I am very thankful for the New Year. It means having another shot at whatever we may have missed the previous year.
We cannot always be on top no matter how much we put all our efforts into something. We just need to be patient and wait for the perfect time for our plans to materialize.
If your business needs more time to mature, don’t rush expansion. Ensure that the business you started is growing smoothly.
For entrepreneurs who faced challenges and failed, it is a waste of time and money to be crying over spilled milk. Take some action and slowly rebuild your business in a way that aligns with what is in demand in the market now.
Never compare yourself with other entrepreneurs who started at the same time as you. No matter how similar your products and services may be, there may still be a significant difference when it comes to the location of your store and the quality of your product.
To all aspiring entrepreneurs, there is no such thing as an instant success. Instead of getting envious of others who may have gotten ahead of you, focus on your own business and find ways on how you can prosper as an entrepreneur.
For entrepreneurs who met success in the previous year, it is time to innovate and move to the next level.
Entrepreneurs sometimes fail to innovate. Some of the reasons are:
They are too engrossed with the numbers that they fail to see if what they offer is competitive in the market.
They push themselves too hard to the point of missing what is truly important.
Lack of skills and knowledge hinders them from seeing better strategies to make their brand stand out.
Initial success blinds them and interferes with the company’s progress.
They rely solely on employees to make the business work on its own.
The company fails to adopt newer technologies and is left out by competitors.
Too much competition within the organization—employees may become more focused on promised incentives than the quality of work that they provide.
An entrepreneur may be spending too much time focusing on the problem rather than thinking of a solution.
Failure to balance market expectations—inability to balance demand with supply not only affects the entire manufacturing organization, but the entire business.
Varying standards by which decisions are made—when there is a set of standards used, it is much easier to come up with the right plans and be able to determine how to execute them properly.
You need to have the knowledge and the right skills in order to push through with your plans.
Remember, it takes more than having a business degree to become successful. You need to have patience, perseverance and the right mindset.
Let this new year be another chance to prove to yourself and to others what you are made of.
Believe that you can and you are half way there.
Armando “Butz” Bartolome’s Wealth of Advice appears Thursdays on GoodNewsPilipinas.com
(Armando Bartolome is known as the Philippines’ Franchise Guru, a mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article is reposted with the author’s permission and was previously published in The Business Mentor on ABS-CBN. For questions and more information, you may contact Armando “Butz” Bartolome by email: firstname.lastname@example.org or on Twitter @philfranguru. His website is https://www.gmbmsglobal.com/ )