TELL ME MY BUSINESS WILL NOT FAIL-Agya Koomson

 

Business failure is something that entangles a lot of start-ups. Most entrepreneurs in one way or the other have face this challenge. 

As a business consultant, mostly people want you to assure them the success of their business idea. I always say that business is very complex and complicated to understand but mostly we fall on some success benchmarks to enable us as entrepreneurs to fit into the business environment.

As a matter of fact, no one can give you an absolute assurance concerning the success of your business but there is a greater percentage of true and fair assurance for you. Therefore, I will admonish you to consider the following in other to help you stand the test of time in your business.

Problem statement: every entrepreneur must be able to really define their problem (i.e., stating the pain his market is facing which will demand his services or products). Know the problem your business is solving. What is the essence of your business to the target market you have identified?

Solutions: coming up with products and services are normally not magic but how customers will feel after enjoying your product or service. How do you do it better than others? Tell the good news you have for your target market.

Innovations: business does not necessarily means you have to come out with an extra-ordinary idea, product or services but how different are you doing yours as compel to the already existing ones? Look at the uniqueness of your business. 

Products and services: this is what you offer to the market in exchange for money. Be simple and smart in defining your products or services. Research to know if it can generate money to you.

Business Team: business team are the skilled set which offer relevant skills, knowledge, resources and experience purposely for achieving the vision of the business. Analyze your business to know the right team that will be needed for your business success.

Business structure. Structure is the organized diagrammatical representation of your business with laid down responsibilities, directions, controls and integration of tasks to enhance organization’s performance and existence in the future. Most entrepreneurs or business owners cannot leave their business for a number of days and if they do, the business will collapse within a twinkle of an eye. You need to understand that, organizational structure is the business itself.

Business model: business model explains how your business generate revenue and retain its loyal customers. It is a concept that looks at how the forces within your business setup can drive money to you.

In conclusion, if you want to succeed in business, then solve problems but look at how you can earn money from your service or product. Do not start business because of “you think that the idea will work”. Do your market research to know if there is a demand for what you want to do before you enter into business.

Isaac Agya Koomson

KIA-START UP CONSULT

https://www.whatsapp.com/business/