Why entrepreneurs fail to sustain and what is the key for sustainability

Entrepreneurship comes with endless possibilities and growth, but with a limited scope. It implies that either you are doing it in a right way, or in wrong way, there is no other option.
 

For most of the entrepreneurs, the process to launch a business begins with the light bulb moment when they strike with a breakthrough idea for a service or product. Very often, they are so passionate about the idea that they start to think that this idea would be enough to achieve their business goals. 

However, there is not an iota of doubt that a breakthrough idea always serves as the foundation for any business, but it doesn’t ensure the success alone. Actually, many entrepreneurs are in the delusion that every unique and fascinating business idea will turn into a successful start-up. But by the time, as things getting clear, they have to acquaint with the reality that many things are equally important with a clever idea to push a business. So, let’s buy a thing here, innovation or idea is not always superior enough to sell itself, every entrepreneur has to keep sales and marketing efforts in sync with it. 

Here are some most common missteps that could end your journey as an entrepreneur in haste, so be aware and careful; and avoid such situational mindsets.    

Undoubtedly, the eventual purpose of every business is to minting money, but in the initial stages, one should target other on strategic assets other than profit. However, occurring profit in initial stages is a good thing, but some entrepreneurs devote this profit in maintaining the opulence, rather than investing it back into the business to infuse new energy. 

 

And if want a real-life example of this theory, then you must read the inspirational story of Atul Gupta, the member of Gupta family, who migrate to South Africa to pursue its business interests. How he build his empire from a single venture, by infusing profits into another ventures by being humble? 

 

See how he turned things around due to his gumption and hard work despite having many adversaries. 

 

First, he had got into hardware distribution business under the name of Sahara Computers in some cities of South Africa. Then by relying on his business acumen, this business had turned into major ICT solutions in all major cities. But this immediate success didn’t get into their head, as they got hungrier for success. They had diverted the profit of ICT business into other industries and today, they have earned a major stake in various industries, like media, mining, ICT, engineering, real estate and leisure. But they got that real success by famous Oakbay Investments of Gupta Family.

 

But what is the most fascinating thing about Mr. Atul Gupta and why he is so inspirational? Here is the thing; he always prioritizes his motto of improving the lives of South Africans by creating job opportunities and by investing in various development initiatives. Currently, about 7500 employees are employed in different Guptas businesses.

 

Being an entrepreneur is not easy, as it comes with many hardships and keeps going by taking lessons from every hardship is the key to success. Many successful entrepreneurs had come across the idea of giving up, but they choose to fight and only because of that, they are successful today. Take a cue from the example of the successful entrepreneur, Gurbaksh Chahal; the owner of four technology companies in Internet marketing, Gravity 4 is the latest one. He is high-school dropped at the age of sixteen and justifying the whole journey of rags to riches, truly commendable. He has also started Chahal Foundation for women empowerment and to promote child literacy. 

 

An entrepreneur comes with an idea, that’s fine; now it’s time to tell the world what’s your idea all about and its relevance in your target market. And due to lack of experience in marketing tools, most of the entrepreneurs fail to convey their business idea to the world and fail to get the required exposure. So one has to be acquainted with the ways of viral marketing, which is done by social media these days; and ensure a ubiquitous presence of their business. 

This is the most general reason why entrepreneurs fail to sustain. One can say, failure is certain for most of the most of the businesses, but only in the initial stages. Once you work with true passion and convince the whole world why your idea is going to work, you will overcome this hurdle. Or you take every failure is a chance to learn from your mistake and to evolve better. A positive mindset is the key here. 

 

This problem occurs due to the short-sightedness of the entrepreneurs; as they usually give more value to the profit rather than adding long-term value for high sustainability. Some entrepreneurs rely on their poor accounting skill in the long run, which is bad for the growth, as they don’t have that accounting acumen to handle this complicated work. Hiring full-time accountants at first is the key here. 

 

Those who aspire to become an entrepreneur, for most of them luck prevails or luck is the only master. But as per the theories of successful entrepreneurs, one just has to learn from failures, evolve better every single day, and then success would follow your path.