Autopsy of Business Success

Autopsy of

Business Success

What is success?

• Definition of success

Performance of a business

The expectations of “the people” about the venture

Major elements of business success

• Sound business concept

• Solid business plan

• Experience

• Management skills Planning Control

• Controlled growth

What is failure?

• Definition of failure

Discontinuance of a business for any reason Bankruptcy Failing to “make a go” on

Product Marketing Market Funding

Major reasons of business failure

• Poor business plan & strategy

• Poor preparation

• Poor people management

• Poor location

• Lack of expierence

• Management incompetency

• Poor financial control

• Lack of appropriate funding

Failure involves....

• For the people Loss of dreams, ambitions,…of the

entrepreneur Loss of jobs of the employees

• Financial Capital (savings, FFF,…) Banks, lending institutions Suppliers

Basics of business success

• Dont start a business with the wrong motivation

• Fail to prepare is prepare to fail!

• Be persistant

• Learn to be a good manager

• Look for the adequate funding

• Planning!!

Wrong motivation to start a business?

Stages in Entrepreneurial development

SUCCESSFUL

in

10

STEPS

Successful in 10 steps

• STEP 1

Be an Inspiring and Motivating leader

Successful in 10 steps

• Step 2

Develop a clear vision

Allows all members of the organisation to unite for a common cause

Successful in 10 steps

• Step 3

Know your market!

Environmental analysis Economic development Demographic evolution of the target

market Social Technical Political, legal & tax

Successful in 10 steps• Step 4

Your competitors?

Who are your ‘real’ competitors?

Potential competitors are all those fishing in the same pond

Successful in 10 steps• Step 5

Strategy

Business Plan For starting or fundamentally changing a business

Game plan Is the translation of a business plan for the “work floor”

Successful in 10 steps• Step 6 :

Availability of Adequate Funds

Successful in 10 steps• Step 7

Know the supply chain

Is quality constant? Has supplier enough capacity? Is company stable? What about payment and delivery?

Successful in 10 steps• Step 8 : USP

USP

Successful in 10 steps• Step 9

Know Your Customer!

Successful in 10 steps• Step 10

Decision Making System

oDescribe the situationo Frame the “right” problemoDescribe the end-state goalso Identify and evaluate alternativeso Identify and assess risksoDecideo Implement and evaluate

Entrepreneurial Consultants, Coaches & Trainers

2/F Chamber of Commerce BuildingJP Laurel Av – Bajada

Davao City – Philippines

raf.vlummens@gmail.com - resty.antequin@gmail.com