4 Tips to Help Keep Your Business From Failing

Are you about to start a business, Currently running a business or contemplating whether to enter into partnership with someone on a particular business?

Then you will most likely need two or more of these tips which are very vital for the success of any business:

1. Don’t be scared of starting a business or taking up new challenges in your business. An entrepreneur is a risk taker and the higher the risks, the higher the profit. Be open to new opportunities. You only need to apply wisdom and discretion in choosing the risks you take up, also don’t feel too big to seek the opinion of others, especially those who have recorded successes in your line of business.
   In other words don’t be lazy, don’t even look at the economic state of the nation or the world, remember the proverb that ‘’he who looks at the weather will not reap or harvest’’.
2. Your business should be something you love and enjoy doing, i.e you must have a passion for what you do. If you don’t really love what you do, sooner or later the business will start deteriorating. Don’t just start or engage in a business because your friends are doing it and they are successful in it, make sure it is what you love.
3. Your motive for entering into the business is germane. Yes, we do business so that we can make money to cater for our needs, but your first motive for going into business should not be to make money but to meet a need. You might say this sounds crazy but it’s true because if your business seeks to meet a need, money will always accompany that need you are meeting. But when a business is solely based on making money, the business will focus on money more at the detriment of meeting other people’s needs then deterioration sets in. So, are you looking to start a business? Search for a need in your community, school, work e.t.c and try to meet the need.
4. Draw up a business plan, because a proper business plan would put all the extra costs (even to the last kobo) into consideration. I cannot but recall the parable of the 10 virgins recorded in Matthew 25 as told by Jesus, The story refers to them as foolish as they failed to carry extra oil in their lamps, “…10: and while they went to buy, the bridegroom came; and they that were ready went in with him to the marriage: and the door was shut. 11: Afterward came also the other virgins, saying, Lord, lord, open to us, But he answered and said, Verily I say unto you, I know you not…”

Are you about to start a business? Do not be hasty, prepare a business plan. “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.”- Proverbs 21:5 ESV. Have you started a business already? It’s not too late, prepare a business plan. Even when you have a business plan, you  still need toreview it regularly, otherwise your business still has a high risk of failing.