During my childhood years, my late parents made some attempts to go into business.
Those attempts proved to be short-lived.
I was young then and I just observed what went on. Now, I look back and I saw a different light in some of the business decisions that my parents made.
I think that perhaps those business attempts would have thrived longer and earned better profits if my parents had considered the following:
Directly manage the business or hire a good manager. My parents at one point owned a beauty salon but they were too busy with their own separate careers. They also did not hire an experienced manager. This business eventually folded up. I think focus and passion are key things in growing and sustaining any business.
Knowledge of the market. At one time, my parents also went into newspaper publishing with some of their friends. The main challenge here is that they did this in our city where there were already two entrenched newspaper companies that time. I think that given their combined talents and skills the newspaper would have stayed on if they did a little bit more research and data gathering about the market and even about their competition. Doing this could have perhaps helped them in bringing out the edge of their paper. Data gathering or possessing information as some would say is power. Data gathering, and better data management would help a lot in improving one’s business. You can read more about data management tools on this page.
Failures and loss are sometimes part of the package. Perhaps it had to do with my father being a lawyer who always did his best to win every case he handled. Failure or loss is something he never wanted to face. But just listening to or reading the stories of successful business people and their businesses would show that they even faced several losses or failures in the beginning before they reached their breakthrough. What I remember is that my parents preferred to end a business venture when business challenges begin to appear.
Ask sound business advice from other successful business people. My late parents, it seemed to me, did not cultivate friendships with other business people who could have given them business tips, advice. I think we succeed when we listen and learn from others. Getting a mentor in business is also a key in unlocking the door of business success.
My late parents were satisfied with their own careers and were successful in them. I just think that they would have fared better, too, in doing business with just a few tweaks in their approach.