Why 90 Percent of Businesses Fail
Tips that can skyrocket your business
An entrepreneur can be an artist like Steve Jobs, who created Apple that became the best smartphone known around the globe, or a genius like Elon Musk, who prevents harmful gas emissions by using electrical energy in vehicles.
The most important lesson a youngster who aspires to be an entrepreneur can learn is the prime focus should be solving a huge problem. For example, before Uber, there were only taxis that took time arranging for a pickup. Uber simplified short-range travel.
Problems in the market are solved by entrepreneurs. For example, in the early 1990s, no one knew that there would be a marketplace where people could buy merchandise from home using internet stores.
Customers may be more likely to make their purchases from a store that provides ease of sale.
Fear of Competition
Entrepreneurs should not be worried about the competition. The competition provides reasons for product or service improvement.
DVD rental stores assessed a late fee if discs weren’t returned on time. Netflix founder Reed Hastings and Marc Randolph knew what a pain that was to customers. Netflix delivered a movie in the mail within 2–3 days with no late fees.
Fast Service
Customers today want everything to be fast — internet speed, delivery. Amazon delivers within 24 hours to 2–3 days. That’s more convenient than getting in the car, driving, parking, and shopping in a store.
The more comfort a business provides the customer, the more likely the customer will trust you.
Low Cost
Customers love great products with low prices, but it is not always a good thing.
For example, The exclusive Shampoo brand was used only by the wealthy and poverty-stricken people couldn’t afford it. The population of poor people was greater than that of the rich.
In India, Chinni Krishnan partnered with manufacturer “chiki” and formulated a similar shampoo uniquely dispensed in sachets for a much lower price.
If you want to succeed in your business venture, find a problem that your competition hasn’t solved. Develop a solution that considers current and future trends, provides faster service, lowers prices, and builds trust with your customers.
