Every year thousands of new businesses are formed, of these an estimated 20% fail in the first year. Projected about 50% of the remaining businesses fail in the second year, so how is it that there are so many functioning businesses that prosper? Resilience, as a reputable man stated “I have not failed, I’ve just found 10,000 ways that will not work” – Thomas A. Edison. The ability to overcome challenges and learn from the missteps of yourself and others is a necessary attribute for any entrepreneur; failure is imminent no matter how big or how small.
As an entrepreneur, my achievements stand on a mountain of setbacks, starting my first company at the age of 14, with basically no idea about business apart from finding something people desire and sell it. Due to my lack of expertise, I’ve fallen victim to being naïve, trustworthy and unprepared. As a result, I’ve been under-valued, tried for my intellectual properties and even sold majority shares of my first 2 companies. Through these conditions, I reviewed the earlier efforts and preceding occurrences of both rises and impediments. Each time, I took it a step further, learning the business and the people, after all, a business is created and operated by people for people. Since then I have regained ownership of my first 2 companies, increased my corporate portfolio and, happily help other entrepreneurs successfully convert their vision to reality.
The ability to foresee trends, changes, problems, and solutions are the primary keys to successful entrepreneurship. Looking at the technological industry, Apple has dominated the smartwatch market by solving one main problem. Eliminating the need for a larger device while on the go, since then they have added features and functions that provide convenience and efficiency within the designated market. By identifying a difficulty or need within a market and producing solutions, Apple has consistently generated multi-billion dollar quarterly revenue reports. Looking further, Samsung experienced a major setback after the memorable malfunction in the “Note 7”, a year later they relaunched their flagship device with a different battery and has regrown the brand, returning to a position of prominence.
No matter the industry you serve, your business’s ability to fail or succeed depends on how prepared and resilient you are in times of difficulty. It is common for a company to start with a business plan as a guide to what the business will do, how it will do it and how the success will be measured. As we know, change is always among us, one practice I’ve evolved and executed in my business development is a simple method of wrong and right. As the mindset of any entrepreneur should be problems and solutions. Through this method at any given time, you shall be granted an advantage to prevent or convert possible failures to successes.
The next time you experience an idea, prepare yourself by creating a listing based on the market. Be sure to note what may go wrong, how you may fix it, and how you will continue to improve on the idea once it is released. This formula will play a beneficial role in various business industries to generate sales and sustain interest within the market. As technology companies launch new devices, restaurants add new items to their menus, how will your idea grow with or set the trends of the people it serves.
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