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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