What Does It Take to Become a Successful Entrepreneur?
Not every business takes off, and there is a handful of few that go bust within the first five years. Before this happens, there are telltale signs a company is going under.
1. The Same Results Require Double the Effort
If you find yourself working the daily grind but no results to show for it, it might be time to shake things up. Does everything seem murky? Working the midnight oil but no results? If everything in your daily calendar seems to be muddled, it’s safe to assume you’re not maximizing your time—or that of your team either. Remember, you should work like a well-oiled machine in order to be successful. Lethargy points to a business entity that’s sinking. Consider your options and think of how to regain your position.
2. Your Once-Stellar Team has Lost Its Interest
When a team is passionate about the work they are doing, the energy is almost contagious. If your team has lost its passion, it is usually not just an issue of motivation—or lack thereof. Dig deeper and find out what’s happening. Do they still believe in your vision? Dig, dig ad dig, until you find the reason for your team’s nonfulfillment.
3. Your PR Department is not Functioning Well
Your PR department is almost defunct. The media ignores you. Journalists don’t reply to your emails. You see, journalists are in the business of covering what’s newsworthy. Are you newsworthy? Are you relevant? Is your business interesting? You have to do something that’s interesting, innovative, and fresh to be featured—if you are not, its time to contemplate what’s going wrong.
4. Your Customers Need Convincing
Does your product require “selling?” Your customers should act as an ambassador on your behalf. When does this happen? It happens when they are satisfied. If what’s happening is you are letting them down, you are losing customers. Make certain your customers stay with you.
5. Your Sales Plummet
This is one of the most obvious signs that your business is not flourishing. Your customers stop believing in you and your product/service. You lose customers to your competitors. If this happens, find out why your customers stopped believing in you. What could you do better? What’s wrong with your product? Sit with your team and enlist the help of your mentor to see what you can do right.
6. You Don’t Go With the Trends
Do you ignore current trends and believe they don’t apply to you? Well, its time to get a reality check. At their core, market trends are your business. No matter how talented you are or how incredible your product is, not tapping into the market is like the final straw for your business.
Keep in mind that your product or service must be responsive to market needs, customer needs, desires, and fluctuations. Remember, the world doesn’t revolve around your business—it is the other way around.
7. Your Team Leaves in Droves
If it’s only one of two employees resigning—it is not much of an issue. But if your people leave in droves—especially the talented ones—it is time to reconsider your position. Why are your employees leaving you? Not only that, if your investors, vendors, and people associated with your business suddenly start distancing themselves from you, well you know what the problem is. Losing a key team member, supplier or investor could spell a death sentence for your business. Enact change now.
Creating change from within is difficult, but imperative in today’s world. The competition is cutthroat and ruthless. If you need guidance on how to pivot, make a business checklist, or steps to start a business, it is time to check with a business Consultant Company. If you are based in Mumbai, and need business counseling and help with research, you can check out market research companies in Mumbai.
When stakes are high, concentrate on pivoting your business to prevent it from sinking and crashing. Pivoting requires tremendous thought and careful implementation but when done effectively, this could be the elixir your organization needs.
Ourbusinessladder is one of the leading business consultant company in India, and one of the top market research companies in Mumbai, helping various businesses implement their strategies. If you are looking to design and implement your business strategy, we can help you. We will guide you through all the stages and come up with a plan that matches your business objectives. We will help implement the need changes in order to help your venture succeed. Click here to schedule a free consultation today!