Delusions of the Startup Community
Studies prove that 'over' 90% of all business startups fail.
"I need Money!!" one of the biggest reasons that new entrepreneurs say that they cannot move forward and build their enterprise.
Lack of money is not the reason why many Startups fail…
It is the lack of knowledge!
Startups must utilize seed and startup money as a "tool" to grow the startup, which will expand and generate "new income. Many times, when Startups fail, it's because the startup monies were not used appropriately.
Knowing what to do with the startup money and using that knowledge appropriately, will be very, very instrumental in the expansion of your Startup, and will be a deterrent to your going out of business. Just having a lot of money won't necessarily make you grow.
Business leaders should not go on pleasure cruises or purchase new cars, nor make unnecessary office design purchases, in order to keep up the appearance of success and wealth, or in a fruitless effort of trying to "keep up with the Joneses".
The appearance of wealth, absolutely does not guarantee success!
There are many things that many startups must "unlearn" in order to develop a successful startup. One is to not focus all the time on making your "office environment "look good-for the public, and taking the advise of others. But to finance those components of your business that will generate more income.
Office beautification purchases will not...generate income!
Another thing to unlearn is to that many of startup entrepreneurs need to be groomed mentally for business. They must have two major ingredients: spiritual Intelligence and business Intelligence. Someone with spiritual Intelligence has deep insight in biblical wisdom and applies it to succeed in business. A person with business Intelligence need to have a keen insight into business matters and an ability to see what others cannot see and knows how to profit financially from it.
In my life and in business, I have found that there are business realities that aspiring entrepreneurs must have in order to obtain long-term success:
1. Able to Solve Problems
Mechanics solve car problems. Lawyers solve legal problems. Ministers solve spiritual problems. A business will only be pursed for the unique problems that it solves. When you cease to solve problems, your income will cease.
2. Be Sure About Your Market
All successful entities have a precise target market, (those people who are most likely to buy from you). When I ask most aspiring entrepreneurs “who is your target market”, the usual answer is “the whole world” or “whoever wants to buy”.
In business and in life, if you aim at nothing…you will hit nothing!
3. Be able to Manage Relationships
Once a business has a customer, the key to long-term success is relationship management. It is far easier and cheaper to sell additional products or services to a current client than to try to cultivate new clients. Serve your current customers with excellence and they will remain loyal to your business as long as your service is loyal to them.
4. Work on Improving Your Character
God is concerned with your character, Kingdom-preneur!!
“A good name is a reflection of the type of person you are, and better than expensive perfumes (looking good, smelling good)”…
Your clients, bankers, investors, employees and your vendors, are also concerned with your character.
Principles such as reliability, integrity, and honesty are major keys to long-term success.