Everyone wants to have their own business because business looks more profitable than other professions.

Here are some amazing business facts that probably you haven't heard before.

1- 50% of the startups fail within the first 5 years.

50% is a big number. This means if you start a small business today, there is a 50 % chance that you are going to fail, but only if you don't take your business seriously, or you take it seriously but you don't have enough knowledge or strategy to execute the business.

You have to be aware of everything, before the start of the business.

1. Material cost
2. Electricity rate
3. Rent
4. Labor cost
5. Transportation cost
6. Tax
7. Customer Service
8. Customer Experience
9. Workflow
10. And many more…

You have to consider and calculate literally everything that is related to your business somehow.

But, Business failures are not only because of not calculating and considering everything before start. They fail also because of Poor or Less Leadership Qualities in the leader of the startup

CLICK HERE - To know more in detail about Leadership Qualities

There are a lot more reasons behind the failures of startups in the starting years. if you want to know more about this, comment below.

2- “53% of the customers get irritated if they can't speak to a person right away when they entered.”

Well, this is something serious. But the solution is too simple about this. You just have to make a small interaction with the customer.

Example:

Customer : (Enters)

Employee : (Busy with someone else… sees the customer and ignores him)

Customer : (irritated)

OR

Customer : (Enters)

Employee : Hello sir.

Customer : I want this….(asks something)

Employee: Ok sir, please wait a second.

that's it.

3- Successful Businessman focuses on process more than goal

If you have to go to a relative which is 97km from you, and you have to drive a car on a road where the traffic is very high. then you have to focus on the way more than the goal. 

The goal will be always in your mind, but your focus should be on the road. Otherwise, there is a high probability that you are not going to achieve your goal.

Focus on the process of the business, and not on the goal.

And this is the only way to be successful in business. Because there is a lot of traffic, means there will be a lot of competitors.

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So, these were 3 amazing facts about business, and hope you have learned something from these.

Comment below if you want to know more business facts with an explaination.

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