Some entrepreneurs happily launch their start ups and record success within a short period while some who have not really tightened loose end seem to record failure. This may be due to so many reasons attributed to the pre- planning processes or a poor business planning. AT each level of the business planning process, the entrepreneur must:
Determine his level of available resources ,determine if he can bear the cost of the capital and the associated consequences of an insufficient resources. This are the little bottlenecks that lead to failure if a new start up. If a poor business plan is presented such that it under estimates the capital required to start up a business, then funds channels towards salient areas like marketing may as well be insufficient thereby impeding the growth of the business.
Planning alternatives and contingency plans are also necessary things which if not put in place will cause a new start up to fail . Although the business plan helps in forecasting the future outlook, it may not necessarily be the accurate picture of the future, hence contingency plans must be put in place and an entrepreneur who does not possess the quality of decisiveness and perseverance is likely going to fail.
Team building is also affect the rate of success of a newly launch start up. If an entrepreneur does not engage in team building activities , then the workload of the new venture may definitely affect some areas in the venture.He must act like a good leader whose motive is to organize human activities,inspire,motivate and impact loyalty and confidence to his team members.He must surround himself , with like minded purposeful, and result driven individuals.
A successful enterprise is the result of healthy relationship of individuals that make up the team.It is a collective effort of many people.hence an entrepreneur may share some of the rewards or give back to those who assisted in formulating the venture.
Hence all entrepreneurs must take note of the above points when planning a new start up that is heading for success
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