Archive | July 2015

Key Factors that determines new business success or Failure

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Starting a business does not guarantee immediate success. Research has showed that more than 90% of the newly established businesses fail to flourish in their early stages. New businesses are faced with a lot of uncertainties. If entrepreneurs are not well prepared to handle these hiccups, there are higher chances that their business will not succeed. What does it take to have a successful business? Well, this is a question that every businessperson should ask before venturing into any business.

The following are key factors that determine a new business success or failure.

1. A Feasible Business Idea

Having a viable business idea is major pillar of business success. Although this is not enough as you need to market your idea and make it more profitable. Business ideas can be sourced from identifying what people want, become a problem solver by selling that product or service that is in high demand. You should also employ proper mechanism that will ensure that your business can withstand the pressure from competitors who may be offering a similar service or product.

Consider writing a business plan as it will form a major framework that can determine the viability of your business. It will help you establish a comprehensive market analysis and consumer preference research before you implement your idea.

2. Capital

Capital is very crucial and it forms a significance percentage of business success. For any business to start, initial capital is a mandatory factor. Although some small businesses are not capital intensive, you need to establish a clear financial plan. Many businesses fail to succeed as entrepreneurs expect to make profits in their initial stages of business operations which might not be the case.

It also important to understand that adequate capital with poor management will also contribute to a business failure. In order to have a successful business, you should put measures in place to ensure that capital is invested in the right projects that will benefit the business. To avoid falling in this trap, always employ the right personnel who have financial management background.

3. Customer Loyalty

Customer satisfaction is the main factor that determines business success. Establishing a good relationship with your customers can guarantee you positive business feed backs. To win continued customer loyalty, your business must act with high integrity by providing quality products and services. Customers are the king and you should always aim to make profit through improved customer satisfaction.

4. Leadership

When starting a business either as a sole proprietor or a group, proper leadership is required. The overall leader is charged with the responsibility of controlling all the functions of the business. Having the right team with a common mindset of success enables the business to boom really fast. This has been a major challenge and it can lead to a major downfall even if the business idea is viable.

Working with the right team ensure that all departments coordinate well and they are all dedicated towards achieving a common goal. In order to execute you plans effectively, consider formulating both internal and external teams.

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Top 10 Brilliant Business Ideas for Startups

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Starting a business has never been that easy. How you ever heard people saying that they don’t have enough capital to start a business? I can guarantee you that capital is not the main issue, it all depends with the type of business idea that one has. You should always analyze the business idea that you want to exercise to see whether it is viable or not. Does your business idea provide a solution to what people need?

Identify a need, unexploited niche or a gap then be the person who will fill it by providing the product or the service that is needed. By, so doing, you are assured of a successful business startup because you make profit through customers’ satisfaction. The following business ideas can help you start a successful business with low capital investment.

1. Event Planning
Can you organize a perfect party, weddings or a corporate event? Then you can create a business out of it. Many people and institutions are always looking for people who can offer outstanding event planning services. You only need to offer quality services and people will come seeking your services. In order to standout in this field, I would recommend that you identify a niche i.e. (weddings) and develop your own brand as a wedding planner.

2. Laundry & Carpet Cleaning
I know this is a job that can be underrated by many but it can be a major source of income. Most employed people are ever busy and they don’t get enough time to do much cleaning in their homes. They end up outsourcing the service to other people. If you have free time, you can make this a business opportunity by cleaning their carpets as well as general laundry. To excel in this business, form a cleaning company and you can be in a better position to offer your services to corporates and institutions.
3. Freelancing
Are you an expert in a certain field? With technological advancements, you can be able to offer your services worldwide through internet. There are many online platforms looking for talented individuals with skills in; Graphic& Design, Online marketing, Writing & Translation, Video & Animation, Music & Audio, Programming & Technology etc. The advantage with freelancing is that you can do it at the comfort of your home. All you require is computer and a good internet connection. Search for the best online site that you can offer your services and get paid today!

