Here are 5 Ways You Can Build a Business That Will Last

The Bureau of Labor Statistics has some grim statics, - approximately 20% of start-ups fail within their first year of opening shop, - that’s sad. And, it isn’t all, half of those that survive will close shop within five years.

Okay, that means only 30% of businesses started soldier on beyond their fifth year of existence. The odds for a wannabe entrepreneur are clearly disheartening. Starting out in a gray zone of uncertainty, they face a statistical asphyxiation if left to chance:

So what should you do as a startup entrepreneur to give life to your dreams, and watch the fruits of your labor ripen?

1.    Come Prepared

Come prepared, not to fail, but with a great idea, an idea in its time, an idea in season, an idea that will live on, beyond the teething pains of every start up. Think of Zoom and pandemic lockdowns.

Before launching out into the deep ask this critical question, - “is my business idea big – is it hairy and audacious enough?”

Bill Gates asked this question when starting Microsoft, here is what he said,

“When Paul Allen and I started Microsoft over 30 years ago, we had big dreams about software. We had dreams about the impact it could have. We talked about a computer on every desk and in every home."

2.    Have a Great Vision

Vision is vital, you can’t go where you haven’t planned to go, your vision is a compelling picture of the future you want to create.

When gazing into the crystal ball that is your vision ask;

What challenges does it solve?

What results does it promise?

What clients and customers will it attract?

What’s the financial upside?

How much money will it make?

A vision shouldn’t be vague or abstract; it should be specific and detailed. It should include numbers and everything that will give it life.

3.    Gain an understanding of your target customers

Your business depends on the rapport you create with your customers.

Establish a good relationship with them, treat them like family, listen and respond to their concerns, - serve them a cuisine of their choice, - adapt your products and services to satisfy their needs.

4.    Be ready for a bumpy ride.

You should be prepared to overcome all hurdles. The entrepreneurial journey isn’t smooth neither is it for the faint hearted, you will encounter obstacles.

Build your resilience muscles for the long haul. Build strength to grapple with myriads of problems, -financial problems, supply chain problems, the ups and downs of market shake ups, and all unforeseen calamities.

5.    Delegate, choose the right people for your team.

Bring on board the right people, hire the best to build a phenomenal team, then delegate.  Here is what you should always ask when dealing with your team,

"Who can do this better than I can? Who has the right skills?" then go ahead assign that person the project, and support them.  

In closing, most folks start businesses without planning for all eventualities, and as Benjamin Franklin said, “If You Fail to Plan, You Are Planning to Fail” — So, plan! And, Good Luck!