What Tools You Need To Survive The Business World
by Mashum Mollah Small Business Published on: 25 March 2017 Last Updated on: 25 September 2024
If you are just starting out in the World of business then you are going to need to be prepared for a tough and fiercely competitive environment where the only way in which you will succeed is if you are fully armed and have the skills and survival instincts to reach the top. I was watching a recent seminar given by 3i Chairman Bob Stefanowski recently when he was lecturing at the University of Cambridge. He was discussing this exact topic of survival in business and he spoke at length about the tools which you will need to survive, I noted some down and want to share them with you today.
Over 50% of new businesses fail to make it past the first three years in business, a worrying percentage for any business owner and if you want to avoid ending up in this 50% then here is how you can survive.
Be Resilient:
Resilience as both a company and an individual are vital to your survival and no matter how many times you fail, how much negativity you face, it is up to you to stay strong and keep pushing for your success. If you speak to any successful business owner or leader they will tell you that at some point in their career they have made a bad choice or taken a risk and failed. What these men and women did after the failure is exactly what you need to do should it happen to you, brush yourself down and go again.
Agreements in Paper Only:
The idea of a gentlemen’s agreement or a ‘my word is my bond’ style contract should be something that you never get involved in and any agreements which you make throughout your business career should be made on paper or not at all. There are many unsavory people in the world of business who would be willing to sell their granny for a buck and if you think that you can ever fully trust someone when it comes to business dealings then you are wrong, get it on paper and legally bind it with both signatures.
Always Keep The Big Picture In Mind:
Business success is a marathon and not a sprint and if you want to truly succeed then you need to prepare to play the long game. You must always have one eye on the future, on growth and be looking at least 3 moves ahead. You may be losing out to competitors right now but your plan is likely better than theirs and you’ll come out on top in the future. The more that you plan for the future the better prepared you will be and when the time comes to push for growth or exploit new areas you will be fully prepared. Equally, if you plan for the future as well as paying attention to the now then you will be able to ensure that your business is also prepared for any unforeseen setbacks which may occur.
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