An exceedingly high number of small and medium business owners simply survive in their business, rather than thriving in it.
Most of these entrepreneurs reach a stage where their only objective is to earn an adequate income from their business, so that it is capable of sustaining a decent lifestyle.
For me, this is highly unacceptable!
When an entrepreneur starts treating his or her business simply as a way to support a decent standard of living for themselves, then I know for sure that this person has lost the point entirely.
If you follow me closely on social media, you would have heard me say this a million times – Business is not meant for income generation.
If you want to generate a decent income, then get a job. Business is for wealth creation.
To create wealth, an entrepreneur has to first achieve stability for the business, and then build a leadership team which can take that stable business model to the level of success.
Once this is achieved, a pathway to scale the business must also be defined. But unfortunately, most business owners shut down their venture because of the struggles involved in stabilising it.
In many cases, they end up merely surviving with great efforts or stagnating at the stability stage of their business.
Now, whatever stage your business is at, be it a struggle, survival, or stability, understand that taking your business to Success and Scale is not a matter of chance or luck.
Depending on Luck and Chance in running a business is simply not a feasible option. Business isn’t complicated, and scaling a business and making it successful is a science.
It shall remain as such, unless the entrepreneur complicates things by not doing what is required to build a successful business.
There is a science to creating a profitable and scalable business model, as well as in targeting the right customer base and attracting them with accurate marketing strategies.
Even building a sales team to scale up your sales is a science, as is optimising your operations and managing time, cost, and quality, in your business.
Whether it is achieving market acceptance by creating products or services with the support of your R&D team, creating a high-performance culture, or even attracting the right talent, science forms the basis of it all.
In business, ‘NO SCIENCE = NO SENSE’ is the mantra to be followed.
But unfortunately, most business owners do not learn the science involved; they carry out their business operations in their own haphazard way, expecting automatic success.
But this doesn’t work.
The key to success is to understand the theory that business is a science, and you must commit to learning the sciences and operating your business on proven strategies and systems, rather than just going with the flow, relying on your myopic personal beliefs and knowledge.
In science, everything is methodical, and to this extent, in order to build a successful business, it is of utmost importance to chalk out a plan that includes providing exceptional customer service.
Your customers are the most important factor in the growth of your business, and it is imperative that you analyse and understand your current service offerings.
On doing this, you will be able to implement changes that will ensure superior customer service, such as training of employees, revamped sales policies, and communication systems.
After interviewing as many as 300 successful business leaders from all over India for my book – Lead or Bleed.
My biggest lesson was this: Brands that are big and businesses that are scalable have actually made it big not because the entrepreneurs were the most intelligent persons, but because they used precise scientific tools and methods in every function of their businesses.
Brands that are big and businesses that are scalable have actually made it big because they used precise scientific tools and methods in every function of their businesses. #startup #entrepreneurship @rajivtalreja Click To Tweet
Small and medium businesses remain small because of one reason: the business relies on the intelligence of the entrepreneur.
By taking a scientific approach towards entrepreneurship, this can help answer bigger ‘gut’ questions. In my experience, I have observed that entrepreneurs feel a sense of emotional attachment towards their venture, and are unable to analyse operations from a practical point of view.
Entrepreneurship isn’t always easy, and when things are going south, looking at a situation through a rational lens will help you make the right decisions.
This is why, I always say this to entrepreneurs – “If your business is running on your intelligence, at best, you can make some money, but you can never build a scalable, profitable business, or a brand known to all.”
Remember, business isn’t complicated.
All you need to do is open your eyes to the fact that it is a science, and we need to learn and integrate the sciences of business to be truly successful.
And always remember,
NO SCIENCE = NO SENSE.No Science = No Sense: The Uncomplicated Path to a Successful Business. #startups #bizztor #entrepreneurship #StartupIndia @rajivtalreja Click To Tweet
Rajiv Talreja is India’s leading transformational business coach. He coaches family business, skilled corporates and entrepreneurs to need an extra push to flourish their businesses. Rajiv has been a coach for the past decade and has helped his clientele achieve growth and success.