Business Longevity and Entrepreneurial Success
Introduction

Business Longevity can be defined as the sustained existence of companies even after the demise of the founder. Business enterprise longevity is the continuity of the firm beyond the career span of its founder.

Ever wondered why some corporations seem to last lifetimes while others appear to struggle and disappear within a relatively short time? What are the keys to ensuring a business survives and is successful over time?

Every business is unique as such, there is no single way of ensuring the longevity of a business. However, we will look at some reasons businesses fail and how to ensure entrepreneurial success and business longevity.

Reasons some businesses fail

Lack of planning. 

Many businesses fail because of lacking short-term and long-term goals or targets. They fail to create a concise plan detailing where their business should be in a few months or years.

Ignoring customer’s preferences.

Businesses that fail do not pay any heed to what customers prefer. Some even disregard reviews from customers that they think are negative.

Location

If a business is not properly located, it will be unable to attract customers to it.
Improper use of business funds.

 If business funds are being channeled into personal use, an entrepreneur starves his business of necessary fund.

Over expanding

Some businesses fail to maximize the profitability of their current outlets and push for expansion into other places. This drains the capital of the business and makes it difficult to manage.

Insufficient capital.

This is a bad sign. This may lead to the closure of the business because the day to day running requires sufficient capital. Investors may not be willing to put their money into the business.

Bad leadership and management

Businesses succeed with good leadership. Bad leadership will bring about bad decision making and management.

Ineffective Financial. Management

Poor record keeping of financial transactions leads to wrong decision making. This is because real data shows how the business is really doing.

Keys to Business Longevity

To achieve success in business and to create wealth, an entrepreneur has to ensure his business is designed to outlive him. Here are some steps that successful entrepreneurs employ to ensure just that.

1. Reevaluate your plan on the go

Successful entrepreneurs and business people prepare for success. To attain longevity of their businesses, such entrepreneurs reevaluate their first business plan so as to discover ingenious ways to create wealth and achieve the success they always write down their vision, how they intend to achieve the vision, review it, and share same with their major employees and business advisers. They are aware of the focus such reevaluation brings as it helps them understand what is still relevant and what requires changing.

2. Develop a realistic vision for your business future.

To achieve success and create wealth, entrepreneurs need to ensure that their vision is realizable. They do this by examining their abilities and ensuring their vision and abilities are on par. They build on past success instead of rushing into areas of business that are beyond their current capability. Entrepreneurs without a realizable vision aim higher than their financial and other related capabilities can handle thereby hurting their businesses.


3. Develop and execute sound fiscal management

Business longevity in is dependent on fiscal discipline. Many entrepreneurs lack the needed discipline to manage business cash flow. They provide feedback depending on the urgency of demand and end up hemorrhaging funds. An alarming number of leaders dole out money on non-essentials in a bid to create a great first impression. The tendency to focus on the ‘hottest stuff right now’ means they’re ill-prepared for the future. Letting that kind of thinking inform their decisions could plunge them into dire financial straits. In order to be successful in the long-term, entrepreneurs focus on creating wealth by developing fiscally responsible policies and sticking to them. 

4. Adapt to change

Change is constant. It is especially important to remember that in today’s technology-driven business climate. That way, you can transition seamlessly if need be. Start by investing in technology and people. That is the surest way to get ahead of the pack. Business leaders who do so always have the current trends at their fingertips, which enable them, make adequate preparations for potential transformation. Having that kind of forward-looking mindset helps leaders to build franchises or corporations that remain relevant and indeed thrive in the long-run. That what being open-minded with regard to new ideas and technology does for you. 

5. Build substance 

A lot of establishments have risen and fallen in decades past. To be sure, a good number did become huge success stories but a greater number veered off a winning path and lost their way. The chief culprit behind those failed businesses is the absence of a substantive vision. They couldn’t succeed as an enterprise because they ignored substance in favor of shortcuts. However, if businesses promise and deliver a vision rooted in substance, they become sustainable. Suppliers, Dealers, and employees can depend on them. Consistent quality control is reflected in their products and services and that engenders consumer confidence. Dependability is one of the most consequential indices of longevity and success. 

6. Control growth

Business longevity is dependent upon careful and deliberate handling or management of the size and growth of a business. Entrepreneurs, who focus on success and wealth creation, ensure they have adequate funds, tools and staff to meet their evolving needs. Enterprises that are maintenance-focused may create more wealth and be generally more successful with least worries compared to their growth-focused counterparts. Generally, the most successful entrepreneurs effectively manage their risk-taking.    

7. Maintain enthusiasm

Maintaining motivation is not easy for any business. Entrepreneurs begin to lose their enthusiasm when business activities become monotonous. 

Leadership stress is not an easy thing to handle. Enduring entrepreneurs motivate themselves and their workers by continually looking for new ways to better meet customer needs. This will provide an environment of creativity and success measured in wealth and revenue, customer satisfaction and employee retention.
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