The social class division in society has been in existence right from the word go. There’s a wide gap between the rich and the not so rich. Unfortunately, this trend is reflected in the business terrain. Most underprivileged entrepreneurs are faced with the challenge of breaking the glass ceiling in their markets.
Understandably, going up against the big brands who are better positioned with all the resources needed to succeed, isn’t a fair challenge. However, throwing in the towel and settling at the bottom isn’t a good idea either.
Here are 4 reasons why some entrepreneurs are stuck in business and how to break the chains:
- Lack of competitive drive
The market is filled with new startups and entrepreneurs all seeking to dominate. As a result, all brands undergo a huge competition to survive and remain the consumer’s choice. For some, instead of joining the competition, they often get overwhelmed and intimidated by other brands seemingly doing much better. They neglect the fact that such brands also started off from somewhere.
Healthy competition is good in business, and can bolster the growth of a new startup because consumers are always on a spree of trying out new things. Competition aids innovation, and innovation facilitates the improvement of products and services. Whatever idea you have, spice it up with unique and interesting accompaniments that’ll entice the consumers.
- Excessive dependence on others
The most reliable way to succeed as an entrepreneur is by identifying market gaps and coming up with innovative ways to fill them. This may involve selling a particular product or rendering a particular service that is highly in demand to a given audience. Most successful people became successful with this simple, yet effective approach. For example, Microsoft and Apple sell millions of software and tech gadgets, Warren Buffett sells his financial knowledge, and Jeff Bezos sells numerous products on Amazon such as cloud computing, DVDs, Blu Rays, CDs, Video downloads/streaming etc.
Successful people generally offer services or products the world is in demand of. However, the not so successful, depend wholly on other’s products for survival. While they may come up with ideas that could transform their financial status, they are often reluctant to take a bold step forward.
Don’t be all about utilizing products and services, aim to create new ones. Strive to discover your skills and maximize your potentials. Identify a market in need of your product(s) or services and cater to them.
- Inadequate knowledge and skill sets
A stable business is built on a solid foundation from the on-set. This involves gathering as much knowledge and experience as possible from an early stage. However, many entrepreneurs ignore this fact and kick-start their entrepreneurial journey with little or no knowledge on the field. As a result, their pathway to success is often intersected by backbreaking obstacles that could have been easily avoided with a little research.
Taking a cue from other people’s experiences helps us to avoid the mistakes they made. Before venturing into any business, seek for the best approaches. Learn what works and what doesn’t from people who already walked the path. Study as much as possible on any field you want to venture into, and take note of the common obstacles to look out for.
- Aiming for the perfect opportunity/idea
Most entrepreneurs get stuck in their financial status because they only hope for the perfect, unique, and lucrative idea that’ll require less stress and yield more profit. Truth is, it doesn’t work that way. It’s common knowledge that nothing good comes easy; there’s hardly an easy way to success.
Ideas often birth new ideas. An idea doesn’t necessarily have to be brand new for it to be successful. Invention of automobiles, aeroplanes and rockets amongst others, seemed like the last junction, but parts of these products often wear out. And that created a market for ideas like workshops for the repair of damaged vehicle parts, insurance companies to cover expenses on damaged products, vehicle-spare-part companies like the famous Actron Technology Corp for Auto parts and A.E.R.O. Inc for Aircraft parts.
These companies took advantage of the invention of these vehicles to create a revenue generation source for themselves, and this confirms the fact that ideas birth new ideas. Study the market regularly. Learn the latest trends like the ongoing automation of manufacturing industries with AI intelligence, and the way it could impact on certain fields, and always peek through already existing ideas to discover new and more convenient ways to get things done.
What do you do when life throws oranges at you? You make lemonades! There’s no guarantee that things will be easy, but there’s an assurance that, when you give it your best shot, success is inevitable. Building a successful business may not be easy, but it isn’t impossible. With the right knowledge and business culture, you can climb up the ladder gradually. And before you know it, you’ll be at the top doing big things.