A successful entrepreneur understands there are many cautionary roadblocks and hurdles to conquer before someone realizes their dream. Statistically speaking, approximately 25% of all start-ups fail within the first five years. The majority of the reasons behind these failures lie in poor money management, but there are other reasons.
Before embarking on a solo business venture, it is vital to research your target market and your competition thoroughly. This is becoming more of a challenge these days because the advent of technological advances has made previously single-purpose items into multi-purpose ones that branch into other industries. Smartphones are the perfect example of a gadget that has made innumerable other ones obsolete. During your due diligence about your product, it’s essential to think ahead into potential futures where you might have to adapt and evolve as things change. Successful CEOs know they can never relax and industries can morph into something else seemingly overnight. Staying educated and reading all of the journals and publications in your field, and subscribing to articles and latest news will keep you on the front lines of any new developments.
Another strategy is to keep assessing your progress and hold your team accountable. One of the biggest mistakes that CEOs make is to get too comfortable with their current success. Once you have a target base, it’s essential to keep them, so get regular feedback about the goods or services you provide, as well as feedback about team members themselves. You also need to keep your team happy to reduce turnover. Many companies go under because of a lack of employee morale. This can come from poor hiring and training practices or a poor leadership style. In general, feedback and accountability are what makes a good leader connect with others.
Smart entrepreneurs also understand the difference between being a risk-taker and being a reckless individual. While it is true that the boldest people who take chances are the forerunners of development and change, there also needs to be an element of wisdom involved. There is a difference between a confident individual who has acquired the financial and resourceful means to take a huge leap into the unknown and a person who blindly and impulsively makes a decision with little or no planning.
This article was originally published at https://surprisinglyfree.com/randall-hunt/