Lots of people try to become an entrepreneur and a lot of them fail. Stats also confirm that around 80% of businesses get failed and stop their operations within a year. Another shocking figure reveals that out of those remaining 20%, another 80% fail in the next year. The leading business success coach, Ameet Parekh explores that due to inexperience and lack of guidance, the possibility of achieving success is extremely thin.
Ameet talks about the key challenges or reasons why most businesses fail. He aims to empower entrepreneurs and learn from the mistakes that other business owners already have made and advises them to avoid those mistakes. Let’s have a look at the major reasons he explored.
Reason – 1
Starting Business for a Wrong Reason
According to various Ameet Parekh Reviews, so many people don’t have good reasons to start a business and with wrong reasons like they want to quit a job, the business won’t survive for long. People enter the business world as they feel there’s quick money in it. They feel they’re capable enough to do anything as a business owner. They try this as they feel they’re extremely perfect during the job and so they can also do great in running a business.
Ameet dispels this notion and asks such people to change the damn job if they are not satisfied. He further clarifies that this can’t be a good reason to try a business as business is a whole different game altogether. He advises to don’t take business as a medium to generate quick money. It’s something like science and people who enter into the business world with the same approach will get scammed into it. For a business to work efficiently and seamlessly, it requires sincere efforts. Ameet Parekh completely rejects the notion that after becoming an entrepreneur, anyone can do whatever he feels.
He advises people to become responsible, build a team and set systems to make a business through processes. Only by implementing and designing tactics, one can think to get more and more customers. While referencing some Ameet Parekh Reviews, the most sought-after business success coach tells people to start a business only if they have the ability to make things better for others. Analyse yourself if you can connect people to obtain organisational objectives. He further clarifies that people should only enter into businesses if they feel they’re ready to go through the grind of working harder. If they are capable enough to create extraordinary results for themselves and for others. People with such capabilities can drive business growth better and the business will also work for them as a vehicle.
Reason – 2
People don’t put in the Hard Work
Ameet explores that once people start a business, they think that money will rain on them. He alerts such people with the truth that at an early stage, a business requires a crazy amount of hard work. It requires lots of hard work in the right direction, a better understanding of the industry type and customer, learning how to create more value for customers and understanding the fact results in a business can only be obtained when you convince your customers to buy your products and services.
He again clarifies that after exploring different Ameet Parekh Reviews, he found that business owners won’t go to this extent of hard work. And hence, they remain behind in the race with someone who does the hard work. Ameet explores that a business requires a burning desire to make things work accordingly.
Reason – 3
Lack the first for Learning
While exploring another reason for business failure, Ameet tells that people stop learning and used to operate in the same old way. People stop updating the business processes like trying new ways of marketing, selling, promoting, branding, trying new channels for expanding the business etc. Ameet Parekh advises business owners to take constant efforts on learning and updating themselves to stay ahead in the game. According to him, entrepreneurs should try to explore what others know better about the same field of business and try to learn new ways of business growth.
Reason – 4
Operate on a Person-Centric Model of Business
When businesses operate with the approach that everything is dependent on the business owner, there can be extremely thin chances of survival. When entrepreneurs continue with the approach that everything goes around them, that particular business becomes a person-centric model. It simply means that in the absence of that person, things will stop happening and such businesses will die soon as everything depends only on a single person. In such business models, your actions start becoming inconsistent and result to lower efficiency. It eventually leads to a slow death for the business.
Ameet advises such business models to operate with a proper management framework to manage each and every business process seamlessly, uninterruptedly and efficiently. Business owners should need set systems and make people responsible to run various business processes efficiently instead of letting things dependent only on a single person. He also suggests business owners remain free and focus on organisational growth and business expansion.
Reason – 5
Don’t Invest in Building a Team
Ameet shares his experience that whenever he asks business owners about teams, he receives replies like – business owners don’t know how to get the right people or business owners hire people, they learn, and they leave. For all such business owners, Ameet Parekh strictly confirms to stop giving excuses and understand the importance of building teams. According to him, without bringing more people into a business to delegate tasks and activities, entrepreneurs will remain self-employed forever.
Without taking this crucial decision on time, people will continue losing money, time and energy. Their single efforts will not prove enough to survive the business for long. While referencing some Ameet Parekh Reviews, he further claims that entrepreneurs show determination and start hiring people. But they allow them to handle all responsibilities from day one. He further guides such people with what to do after hiring someone. He tells that the role of entrepreneurs begins once hiring someone. They need to invest time, energy and effort to improvise their capabilities. Giving them clarity by defining their roles, providing them feedback and helping them to achieve better results.
Building a team helps owners to run a business smoothly. They need to continue with the same mechanism that if someone wishes to leave, there are others to take the responsibility and you can simply just transfer the role to them. Ameet suggests entrepreneurs avoid the above-mentioned big mistakes to run a business seamlessly and achieve organisational goals.
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