Do you have what it takes to run a successful business? Over-zealous entrepreneurs underestimate just how difficult it is to finance and manage companies. In fact, eight out of 10 start ups go South in just 18 months (and sometimes less!), and even four of billionaire Donald Trump’s businesses declared bankruptcy. What does it take to have lasting power in short-lived — and cutthroat — industries?
Make Immediacy Your Top Priority
Not too long ago, Facebook purchased WhatsApp and — even more recently — virtual reality headset manufacturer Oculus Rift. Facebook CEO Mark Zuckerberg paid billions of dollars for the acquisitions, and the question that everyone is asking is, why?
The answer is simple. Zuckerberg is trying to stay current and ensure that Facebook (or at least one of his many other companies) remains relevant and useful to consumers at all times. Business owners can carefully install product lifecycle management software or application lifecycle management systems to track the temporary and lasting value of applications, goods, and services. Companies can choose from a variety of PLM tools; PLM solutions guarantee that businesses do not continue paying for products that are no longer profitable.
Start With a Strong — and Dedicated — Team
“Only having one founder is the most common reason startups die. Running a company alone is much harder and more stressful than it seems, and it’s especially unusual for a startup to succeed with just one person behind it,” Business Insider reports. A trusted business partner and good accountant or financial adviser to make guarded monetary decisions are essentials. “Investors do not want to back a person, they want to back a complete team, in case you get hit by a bus,” Forbes adds.
Keep Customers Talking
It is widely known that customers can make — or break — a business. That doesn’t stop business owners from overlooking or brushing off customer comments or concerns. This is a grave mistake, and often one that companies pay dearly for. “Your customer holds the key to your success deep in their pain, behavior, dreams, values and the jobs they are trying to accomplish,” Forbes explains. Encourage customers to provide ongoing feedback to constantly keep track of business progress.
You can beat the odds. Manage a success and lasting company by prioritizing immediacy and application lifecycle management, teaming up with a strong group of people to run your business, and asking customers for constructive feedback. Continue reading here. Find more.