5 Steps To Avoid Failure In An Emerging Business
New ideas, apps, startups, and entrepreneurs are emerging. The irony is that the life of many of these startups is just a couple of months or at most a year or two. Why are new ideas failing? How can entrepreneurs avoid failure?
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Here are five steps to avoid failure:
In order to avoid failure, first, you need to accept the word ‘Failure’. You must understand that even the best ideas can fail, once you accept it, you can be ready for it. So first step to avoid failure is ‘Acceptance’.
The second step is ‘Asking Questions’. Once you have accepted that, yes your business can fail, ask questions catering all the 5Ws and 1H. Why, Who, Where, What, When, and How the business can fail. So let’s take an example you build an app. You feel for sure that it will be a success, you took a trial survey and everything seems perfect. Now you need to analyze the app asking yourself ‘How the app can fail?’ Ask questions, where is it lacking, why is this particular function not responding, who can be a threat to the app, what changes will enhance the app features, when would be the best time to release the app, so on and so forth. Do not ignore any issues in your questions, no matter how small and minor they seem.
The third step is ‘Finding Solutions’ to the answers. So the points that might end up your business failing, find every possible solution to them. You can take expert advice, read about other businesses that had similar issues, craft a set solutions after full research and analysis.
Now draft Plan A, Plan B & Plan C out of the failure analysis answers your drafted. Reasons for having three plans in hand is that you need to always have a backup solution. If one plan fails, you have another ready to execute.
Implement solutions. Once you accepted that there can be loopholes in your business, you drafted question on what those loopholes can be, you came up with solutions, made plans now just implement them in your emerging business.
After you have done these five steps, ‘Take the Leap of Faith’. Your business can still fail due to any unidentified or unforeseen cause but at least you did everything for your business. Even if it fails you put your 100% in it and that is what matters.
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