POWER MOMENT In Business: Disappointment... Get Used to It! A person is usually excited about their business once they begin building it. They are excited about the endless possibilities business ownership provides. However, once they enter into trenches of business, frustrated entrepreneurs opt to get out of the trench to find employment. Like gazelles, a business owner will have to begin running for their lives as soon as their business is born. It is the norm. There will be plenty of pitfalls and predators attempting to take you down or take advantage of your business. A business is a huge asset. Its an asset to workers, government, customers and, of course owners. But much of the harsh elements you will encounter in business is rarely exposed to you in schools and programs so you can prepare. In this column, I will quickly go over areas where you can meet disappointment. They are 5 of them: Sales - You will get everything together; your products, paperwork, prices, etc. for your grand opening or special events only to possibly sit and wait for customers to actually show up. Even some of the greatest marketing campaigns can lead to flat sales. Workers - You can fairly compensate some of the most qualified workers only to find that productivity and integrity are lacking. Some, including family and friends, may disappear or walk off the job unexpectedly. This is common in small businesses making them hard to grow. Workers tend to give their best to popular companies and ones they feel they have more to lose from by leaving or getting terminated. Unfortunately, thats like giving more money to the already rich. Those companies arent as desperate as small businesses for great talent, commitment and less human errors. Customers - Letting a customer too far into your personal space is a very risky. Getting customers to become repeat customers is a test of balance. You dont want them to feel alienated but you also dont want them to close to you. Some customers are aligning to take advantage of the asset, something, you as the owner, must desperately protect. Suppliers - Suppliers wont always get it right. They wont always send you the right inventory, give you the right designs or provide you with the prices they promised. Some of them view your business as their come-up. Community - If you own a brick and mortar, people of the community wont always respect your establishment. Some will shoplift, burglarize, vandalize and God forbid, rob your business, all in the name of economic gain. Dont take it personally, but be sure to deter these activities using the best non-apathetic means. These disappointments are often due to micro-vision. Micro-vision is a case of only being able to see what affects/benefits you for right now. People with a case of this do not see later and definitely do not see effects of anyone else involved. The prisons, businesses and government are filled with them. Nonetheless, this list will not be the case for every business or every situation. However, these are popular areas of disappointment for business owners, especially small and new ones. Its like parenting. You will love your child and only aim to see the best for them, but as a parent you should also expect disappointment. Things wont always be perfect or go as planned. People wont always love them like you. They wont always perform the way they should. Its less stressful knowing that things can go wrong. It allows you to incorporate it into your business strategy and be better prepared to implement the resolution. These disappointments should not halt your endeavors. They halt many aspiring entrepreneurs. Working for someone else and not having to bear these levels of disappointments can be attractive to some people, but it shouldnt be for genetically wired entrepreneurs. Yes, entrepreneurs need a team of people who prefer to help them build. They are necessary. We all cant steer the ship. However, dont confuse yourself with the crew instead of the person who should be at the wheel simply because of disappointments. Entrepreneurs Incubator Institute 1900 The Exchange Atlanta, Georgia 30339 EntrepreneursIncubatorInstitute Forward this email
Posted on: Mon, 22 Sep 2014 00:51:48 +0000
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