There are a lot of factors to be considered for one to be a successful entrepreneur, and the interesting thing is, one does not have to input all the factors; it's just a matter of picking the most important ones as applicable to the kind of business, the target audience, the environment and a few others.
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Two years ago, I heard that the salon shop close to my workplace was moving out. And just before I knew it, the same business as mine packed into the place. I won't lie; I was scared because it meant a high level of competition. At that moment, I understood why some people use voodoo to run their businesses. Lol
Their(the newly packed in) business started well, some of my clients moved to the new place, and I was shaken a little. But I remained calm because I still had a good number of my customers intact.
The owner of the business wasn't stable, so he employed a staff, the staff worked for a few weeks and quit, another one was employed, he managed to work for a month and quit too. Another got employed, and this guy stayed consistent for a while. That was when the competition hit me so bad, but before I knew it, the guy stopped too, and the shop was being opened once a week and was moved to once every two weeks.
The owner of the business usually comes around, but it gets difficult for him to attend work, and that's maybe he's not used to the kind of work. That was how the business collapsed within a year. The rent of the shop was a complete waste because they didn't make consistent use of the place. The guy packed out, and when I was looking for a shop to pack in, I saw it was vacant, and I rented the place.
Now, look at it;
One can open a small-scale business and employ someone to look after it, that's for sure, and that's what the guy did, but the business failed. And it was so bad that the owner didn't know or didn't have the strength for the technicality of the work.
If he had known or made himself available for the business, it would have survived, but he decided to hire people, and maybe the pay he offered wasn't good, or maybe his T&C were too tough for the employees he hired. Just maybe.
Another point he failed to look into was the high level of competition. Come on, I was there already with the same business; he just opened the next block. I knew there was going to be a balance, but that would have taken time for him to catch up due to the fact that I had dominated the area already.
So you see, maybe he went on to consider other things, especially getting involved with aesthetics; he didn't consider the most basic and simplest.
Thanks for reading.
Photo used is mine