Business Longevity can be defined as the sustained existence of companies even after the demise of the founder. Business enterprise longevity is the continuity of the firm beyond the career span of its founder.
Ever wondered why some corporations seem to last lifetimes while others appear to struggle and disappear within a relatively short time? What are the keys to ensuring a business survives and is successful over time?
Every business is unique as such, there is no single way of ensuring the longevity of a business. However, we will look at some reasons businesses fail and how to ensure entrepreneurial success and business longevity.
Reasons some businesses fail
Lack of planning.
Many businesses fail because of lacking short-term and long-term goals or targets. They fail to create a concise plan detailing where their business should be in a few months or years.
Ignoring customer’s preferences.
Businesses that fail do not pay any heed to what customers prefer....
Immigrants face a lot of challenges due to cultural and traditional differences to the new country. As an immigrant, even language can be a barrier between you and people in places like work or school. Or even your neighbors. It can be quite challenging especially for first-generation immigrants.
Being an immigrant entrepreneur is a whole other challenge of its own.
A few things most immigrant entrepreneurs face are
This seems to be one of the biggest challenges and immigrant could face as an entrepreneur. You are bound to face discrimination, but how you tackle it is what defines you. Discrimination can either bring you down or pick you right up. Letting it fuel all your energy into your work helps you prove the naysayers wrong.
coming into a new country, totally different from yours, a place you might not have ever visited even, starting a business can be quite challenging. So many uncertainties would go through your mind, and you wouldn't know...
Sometimes, we are so busy with work that we tend to forget about other aspects of life. We focus so much on wealth and the success idea that we forget about our relationship with others.
A lot of persons are known to say that they are very busy once they are asked to hang out. Do you fall under the league of those that are so busy they don't have time to unwind?
Sometimes, when someone asks you how you are faring, you begin to wonder if you should say you are fine or busy. That moment you begin to wonder what you used your time to do. A lot of spend our time without even knowing what we used it to do.
On your journey to chasing wealth, it is important not to forget about other aspects of your life. How is your relationship with your family? Do you have friends?
Do you spend all your time trying to get work done? Or is every second of the day spent on an interesting TV series? What are you using your time for? Do you think of that success idea all day that you don't mind if your...
A great deal of if a business will succeed depends on how good the employees are. This is why a lot of companies expend a lot, trying to employ competent workers. It is quite common to see companies paying HR agencies to employ only the best to ensure that the company continuously succeed. Employing a person comes with its business cost, and it is something that some companies didn't mind paying, but things seem to be changing.
With the prevalence of the internet, things seem to be changing with the way that things are currently done. Gone are the days when people employed all their staffers and kept them in a building. Now, it is quite easy to get a freelancer that can work from the comfort of their homes on your online business idea. To a lot of businesses, this outsourcing format is relatively cheap. They do not have to worry about a lot of things. Truth be told, having online workers to carry out your online business idea can come with its perks.
No Worries About Workers'...
On the journey to success, one thing you shouldn't forget is personal development. One may wonder if they can be a pro overnight or not. It is possible, but you have to work on your subconsciousness to make it happen.
One thing I always thought, and a lot of people also felt was that being an entrepreneur was a talent meant for only a few people. I usually thought that it was either you were an entrepreneur from birth or you were not.
Your business starter can easily become a pro when you undergo personal development and train your subconscious.
To me, entrepreneurship can be trained and has a switch that is flipped on and off whenever you want. All you need is to carry out personal development, as well as train your subconscious to help you become that pro that you have always wanted to be.
We will look at various scenarios.
The young and crazy serial entrepreneur
Let's look at an entrepreneur, let's call him, Alex. Alex is a person that has started several businesses...
The world of business is a dog eat dog one, where brands are trying to run their competitors to bankruptcy, and business partners are trying to cheat others. One thing that you should always know is that you should expect the unexpected when in the business realm.
The Possibility Of An Unexpected Sudden "Divorce" In Partnership.
At one time, you and your partners were happy. The business idea was formed, and all of you were optimistic that everything would go as planned. It is important to bear in mind that no matter how long you dine and wine with your business partner, there is a great chance that wealth can separate you. That business partnership can come crashing because one or two of your partners decided that the wealth should be for them only.
This can be devastating, especially when you do not expect it. Sometimes, the symptoms that your business partnership was about to be annihilated may have raised their heads, but the fact that you have close ties with your business...
One thing every business owner should have is public speaking because it is an important skill. Public speaking has the ability to increase your profit and business success.
There are some persons that are in love with the stage, while there are others that hate the stage so much that the thought of climbing it is revolting.
Psychology Today published a study that shows that a lot of persons fear public speaking more than they fear death. Why is this so? A lot of persons are yet to be in tune with their mind power. They allow their fears to control their minds, instead of allowing their minds to control their fears. It is only wise that if you are scared of public speaking that you work on it by getting a league of mind resources.
This is very important because public speaking comes with its perks for everyone, especially entrepreneurs. As a business owner, you will have to talk to groups, and sometimes they may be small, and other times, big.
Continue reading to know how public...
A lot of things can affect a business profit, and one of them is the relationship of the entrepreneur, as even the best of entrepreneurs can suffer from bad relationships. Why is this so?
When a business is being run, there is usually a great chance that the owner, while chasing profit spends a lot of hours at work, ignoring the fact that a relationship needs to be nurtured. This leaves the marriage begging for life. Before you can utter, 'Jack Robinson', the relationship dies, and divorce happens. It is no longer news that a dysfunctional marriage can affect business profit because the entrepreneur's mental state becomes compromised.
Divorce is a very common scenario, as about forty-five percent of every first marriage leads to divorce. This report was released by the University of Virginia in 2010. You may think that the divorce rate for first marriages is high until you see the one for second marriages.
A major reason why such relationships do not last long is that of lack of...
When an entrepreneur creates a business, he or she begins to wonder if it would skyrocket to becoming a success. They begin to struggle with high-performance issues. What if it doesn't succeed? Before one can say, 'Jack Robinson', their mental health is affected.
While running a business, and expecting high performance from it, things may happen that were not part of the plan. Some deals may get delayed, expenses may increase considerably, and this may leave you and your team members battling with anxiety and mental health.
At that moment, there could be a lot of strain in the relationship of team members because as they try to salvage the business, and make it high performance, they tend to work in a different direction. The idea of working together becomes lost in the chaos.
At that moment, the little trust that may have survived starts to wane, and before you know it, everyone is looking above their shoulders.
Why is trust so important?
If there is no trust in a team, then there...