To be a BBA student (Entrepreneur) is to fail. Most of the students fail in BBA. Yes, Most of them. Therefore it is the harsh reality that is unavoidable. Some entrepreneurs (BBA students) might fail in some days or months while others in a couple of years. The failure rate in BBA is around 70%-75%. When Entrepreneurs fail most of us quit and while others try to recover. But if you wish to avoid this, then you must follow up on the following steps with these Tips to Avoid Failure in BBA:
Focus your Efforts
Do ample research. Try to find out what customers need and design your service or product accordingly. Sometimes it happens that some activities take much time that is not required. Therefore, try to cut off the time and start utilizing time on crucial tasks and projects. You can also outsource activities that do not require much attention. You can save time in different ways. For example, check your emails once or twice instead of checking them multiple times. Sometimes with a project, you are just 95% satisfied and urge for 100% then leave it at 95% because some projects do not satisfy you 100% so leave that and start focusing on other things. Start taking quick decisions.
Know who to surround yourself with
Our environment (the person in which company we are) impacts us a lot. There are two types of people optimistic and pessimistic. Try to avoid the company of pessimistic people and love optimistic companies. It is important to have good vibes around us. When You have an optimistic surrounding automatically there is peace and calm and you would be able to generate good ideas.
Create a Company Culture
Try to create a learning and innovative culture. In BBA most of the students fail due to procrastination habits. They try to rely on tomorrow which never comes. Always try to learn new things daily. The learning environment also sharpens your skills. How you behave and react leaves an impression on others in the organization. Always perform and behave in the best way. Thus, set good norms for the organization.
Designate Your MVP
To guide or take a lead every organization needs a leader but a leader doesn’t need to be a person. It can be a product or service. Manage your time properly and invest it in the best possible way. Minimize your cost and optimize your resources.
Only build what is needed
The crucial tip to avoid failure in BBA is satisfying customer needs and wants. Try to provide what the customer needs. Most entrepreneurs fail because they don’t know what customer is needed and what they are providing. Only those entrepreneurs succeed due to their strong market strategies.
Sell before you Build
Don’t live in the misconception that your business idea is best and people will pay off. In the modern era, the Customer is the kingpin and the customer value money. They pay only for valuable things. To identify whether your product is valuable or not is pre-sell. By conducting a pre-sell, you will come to know about true feedback and according to that, you can work on that. You should conduct pre-selling when your product is in the development stage. By this, you will be able to create good customer relationships. Customer feedback will help you a lot in designing products according to their needs. The best thing is if people are purchasing (when you are conducting pre-sell) then it means they are appreciating your idea. It will also help you to test pricing by a low-risk method.
To avoid failure you must need a system, You can’t avoid it only with the Tips to Avoid Failure in BBA. Sales and marketing systems help to operate a business efficiently. The more effective the system, the more efficient things are working. The secret behind growing an organization is its systems. They operate them well. There are many systems like finance, sales, marketing, legal, operational, etc. You must operate them very well.
Don’t run out of cash
To avoid failure in BBA never run short of finance. Why does the business operate? Just to make profits but for that huge investment is required. Additionally, a good amount of working capital is also required. Do good research before you invest. Always value for money and take care of business runs smoothly.
Loss of Interest
Interest is important. Without taking interest you can’t succeed. You will fail. To Be an entrepreneur you have to take the pressure of multiple things. You’re going to be stressed but never lose interest. You are indeed supposed to play multiple roles and without taking interest you can’t work well. If you want to get Tips to avoid failure in BBA, try to take interest in every small thing. Interest will also help you to reduce stress and keep you motivated.
The crisis of a lifetime
In the current scenario, due to covid most of the entrepreneurs face a crisis and some of them fail. The business environment is something that can’t be predicted. Always be ready for some crisis that might impact a lot on your business. “Profit is the reward given for bearing the risk.” It’s the fact you can’t avoid risk. It’s better to bear them and try to minimize them. It will help you a lot as it is one of the most significant tips to avoid failure in BBA.