Managing business in today’s tough and competitive world requires special skills. People who would like to become entrepreneurs enter into a business with the misplaced notion that running and growing a business is like having a cup of tea in the morning. The reality is that things are not that easy and statistics show that out of every 100 new business which take birth, only 20 go beyond the first year of operations.
This is because the market dynamics have changed and competition is cut-throat to say the least. Many entrepreneurs make the mistake of expanding their business too fast and in the process fumble by biting off much more than what they can chew. It is always advisable to go slow in any new business venture. Good and solid business is built brick by brick and it takes time to grow and flourish. This has to be understood.
While profits ought to be the ultimate objective of any business, it cannot be by cutting corners and compromising on quality and customer satisfaction. Whoever has tried this route to grow fast has invariably burnt his fingers. Quality and good customer service is a long –drawn game of patience and if done with devotion and commitment it will surely reap good result over a period of time. A good customer by his word of mouth alone will bring in 3 new customers. However, a disgruntled or unsatisfied customer will take all efforts to damage at least another 30 prospective customers. This concept has to be understood well by entrepreneurs-to-be.
One more important thing that an entrepreneur should keep in mind is to keep his employees happy and satisfied. A satisfied work force will go a long way in reaping good dividends for a company and this point cannot be underestimated. It would again foolish on the part of an entrepreneur to cut corners and save a few dollars by depriving an employee of his rightful share.