7 RECIPES FOR BUSINESS FAILURE

Dubai, UAE – If you are new to business or just planning to put up one, you might want to give proper attention to these 7 characteristics that may lead your business to sudden failure. Also, you might want to avoid these traits if you want to stay ahead of your life in general weather you are the head of a company, an employee, a student or even a public servant. If you often see any of these attributes in any member of your organization, it’s a clear sign to get rid of them. But once you feel and see these traits in you, you better start changing your behaviour or else it will create problems along the way.

1.       YOU HAVE NO SPECIFIC END GOALS OR TARGETS – Every company must have a specific goal. An organization without a goal is like a company without direction and meaning. Goals are being set even before the inception of every start up. It is a core part of the business plan set in specific timeline. Company mission and vision statements are created and aligned with such goal. That goes the same with every leader and core members of an organization. Any action of individual without specific goals in mind is misguided and will create a lot of confusion along the journey.  Business owners who are adrift will definitely take his company to a rapid downfall. Never start a company without specific goals.

2.       YOU ARE LAZY – Given you have set some goals but you are not working hard enough to reach them is pointless. As a business owner you tend to give yourself unnecessary entitlement that you delegate the most important task to your employees. You sometimes tend to sit back and watch them grind and expect positive results. I am warning you that it is a sign of laziness not a feeling of entitlement. Never entrust the company to your employees even if you believe they are qualified to do so. Remember, they will always get compensated regardless if your targets weren’t met. As the owner only you must lead the grinding and hustling to show them how it is done. Never compromise the status of the company just because of your laziness.

3.       YOU LACK DISCIPLINE AND FOCUS – You got to have discipline starting with yourself, the way you think, the way you perceive your actions and decision towards your health and your personal matters. All of these will have a great impact on how you manage your business. You must have discipline in every aspect of your company from how to handle the finances and how to treat your employees. Being lazy is a by-product of having no discipline. If you have no discipline, all your decision and actions towards your goal will be affected. Same goes if you have no focus on achieving your goals, either way they are equally a recipe for a disaster.

4.       YOU ARE NOT PERSISTENT – Successful businessmen are persistent, it’s the most important trait of a good salesman, without a good salesman a business will not last long nor survive. So once you feel you never possess this trait then it’s a warning sign. You should be persistent on achieving small goals towards achieving the main goal. You should never give up easily on any hard to get but potential customers. Once you own a business you are automatically a salesman, keep that in mind, business is about achieving sales targets. So if you hate selling then don’t set up a business or you will just fail.

5.       YOU ARE NOT RESILIENT – Resiliency is the key trait in order to survive whatever problems you will face as a business owner or in life. Resiliency is also the key ingredient in order for you to face every challenge that pops out in front of your face. People who love challenges are resilient. Owning a business requires resiliency to face the problems and the challenges that it creates.  Entrepreneurship is not for the faint hearted who crumbles easily when facing a difficult situation. If you don’t have what it takes, you better change your mind. But if you are up for the challenge then go for it.

6.       YOU THINK SMALL – As simple as Napoleon Hill’s quote, “Whatever your mind conceives, you can achieve”. You think small, you achieve less. You think big, there is potential for unlimited achievements. Here’s one thing, if you think that any effort is not worthy for a single peso sales then you are a small thinker. To elaborate, you think very less of what a single peso, dollar or dirham can do and you think it’s a waste of time and effort to obtain that sale then you will have a problem achieving greater things on business. You must keep in mind that any amount of sales is equally worthy to any amount of effort. You cannot achieve your first million without giving importance to every single amount. You need to start small, think big and achieve even bigger.

7.       YOU ARE STAGNANT – It’s another phrase for people who don’t want to learn new things. If you are an old dog that can’t be taught new tricks then your business is in trouble. Learning is a continuous thing. If you think you already know everything and you refuse to learn new things that will benefit your business then it’s a bad sign. If you hate to learn new things then chances are you don’t want to innovate or try other things that you don’t know. People like old dogs should not run a business or yet cannot be part of an organization. It will take down you company with him.

Again, once you feel you have any of these traits, it’s time to contemplate on how to change them for the better. Also its easy to say that you possess all the positive traits, but pointless unless you religiously apply every single one of them every moment. Once you remove them and you mastered the good ones then achieving success is not difficult.

Be blessed.