There are many factors to be considered in a business. Let me come back to the grassroot that supports a business
existence. Without humans there was never a business. You may be saying AI is doing a great deal here, who are the AI's working for, who are they working with and who are the customers they are trying to satisfy? Of course humans. Humans will remain the core of business no matter how tech advances unless we tend to produce robotic CEOs which will take charge of wealth. Maybe this is just me thinking fantasy here. Well we have seen many things these days so let me doubt less. One reputable CEO can wake up to make history by signing his entire will to an AI powered humanoid. Just wait for it.
That said, we have phases in a business growth and this phase has determinant factors to scale. Robert Kiyosaki classified humans into employees, self employed, big business owners and investors. He made some huge facts here. I will be focusing on the self employed (small scale entrepreneurs). Should I be called an entrepreneur? I am not employing much. Oh yes! A small business has at least 1-9 staff, medium size has 10-499 and big businesses 500 plus according to Western standards. When talking of revenue generation, we should not rely on these numbers. We have seen technology turn small size numeric businesses to million dollar revenue generators. We are even expecting the employee market to squeeze as AI takes the work paddle.
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What is a business and who is the business? This is literally where a lot of upcoming entrepreneurs fail. A business is the outcome of an organization or business enterprise (the activity they do or what they offer). The business on the other hand is who (an individual or group of persons) that drives that service. "The future of a business depends on 'the business' "---dani-asi. Let's take for instance, shoemaking and a shoemaker. A successful business of shoemaking requires a well skilled shoemaker. Can shoemaking thrive without a shoe maker? Of course not. What I am saying spans beyond just a single individual and enters the entire business ams.
Your health, financial intelligence and consistency
Many of us fail to understand how important we are as small scale business owners. We maltreat ourselves several times. This advice goes mainly to self employed individuals, if you breakdown, your business breaks down at that exact moment. There were times I made this huge mistake, my health was deterring and I cared less with the goal of the future to settle present odds. I was wrong, spend on yourself, include yourself as part of your business expenses if you wish to run a successful business. Am I saying you should not cut cost and look for means to hit your target? Of course not, find ways to do so yet don't risk your health. As a starter, by that time my health caused me to shut down my business premises for a week or so, what happened? I lost customer confidence and also had to spend a huge amount on my health.
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I wrote a recent article that featured how Rolex as a company has stood for over a century. They are doing a good business yet beyond that, a smart investor must appreciate the business. Of course the CEO is late, how come this business is still waxing stronger, this ventures into the area of financial intelligence and vision. Coming home to small and upcoming business, most lack the needed financial intelligence. Currently, we are seeing a global evolution in business, even small businesses must look for ways to evolve. How good you are (and probably your team) will matter how long you will last in the world of entrepreneurship. Always remember, you are the business, work on that.
Consistency in business is key. Aside from how good you are, for a business to survive, the business must keep doing it and keep repeating it even when positive signs are not showing. Success takes time, no one hands over a deal to you at first glance. It was something I told a friend of mine about how he takes advantage of his social media accounts. Eyes are always watching, I have struck many deals through consistent advertising. Aside from advert, keeping to consistency in delivery and quality products adds to that. Before a business dies or goes bankrupt the first that does is the business.
To conclude, let me add, there is much work for the business (as a person or a team) to do than what it offers. Putting ALL necessary business conditions in check determines the strength of a business overtime. An entrepreneur is the business, your ideas, health, exposure, zeal, drive and commitment should foster on growth. When a good vision becomes the foundation of the business, the likelihood of a business thriving is high.
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You are your business in many ways. You have to take care of yourself first. Yes not sorting your health as it is expensive or whatever is not an excuse as you pay more in the long run.
Customers vote with their feet. Loyalty is a thing of the past.
I hope you are okay healthwise Dani...
Feeling a little dizzy these days but I'll probably shake it off. We know the rules, if you are not up and pushing at least at early stage, no one will do that for you.
Thanks friend for your concerns