If you read the stories of successful guys in business today, the likes of Bill Gate of Microsoft, Richard Branson of Virgin Atlantic Airlines and Aliko Dangote of Dangote Groups, you’ll get to understand the need for you to start your business with the passion of making impact in your society not just striving to stay ahead of your competitors in business.

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When you compete in business you’re unknowingly setting a bar for your business, why?
Because you might not see the need for improvement and growth in your business again until your competitors decide to make moves. If care is not taken your competitors will remain the standard with which you measure growth in your business, which is not supposed to be.

As an entrepreneur, your biggest challenge should not be your competitors in business: your biggest challenge should be proffering solutions to fundamental human problems, the key to wealth creation.

For new startups,

it might be quite rocky at the beginning but never be forced to give in to the pressure from your competitors. You’ll lose your sense of uniqueness when you start placing much attention to the activities of your competitors. Winning is not about getting ahead of others; it is about getting ahead of you and making a positive impact on your society. Instead of following the path lead by others, why no leave a trail for others to follow? You should understand the fact that, even the big guys in business today were once beginner. It is therefore very vital you focus on your business growth rather than judging your performance based on that of your competitors.

Why Many Startups Fail

A lot of folks venture into the unfamiliar business field with the aim of learning the trade of the business in the process, which in most cases might ultimately result in failure and collapse of the business. It very vital you have the foreknowledge of a business before you venture into it. Now, here is the big question we must answer, why do many starts up fail in spite of all the structures and technologies available to sustain business growth? Without passion and vision for your business, you might be instantaneously swept off your feet when the whirlwind of business comes knocking at your door, most businesses fail due to lack of passion and vision. Aside the passion and vision need to get your business running smoothly, below are other reasons why you may also experience failure in business

- Wrong business model

- Bad leadership

- Poor management

- Lack of originality and uniqueness in product and services

- Tip on how to avoiding startup failure

On the surface, starting a business might seem like an easy task, but without a plan, your business might fail even before kicking off. Before starting your own business, you must try as much as possible to implement solid business principles so as to keep afloat when the tough time comes. Below are things you need to critically consider before flagging off your own business.

- Do not struggle to keep up with your competitors, focus on developing your business

- You need a solid business plan

- Get a mentor

- Acquire the right human resources

- Set realistic milestones

- Develop your brand continuously

You may fail many times, but then, failure will definitely be a part of your success story. What really matter is getting up each after a crushing defeat with the determination to succeed.


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Source : This was originally posted here on my Medium Channel.

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