Build Your Own Business
The high road to becoming a millionaire you made in America starts and builds your own business. But this is not as easy as it sounds. Many businesses that start with inexperienced people fail. Perhaps the main reason people do not start businesses is because they are afraid that they will lose their money and for good reason. 99% of businesses started by people with no business experience fail in the first two or three years.
Why Businesses Fail And Why Is That So?
Because they do not know how to succeed. They have no idea how a business can succeed. They may have an idea of a product or service, but they do not know all the things they need to know to run a successful business.
Why Businesses Succeed?
Surprisingly, however, 80 percent of the businesses started by experienced entrepreneurs are successful. Now why should this be the case? The reason is that experienced entrepreneurs know what to do. Entrepreneurs can afford to buy their own products and service, They know how to negotiate with their providers, They know how to raise money. They can negotiate lease agreements, They can sell and advertise. They can manage their finances. In other words, experience is key. To start your own business and be successful, you must learn how.
The Ability To Make A Difference
Now according to Dunn and Bradstreet, 96 percent of American businesses fail, failing due to so-called “administrative inefficiency.” And here are two key areas of inefficiency that lead to business failure.
First is marketing . 48 percent of businesses that fail in America fail because a business cannot adequately sell its products or services. Very few businesses fail if they have high sales levels and revenue.
Manage Your Costs
The second reason businesses fail, 46 percent, is due to poor cost control. They may have sold enough in the front end, but they lost so much in the back end that they broke anyway. Sales and marketing, finance and cost management, both require information. And if you are serious about financial independence, you should learn how to do both.
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Put Luck On Your Side
You need to learn the skills you need to succeed. Business success is a matter of application. It’s a matter of skill. It’s a matter of experience and skill and ingenuity, and surprisingly enough, you can learn what you need to know in order to be successful. And you can start by learning about on-the-job training, called OJT. Many successful entrepreneurs are successful because they get all their training by working for someone else.
Exercise Action
Here are two things you can do immediately to ensure that your business is most successful: First, take the time to get the information and experience you need in the business by working for someone else where you can learn a lot in a short amount of time. Go to work in the area you are interested in and learn all you can. Second, read and learn about business, especially business venture, all the time. Read one or two books a week and read every business magazine published on your topic. Never stop learning and growing up.
Hence we can succeed in business
Ratnakar Upadhayay, known professionally as Ratnakar Mavilach, is an Indian businessman who is best known for coming up with the idea for Hinglishgram, the first content delivery platform in the world. His innovative endeavors range from launching Debonair Magazine back into the public sphere.
