How to successfully start a business or help a failing business survive

How can you successfully start a business or help a failing business survive? Business is the process of overcoming challenges on the path to progress, and this is what makes business exciting, interesting and rewarding. Starting a new business or trying to restart a failed business is a big challenge.

As with any startup, there’s something metaphysical about taking a concept, turning it into reality, and creating a great new company. The big challenge you face is selling a new feature, gaining credibility and building a sizable user/customer base. You must be willing to run a marathon.

You must always remember to focus on whether or not your business can stay in the running as you will likely only have one chance to create a world-class business. Globalization is always a challenge. You are dealing with different languages ​​and different cultures as well as different laws in each country. As the company becomes more global, more people of different nationalities will join the company. That means you have to be more flexible.

You need to understand the variety of lifestyles that each employee experiences. You have to understand the differences in language, culture, traditions and mentality. To be successful, you must be able to manage all of these complexities within the organization. The key to success is trying to understand all of these differences and giving each employee the opportunity to integrate their own culture into the company culture.

I’ve learned that the skills needed to start a business are not the same skills needed to run a business. In the beginning we had to inspire a small team of people to meet deadlines and deliver results. We had to give a lot of guidance, focus and direction. It may have seemed to others that we were trying to be too much in control. I’ve been constantly telling people to stop just talking about it and take action (i.e. start doing) instead.

My philosophy was to lead, follow or avoid me. I will tell you that with this philosophy you may not be everyone’s best friend. However, I realized that if we planned slowly, we could not move quickly. We needed people who were flexible, people with the ability to make decisions on the fly. We needed people who could adapt to an ever-changing situation. But I found that flexibility is not easy to teach. You can’t teach people flexibility. In certain companies you need fewer people, but you need people with multifunctional skills.

To build a business you need to find great people who are at the top of their profession and who share the same passion for building this new business. And never forget that people like to have fun, so make your workplace a fun place to work. Work with a flat organizational structure so that you can build a harmonious team.

You also need to find great investors to help and support you in building the business. You should look for people who are connected and come up with good ideas. Don’t build a business with the aim of selling it, build a company and exit follows. Also, make sure you never run out of money. That means you have to plan ahead and raise more capital than you need. This will help build security and stay in the game during tough times.

You need to get in front of customers or the end user and respond quickly to realistic business ideas. Don’t ignore market shifts. The advantage of a small company lies in its ability to adapt to user needs ahead of its competitors. And the last and most important rule for all new business success stories is: be transparent with everyone involved.”

Written by Dr. Maky Zanganeh.
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