What I Learned Leading a Global Business
Ronaldo Fraga
CEO & Advisor, The Alternative Board (TAB) | Helping Owners and CEOs focus and grow their business | Advising on strategy, people, operations, supply chain, processes, and core values
Running a Business is Complicated
Let’s start with the entrepreneur. You are the whole package. You need to be creative, strong, have perseverance, understand your market and customers, be a good leader, and be willing to challenge the status quo…the list can seem endless and does go on, which is why it takes a team.
Now let’s consider the business itself. We all know a business is an enterprising entity that provides goods and services in exchange for money, with the goal of being profitable, and there are many types, e.g., sole proprietorships, partnerships, and all sizes, small to large. A business is comprised of many activities that make up the operations from accounting & finance to the production of goods and services, to marketing & sales, to research & development, each with its own processes including legal and government compliance. Making each of these activities work together to effectively sell and deliver the goods and services while making a profit, is a very complex equation.
The top reasons most businesses fail according to Investopedia: 1) Not satisfying a need; 2) Bad business plan; 3) Lack of financing; 4) Bad location/internet presence/marketing; 5) Remaining rigid, and 6) Expanding too fast. On average, only 25% of businesses survive over 15 years. And with the recent business environment – pressures of low to negative margins, and employee turnover, the number of small business failures is anticipated to increase.
Making a business successful, making a business grow is complicated. You don’t have to go it alone or learn everything from scratch. Successful entrepreneurs build strong teams in the company and for themselves. They learn from others and get help from peers.
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