4. Motivational Speaker/Mentor
Many are the times that we require someone to speak a word of encouragement to us so that we can keep going. Can you be able to positively impact other people’s life? Then you can utilize this talent by becoming a mentor or motivational speaker. There are many aspects of life that you can specialize in such as social life, self-awareness, health and economics. Create a brand and start marketing yourself.
5. Virtual Assistance
Being a virtual assistance simply means being a personal assistance. This job can be done at the comfort of your home and it involves simple tasks. You will be required by your boss to read and respond to emails, update him on upcoming events, answer calls and any other office related work. It requires little investment and it can be done by anyone who is computer literate.
6. Fast Food Parlor
Food is one of the basic human needs. Starting a fast food parlor in a busy area can be a noble idea. People are always working and they require something that they can put in their stomach. The business can boom really fast if you provide quality services. Identify what people prefer buying as a fast food and this could be your beginning to self-employment.
7. Private Tutor
Not everything talk in class is understood by everyone. More often, many students always look for skillful people who can explain the concept to them further in a clear way. If you are an expert in any professional and you believe you have all what it takes, then think of becoming a tutor. The advantage with this job is that you can do it on part-time basis and it can give you enough cash to pay for your bills.
8. Daycare Center
Starting a daycare center can be a lucrative business today. Most parents are working class and they often look for people who they can trust to take good care of their babies. If you are passionate about babysitting, you can make a business out of it. You only need to be trustworthy and provide a safe environment where the little angels can feel comfortable to stay. There various laws and regulations that govern this kind of business and it vary from country to country.
9. Grocery
A green grocer is another business that can really pick very easily. Every day, people must eat fruits, veggies as well as drink fruit juice. The business does not require large amount of capital to start. If you can get a continuous source of quality fruits and vegetables from reliable vendors, then you can make a living from this business.

10. Blogging
Do you have a passion in writing? You can monetize your skills by starting your own blog and writing about something you are passionate about. You can choose write about lifestyle, technology, health, sports, business and other fields that you have interest. Writing about a niche you are passionate about gives you an easy time and allows you to provide well-grounded research about a given topic. You can make money by blogging through advertisement banners, publications and sponsored content.
I believe the above briefly discussed ideas will act as an eye opener and help you bring your business idea into reality. Let’s all give it a trial because as Vince Lombardi said “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”

A Brief Description of my Blog the EnterprenuerSecrets:

Hello everyone,

Everyday we wake up with hope and enthusiasm of making our world a better place. We can only achieve this by living to our dreams and unleashing our potential. Due to technological and innovation advancements, the world has become more competitive. In order to make it in life and standout in the society, you need to go an extra mile and be innovative, creative and  making your passion your profession.

My blog EnterprenuerSecrets is designed with a soul purpose of providing a deep insight  in the business niche.It’s main focus is entrepreneurship. We all know that being and entrepreneur means that you take a career path that is full of uncertainty and regularly challenges. Choosing this path is viewed by many as risk taking as chances of succeeding are very minimal. Those who succeed are the one who have unwavering confidence, strong focus on delivering results and persistence.

Therefore, i will be discussing the secrets of a successful entrepreneurship in my future posts. Venturing in business and applying our skills and expertise is a major step towards achieving a goal-oriented prosperous life. This can only be achieved if we are well grounded with business concepts, tips and skills. I will, therefore, be providing a step to step guide on;

  • Tips of how to start a successful business
  • Features of an entrepreneur
  • Best business ventures and investments
  • Business and Technology
  • Effective customer care
  • Business laws and Regulations
  • Emerging issues in Business

I hope that this blog will provide the much needed insight to successful entrepreneurship. Am a graduate with a bachelor degree in Commerce and a wide experience in business. My education background  and experience will enable me to give quality content that will revive and boost your business. Do you have any business idea? This is the right time to make it a reality. Let’s revolutionize the business niche by applying the current technology, innovations and our ability to conduct business in a modern and unique way.

Let’s conceptualize our ideas and make them a reality just like Peter Drucker said ” The best way to predict the future is by creating it”!!