for pleasure, most use their reading habit as a means to gain knowledge or insight.
For anyone who needs inspiration about the value and importance of reading, look no further than the example of billionaire author, J.K. Rowling, who says she read “anything” as a child. She advises, “Read as much as you possibly can. Nothing will help you as much as reading.”
The Bottom Line
Most people have habits – some are positive, some are not. Successful people tend to have more of the kinds of habits that contribute to their success.
The good news, for those who wish to be successful, is that cultivating positive habits takes no more effort than developing bad ones.
Some of the best habits of successful people involve only conscious effort, like getting up early every day. Others, such as becoming organized, may take a little more skill and practice but ultimately result in the most desired outcome of all – success.
Source: https://www.investopedia.com/articles/personal-finance/092515/10-habits-successful-people.asp (Jim Probasco)
