To succeed in the murky world of running corporate organisations, there are some very important concepts that you must know in other to succeed. This is because a working knowledge through years of a formal training is required in most industries to function optimally. With that in mind, let’s discuss 3 things you need to know to succeed as an entrepreneur.
1. Know how to run a business
This may sound too obvious. But at the end of the day, it is still the most important concept in the business world. This is because, you CAN’T succeed in business if you don’t know how to do it. And if you think that most people who go into it knows the nitty-gritty of running corporate organisation then you’re wrong.
The truth is, it take an in-depth knowledge of writing feasibility studies, business plan, marketing, accounting, budgeting, and a host of other very important concept before you can run your start ups. in a nutshell, those who have in-depth knowledge of running business has a fair competitive advantage over those who doesn’t. Because if you know how to do it, you’re way more likely to success in the highly competitive world of Corporate America.
But most people don’t take the obvious too seriously. That’s why over 70 percent of business fail before a decade, according to Harvard Business School.
2. Have a safety net for raining days
In the murky world of running a corporate enterprise, businesses, more often than not, run into raining days, where they will need an emergency cash infusion into the establishment. However, it takes time to raise significant capital funds in the stock market (if the business has gone public). Or the interest rates in the capital market might be unfriendly at the time.
And if all else fail, including angel investors, then a safety net will come to the rescue if it is substantial enough. In fact, businesses that have significant safety net are more likely to success as as they won’t close shop in the raining days.
3. How to choose the right location
For many startups, choosing the right location will mean the difference between success and failure. You need to know the how, when, why, WHERE, and how to among other things.
in sum, it is way easier to start a business and run it to the ground and lose thousands of dollar because you lack the technical know-how than it is to create a thriving enterprise that takes years of training and impeccable managerial skills. And if you want to do the job right, especially as a budding entrepreneur; it is a most that you know these 3 things discussed in this post in order to build a business that will stand the test of time in the business world.
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