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Monday, May 3, 2010

Learn to Survive the setbacks

Overview: Advice from the startups that turned mistakes into opportunities for success Click Here!

About 60% of business startups fail due to inadequate research, absence of proper accounting system and casualness of approach. The raw material and its timely and adequate supply being the most essential, one needs to have proper agreement with the suppliers. Maintaining cash registers is not enough, as the accounting system is about balancing the income and expenses on daily basis. Most important is the dedication towards the business.
Sunny Kwak, Cyrille Turnier and Ryeon Kim, students at Babson College along with Rudolph Berthold of Florida International University started with an environment friendly cigarette, but soon appeared to have floundered because of the same reasons and the business got affected.
As soon as they realized their mistakes, they took quick actions to counter those and were soon making profit by selling through greetipusa.com. They learnt from their mistakes. However, Sunny Kwak thinks that unless one undergoes a little fluctuation, one would not be bold enough to survive bigger setbacks. So it is good to have failures on regular basis, according to his opinion, supported by Mukesh Sud, Assistant professor of management at the Charles F. Dolan School of business at Fairfield University.
One can not, however, entirely rule out failures despite utmost care in case of inexperience. Unless one is in it for some time, one is not going to have experience to decide correctly about the price, the service charges, and the consumers. These are factors which bring risk, and one should have fair judgments about all factors and the investment should be spread accordingly.
One wise advice one can follow is to have a blue print of the process to be followed. In case something goes wrong, then one can always go back to the process nodes to compare experience with assumptions. The extent of loss notwithstanding, one can start afresh from the point onwards, because whatever has already taken place has already become past which can not be altered.
The good beginning can be made with soliciting mentorship of a successful person. He can see through the fall outs and guide you in looking at things from a new perspective. The story of Glenn Phillips, owner of Pelham, Alabama-based Forte Inc. ended in success after near collapse due to financial mess. The expert advice came from his apartment partner, who indicated at the unnecessary HR, at the speculation that went wrong about his next project, at his business plan, at his service charge which was not adequate, apart from his cash handling. From that point in 2002 when he was with a debt of $300,000, he went on to be successful to make a business profit with half his employees by 2004. His annual turnover now is in the range of $800,000. The lessons, he learnt were so painful that it feels good at present to have experienced them some times in past.

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