Why some businessmen failed

Attitude towards business

It is a candid expectation of every investor to make a good gain from his investment . Mostly with minimum risk. However when expected gain refuses to come, it does not mean that the business is not viable. Again it is not an indication that the entrepreneur is not intensifying efforts. At times certain variables are responsible for various challenges. Some of which are capable of mitigating against normal growth in business. These factors are not within the control of business owners.. Obviously, it means that he does not have influence on any of such elements. Surprisingly attitude of some people towards their business as an entity is not good enough. And this is a major key element. A pivot upon which all other factors depend. Attitude as it sounds is abstract in nature, but it goes down to the root of the entire business activities. Therefore it is fundamental at the instance of every business. To some extent it is a major determinant of business growth. Poor attitude is no doubt one of the key reasons why some businessmen failed.

Man as a major factor in business

Business cannot function on its own except with efficient involvement of man. It becomes an underline fact that businesses dependent on human-being. On every aspect of business components, man is a major factor. Clearly it determines functionality and this single reason makes it an inevitable factor. Ultimately, required attitude of a businessman towards each and everyone worker is necessary. All aspect of business including man deserves quality attention that will enhance their growth. Growth in business is all about expanding rapidly. And this is because of the ample investment opportunity that can yield return higher than the opportunity cost of capital. Definitely this can only be achieved when quality attention is given at the right time and in the right measure.

Rapid respond to every aspect is important in business. Delay can be detrimental to other related functional aspects of business. So effective coordination and control by man is essential. For this reason absolute encouragement would make him to be diligent in the discharge of his duty.

Attitude towards workers

The attitude of the owner of business towards his workers will determine the level and quality of input from the workers. Just like any worker-center manager who has absolute interest in the welfare of his staff . He does not just have interest on the output alone. Rather, he is passionate about the hen that lays the golden eggs. The condition of the hen is most important and required quality attention. By this the hen is encouraged to lay more. Normally machine needs to be programmed to do just what it is predetermined to do, But human being as a social animal needs some personal concern about his feeling and needs. Therefore considerable level of encouragement becomes necessary for him to improve in performance and be more committed. Ignoring some of these are reason why some businessmen failed

Motivation

Motivation is cardinal in efforts to make workers to be willing and ready to increase performance. All efforts gear toward direction of organisation objectives. The owner of business, needs to provide those things that are capable of inducing workers to improve performance. And also to be more dedicated to their work. In this case, workers can be made to be more disposed to increase performance through the following:

Reward performance

Reward performance – encourage workers according to their input or performance. When one is treated well in attempt to justify his good performance he is simple encouraged to do more. Top up his wages in consideration for his extra efforts is an inducement. Apparently workers seem to work well when they are well paid.

Promotion

Promotion in accordance with their performance and experience is a sure way to encourage workers to be more committed to their work. They will certainly want to keep their job. One of the sure ways to show seniority is through promotion to a higher rank. Knowledge and experience can truly be appreciated through promotion. Promotion encourages fortunate worker that is appreciated, while hope is given to others that when they improve their performance they will be promoted.

Training

Training is a bed rock of knowledge upon which skill and performance is predicated and as such workers should be trained to enhance their performance. Training in a way encourages workers to increase in skill and experience.

Working tools

Provision of necessary working tools is a major element that facilitate performance and a considerable level of achievement can be recorded. There would not be excuse in terms of working materials. Unavailability of necessary implement often accounts for why some businessmen failed.

Working environment

Ensure proper working environment will enhance performance as the environment is structured with the necessary and required amenities .

Welfare

Welfare in the direction of health care and other related issues is paramount to the well being of the workers. Workers are more dedicated to their work where their health condition is a point of interest to their employer. Inadequacy in this regard do accounts for why some businessmen failed.

Attitude towards customers

Because customers are not robots it becomes difficult to have control on them. Customers are the ultimate and, ability to manage and maintain them is relevant. They normally deserve quality treatment, the type that will make them to come back again. In all the quality of your products or services matter most. Beyond this, the way you handle your customers goes a long way to determine their patronage. Note that customers are at the liberty to walk away. In this case your skill and experience in the management of customer matters. So that customer does not have any need to go elsewhere is essential.

The attitude or character of a businessman towards every human elements of his business such as workforce and customers matters.