A LETTER TO THE STARTUP: BOTTOMS UP TO FAILURES, SOME WINNINGS AND A PROFITABLE NEW YEAR!

Whew! 2017 must have seemed like the shortest business year ever: now, some sweet relief from the year’s strenuous routines for a happy holiday. It is a tough business world out there, all jeers no cheers. You deserve a holiday!
The year has not been satisfying for many entrepreneurs, especially for startups. It was a starting phase for new founders, leap leads, stagnation and poor performances for others.
We all had our tall anticipating list of business and individual goals and resolution for the year 2017 but lost to a few hard lucks here and there. Even so, successful entrepreneurs aren’t always the people with top notch habits.
Along the way, I had to form workable habits contradictorily to the most published entrepreneurial apt that perpetually worked “smart” for me. I didn’t have to fit into holes that out-shaped my capabilities.
I have had quite insurmountable challenges that broke me into dozens doubt but, definitely found the best ways to beat the challenges and stayed in business while making impact.

The Year’s Failures
Startups rise and fall.
This year has seen incredible startup businesses whirled away with the wind. It’s nothing less for the big gamers too. Hold your heart if your startup is near fall, if not already down.
Some local startups have folded and nursing their losses for a new start in 2018. Rarely will many which I have been following that shutdown in the last quarter can experience a lift-up from kicking the bucket.
Most African startups have not had the luxury of the big cash injection for a major growth hack let alone have a chance to find a product that is fit for the market. Self funding startups will tell the funding hardship story better.
Some of these failures are attributed to ridiculously jaw dropping business ideas, market misfits, and no startup support systems.

The international startups scene have no better luck; and that is not to give you some comfort or a nod to hopefully good days ahead. Some few startups that have been highlighted to have lost the battle and possibly taking their last breath according to TechCrunch and Business Insider are; Beepi, Juicero, Jawbone, Quixey, Mapple among others to the loss of millions of capital raised and valuation.
The fall of these companies are to create room for you to learn from their failures and not to discourage you.

Dear Startup,
It has indeed been a difficult year for many entrepreneurs and businesses but, many more startups will continue to sprout seconds by the day. Don’t worry about how soon you will fold up. Failing is a must and a rule of the game. Don’t enjoy the failures because you will fail but fail so you must learn.

To Some Winnings
Winning is an attitude. To win, you need to know what it means to fail, be willing to work harder, commit to the tasks, and push yourself to perform. For you to be a successful business, you have to be emotionally neutral to winning and losing. This is probably one of the most difficult challenges of any startup. The vast majority of unsuccessful businesses fail not because of management but mostly because of poor decisions with respect to shallow industrial knowledge and business intelligence.

I have been asked many times about the best winning strategy and structure for startups. This should not be a big problem if you know what your business is about and have a model that best sells your business. A good business model can help to make the right decisions and put the right structures in place. Just do it right.
There are high performing startups implementing multi-sided business models to leverage against bigger competitors that only rely on unique resources.
If you’re going to win big, you must win right –multiple business models will enable you tap into resources and capabilities that are not originally available or other means.Remember winning must be strategic and be fun while at it.
If you’re a first time founder, it is never a shame to discuss some tips over a glass with some seasoned entrepreneurs. If you’re a growing startup, learn from the past. This is your business: you are building it.

Be Set For Growth, Profitability, And Good Prospects
The key to many successes is to be prepared to learn.
Challenges inspires growth and prepares you for things you’re not equipped to handle now, and the best preparation for tomorrow is doing your best today.
We have counted our losses as businesses and owners. Perhaps, still managing to measure up the business targets set at the beginning of 2017. The resolutions may have not been the best, realistic or was worked hard towards but, we still can end the business year on a better note.
It’s okay if 2017 may have slammed some heavy debt right in your face and you’re looking forward to a predictable poor turnover at end the year.

I never intended to share this secret with you but, here you go: Over the years when my company hardly made any significant returns but, sustained operations through personal loans and mere chances, we did few things that projected our situation in a better directions.
a. We were never crippled by the fear to fail: we were prepared for it.
b. We reviewed our current activities, cost, and other factors.
c. We analyzed the good, the bad and the uncertain.
d. In turn of every month, we found it important to take stock of the past months and reflect on failed strategies, little successes and projections.
e. We reduced costs with non-performing operations to sustain quite performing ones to create a balance. Now, it takes a little more than just running a business to assess the imbalances.

On a personal note, our exclusive startup subsidiary, the startupreneurs, ranks high in supporting startups and medium sized companies to shape up and run profitably. We will love 2018 to be a year that more millennials would consider daring other business sectors with our business support systems.

It is almost always difficult making predictions about what the next twelve months of a new business year will have in store, and regardless it never limits businesses forecasts for the new year. Your annual business report should not be a reason you fail to plan for a new year. You may not need a comprehensive end of year report, but a brief business year in review will go a mile to shape your forecasts, goals and new strategies for 2018. The setback will be to think like a small business. Start big, think big.

Start preparing for a successful 2018. Eliminate some bad business habits and begin practicing some good ethics. Another year from now, you will wish you had started today.

Here is to another chance for you and your team to get it right and build it well.

From our Team;  A Merry Christmas and a successful 2018!!!

Advertisements

Author: STARTUPRENEURS

The Startupreneurs is an exclusive startup and small business subsidiary of Commec Ghana Ltd - A Business Development Company. All articles are originally written and owned by the Startupreneurs. Want to start a business, or already in business? Find the inspiration with us, access membership only deals, business packages and discover the enormous supports to help you grow and sustain your business. We are your best solution !

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s