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You started a business off-late and it bombed? Do you feel sorry for what happened? Ever felt like you had missed out on something that ought to have been done.
Did you lose hope? Don’t because I am about to reveal a few secrets that you would not have incorporated into your business when you were dabbling with the idea of entrepreneurship for the first time?
Consider this : Any of the points mentioned below or all of them would have been possible causes for your downfall - Read, be aware, implement again. It should work this time.
Consider being aggressive in sales. Have a strong sales force in place if you can afford it or do all the ground-work yourself. read my previous post on sales. Where you faltering here?
Have you written a business plan? Did you have your business plan guide you and serve you as a reminder? A reference check? - Out-source your business-plan writing to someone competent on www.elance.com or www.guru.com for a pittance or if you are comfortable with it, Do-it-Yourself - Businesses are to be based on strong foundations. Business Plans make such foundations.
Were you a good team manager? If you don’t believe what I am talking about, just go out there and ask all those people quitting jobs and jumping across the corporate world - the itinerant executives - as to what their problem is? They would unanimously tell you that they are quitting because of their bosses.
You could be that boss too. Have you learnt to manage your team well? keep your employees happy? Do you lead by example or do you threaten, show-off your inflated ego and then get a good thrashing when your employees quit ?
Lastly, are you really the entrepreneur material? You know those hit-me-in-the-eye-I-would-look-you-back types who never give ; never take NO for an answer ; stick to their guns no matter what happened ; never let go of their ambitions and dreams even if the earth shook under their feet ? If you are, take this as a temporary set back and rebound with a renewed energy and enthusiasm. If you aren’t, well, go get yourself a job. Period.
This isn’t an exhaustive treatise on your business-that-bombed. It’s a reality check. It’s a primer to those who just need that push to come back. However, the list is not exhaustive too. What have you got to say?
