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In business we have two terms called failing, and failed. Both of which come from the same root word but mean completely different things.
Failing - A business that is failing is one that is on the wrong side of the road and is headed to a place where other businesses are trying to get far away from. Blockbuster is an example of a business that is failing, in the last decade you can watch the price fall from $15 to 15cents. However to say a failing business is a failed business is pessimistic and incorrect.
Failed - A failed business has no chance of recovery, in fact it really isn't a business any more. A failed business is merely a piece of history, nothing more than a thought past costumers remember in the back of there head. Bear Stearns a company who used to thrive, yet failed in the end is a good example.
So why am I telling you this whole song and dance :jackson:? I'm not trying to prove that I know the difference between present progressive and past tenses. I'm only trying to bring up a point for discussion and hopefully improve your businesses potential.
Generally a companies stock is like its pulse: when it stops, it is dead. This is how we know when to write off a company as a "failed" company and not just a failing company. For most of us fastlaners our companies aren't publicly traded, and so that leaves us with a problem... How do we know when our business has failed? Business can be interpreted, there is no one rulebook that says how everything is handled. This means there is no rule set in stone for determining when a business is dead/failed. Most people have subconsciously developed a system for determining when a business is dead. But not all systems pronounce a business dead at the same time. Could this mean that we are putting businesses out of there misery that could of survived if given extra time? Here are my thoughts on how people decide a business is dead/failed
1. Time - They might give it so much time before declaring it failed
2. Lacking funds - They no longer have enough money to continue running it
3. Gross vs. net profits - Business owners decide that there business is too high cost or too low of an ROI
4. Time Commitment - Owners no longer have the time necessary to continue it
5. Monetary goals - Some owners may set goals for how well a business should be doing and stop running it if those goals aren't reached
For me, lack of motivation is the culprit behind my failed businesses. This lack of motivation is generally tied to a business underperforming what my expectations were. I believe overall though, the number one killer of businesses is the owner. Take a look at my list of reasons why businesses fail, out of all of them only one (#2) was not something the owner had complete control over. In my opinion most businesses owners just give up too early. So what do you think causes most businesses to fail? I want all you fastlaners and wannabe/soon to be fastlaners to ponder this well, and to come to a conclusion. I am interested in what your opinions are. I also want to know about you personally... when do you decide it is time to throw in the towel?
Failing - A business that is failing is one that is on the wrong side of the road and is headed to a place where other businesses are trying to get far away from. Blockbuster is an example of a business that is failing, in the last decade you can watch the price fall from $15 to 15cents. However to say a failing business is a failed business is pessimistic and incorrect.
Failed - A failed business has no chance of recovery, in fact it really isn't a business any more. A failed business is merely a piece of history, nothing more than a thought past costumers remember in the back of there head. Bear Stearns a company who used to thrive, yet failed in the end is a good example.
So why am I telling you this whole song and dance :jackson:? I'm not trying to prove that I know the difference between present progressive and past tenses. I'm only trying to bring up a point for discussion and hopefully improve your businesses potential.
Generally a companies stock is like its pulse: when it stops, it is dead. This is how we know when to write off a company as a "failed" company and not just a failing company. For most of us fastlaners our companies aren't publicly traded, and so that leaves us with a problem... How do we know when our business has failed? Business can be interpreted, there is no one rulebook that says how everything is handled. This means there is no rule set in stone for determining when a business is dead/failed. Most people have subconsciously developed a system for determining when a business is dead. But not all systems pronounce a business dead at the same time. Could this mean that we are putting businesses out of there misery that could of survived if given extra time? Here are my thoughts on how people decide a business is dead/failed
1. Time - They might give it so much time before declaring it failed
2. Lacking funds - They no longer have enough money to continue running it
3. Gross vs. net profits - Business owners decide that there business is too high cost or too low of an ROI
4. Time Commitment - Owners no longer have the time necessary to continue it
5. Monetary goals - Some owners may set goals for how well a business should be doing and stop running it if those goals aren't reached
For me, lack of motivation is the culprit behind my failed businesses. This lack of motivation is generally tied to a business underperforming what my expectations were. I believe overall though, the number one killer of businesses is the owner. Take a look at my list of reasons why businesses fail, out of all of them only one (#2) was not something the owner had complete control over. In my opinion most businesses owners just give up too early. So what do you think causes most businesses to fail? I want all you fastlaners and wannabe/soon to be fastlaners to ponder this well, and to come to a conclusion. I am interested in what your opinions are. I also want to know about you personally... when do you decide it is time to throw in the towel?
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