I do hope you are enjoying your weekend wherever you are. Of course I know that millions of people worldwide are working over the weekend. Not bad at all, as the world has to be kept running in one way or the other. Don’t you think so? Goods and services have got to be produced for people, travelling needs have to be met, medical and emergency services are required etc. So don’t curse yourself when you find that you are busy over the weekend while others are relaxing at the beach. Isn’t this how the world is? Every individual has a day and an opportunity to work and relax also. Again, when you don’t seem to have your relaxation day, it could be your portion under the sun. Take it easy!
Now, back to our agenda for today, let’s have a quick look at some vitals for start-ups. If the world had a single online register for all business start-ups I think the register log would be an interesting site. Likewise would be the register for business failures. I believe you know that there is a very high rate of failure of start-ups. Central and local government departments, business mentors, central bank governors, development economists etc are always echoing this fact, and sometimes crafting various policy guidelines to deal with the challenge. Why? Very obviously businesses once started and developed grow into big enterprises with many positive multiplier effects. The reverse is automatically a concern and headache. Today I’m addressing the entrepreneurs who fall under the category of ‘start-ups’.
Candidly, what can you an entrepreneur do to ensure your new enterprise lasts or stands the test of time? What are some of the critical issues you must think of and address to ensure you stay afloat? How are you going to avoid being part of the number of scores of failed businesses that are a constant headache to development economists worldwide? Do you plan to be still an operational enterprise in the next ten to fifteen years or not? Are you going to make a difference and avoid coming down as fast as you came up? OK – if you desire your enterprise to be built to last, let us try and consider some of the critical issues that cannot be ignored. You might have your points, but just permit me to say mine even if you don’t agree with them. Are we set to proceed?
As I conclude for today, I know you might be wondering why I haven’t talked about capital, passion, business proposition, strategy, entrepreneurial discipline etc. I think the above are weightier matters for start-ups though passion is another critical driver for business longevity. Even if you talk about capital, good planning and knowledge of your business will help you attract capital. Isn’t this a true saying? Someone help me here! Haven’t you seen some vision-knowledge-action packed entrepreneurs who will make you raise venture capital in the twinkling of an eye? I leave the rest to you.
The Wise Entrepreneur