Businesses that Never Fail?
You know what they say – if it ain't broke, don't fix it! Well, when it comes to business, sometimes it is best to leave things alone, even if they could be improved upon. Being an entrepreneur is both rewarding and challenging at the same time. You get to enjoy the freedom of creating your own schedule, but you are also accountable for the success of your business. That's a double-edged sword, but it is a necessary one for growth.
Tricky Dicky, an entrepreneur and business advisor, says that there are certain businesses that never fail. He states that these businesses come in two varieties; one type is based on a successful formula, and the other type is based on a risky but potentially lucrative concept. So, which type of business is the better bet for you? Let's take a look.
Traditional Versus Innovative
You've probably heard of the traditional method of doing business; this is where you follow a tried and tested formula, which has been proven to work time and time again. These are the businesses that rely on the traditional method of doing business; traditional businesses. Now, these businesses may not be perfect, but they sure as hell work. They make money, and they make money fairly consistently. So, if you are looking to start a business that aims to be traditional, then you might want to look into this route first.
On the other hand, you could start a business that is relatively new to the market. This type of business uses innovative strategies and tactics to get ahead. It may be a new method of doing business, but it has the potential to change how things are done. You could start a business that relies on the internet to gain customers, for example. Or, you could start a business that sells luxury goods and services, and gain customers through online marketplaces such as Amazon.
The Risk Vs. The Reward
As we've established, the reward for starting a business is great. You get to make your own hours, and you can set your own rules. You are also accountable for the success of your business, which can be both gratifying and humbling at the same time. However, as mentioned, there is also a risk associated with starting a business. If you choose to start a traditional business, then you run the risk of being unsuccessful. Traditional businesses are prone to failure, especially in today's climate. It's not that they are bad – it's just that they have been done to death, and consumers know what they want, and they have no need for something new. Plus, the competition is always fierce, and it's not easy to stand out amongst the masses. So, if you are looking for an easy route to success, then you might want to look elsewhere.
On the other hand, if you are looking for a business that has the potential to be lucrative, then you might want to consider an innovative business. Now, some of these businesses may also fail, but the chances of it are less likely. The reward for starting an innovative business is arguably greater, simply because there is more opportunity for growth. So, if you are looking to start a business that aims to be innovative, then you might want to take a look at this option first.
Which Type Of Business Should You Start?
To come back to the question at hand, it is important to consider your personal preferences. What type of business do you want to start? If you have an answer already, then great! Otherwise, consider what you have learnt from the two paragraphs above. Think about what you want out of a business, and then you can narrow down the options to something more manageable.
There are pros and cons to both options. A traditional business can be great if you want to follow the familiar path to success, and an innovative business can be great if you want to try something new. No matter what, make sure that you are confident that you have considered all the pros and the cons, and then you can make a decision that is right for you.