Survival of the Fittest in the Business-World “Jungle”

The Yonatan Maisel Blog

Posted by yoni67 on 2010-01-04

The Law of the Business Jungle

The law of the Business Jungle is “Survival of the Fittest.” Just like in the real jungle:

Everyone has caught a glimpse of nature in action on the National Geographic Channel or Discovery Channel. A lion or lioness chases down a zebra or antelope, pounces on it, takes it by the throat, suffocates it and…yes, the scene where the pride begins its bloody, gory meal is usually when I change the channel. And it happens at the watering hole, where an unsuspecting water-buffalo sticks its head in for a drink, unaware of the danger which lurks inches below the surface in the form of the gaping jaws of a huge crocodile. A splash! A brief struggle…and its all over.

The world of business can be just as tough…though thankfully, less bloody. Although as business-owners and freelancers we seldom have to worry about meeting our end in the jaws of a great white shark, gator, or lion (unless of course you are a guide in the Serengeti or Great Barrier Reef) it is imperative to be aware of the many dangers, risks, obstacles and hurdles which exist. By being aware of these forces and factors, the chances of facing and overcoming them increase markedly:

1) The Rate of Small-Business Failure: According to renowned economist and business-researcher David Birch, by the second year following establishment, 30% of small businesses will fail. By the fifth year, the tipping point is reached whereby 50% have failed. And with each subsequent year, the rate of failure becomes incrementally higher and higher.

SOLUTIONS:

• Through assessment and introspection, ask yourself whether you have the knowledge, skill, acumen, managerial skills, energy and leadership abilities necessary to succeed where many others are failing?
• Do research and find out why others in your field haven’t succeeded. Do you have a plan to improve upon the system and do things differently?

2) Competition: Unless you have developed a brand-new product or brand-new service, you will have competitors, many of whom are firmly established, have built a reputation and have secured a customer and client-base.

SOLUTIONS:

• Have a plan to face and overcome the competition.
• Look for a prospective client-base which has not yet been saturated.
• Look for “niche” areas which competitors have not yet tapped into.
• Set prices accordingly. Try not to price yourself out of the budget of those prospective clients who are out there!
• Overwhelm clients with exceptional quality and personalized service!
• Use all of the tools at your disposal to sell, advertise and market yourself. Include: a user-friendly and well-constructed website, social networking, blogging and article-writing, testimonials, a portfolio, and inexpensive or free sources of advertising.

3) The Economy: As if starting, maintaining and succeeding in business can’t be more challenging, along comes an economic downturn. Business failure rates rise, lending institutions become stingier with money and potential customers and clients become more and more reluctant to spend money.

SOLUTIONS:

• Determine whether your field or business is one in which you have overhead, the need to hire employees and/or the need to invest in costly supplies and equipment. Do you have the money needed?
• Do some research: Are financial institutions ready to assist you? Are they currently making capital available for similar ventures?
• Ask yourself the question: “The economy is in the doldrums right now…will I be able to survive a further downturn?”

4) The Age of “Do-it-Yourself”: In this electronic age, where information is just a mouse-click away, more and more prospective clients and customers have the information and tools necessary to perform tasks on their own which they would have, in earlier times, hired out to professionals. Perhaps the most clichéd of these is the profession of travel-agent. In the past, vacationers and travelers alike were forced to rely on a professional. Nowadays, statistics show that an overwhelming majority of travelers book their own flights online, thereby bypassing agents and threatening them with extinction. But it’s not just the travel industry. In my field, writing, new products are reaching the market which claim to have the ability to turn the writing of the average person into that of Shakespeare. And yes, in a myriad of other professions, tools are at the disposal of surfers everywhere to do the job by themselves.

SOLUTIONS:

• Assess the field in which you choose to start a business and work. Is it a profession with viability and longevity?
• Determine whether your chosen field is a profession in which now, or in the near-future, the majority of prospective clients will be able to bypass you and “do-it-yourself.”

5) The Dreaded “D”-Word: Downtime: Bear in mind that as a freelancer or aspiring small-business owner, downtime between projects is an ever-present reality. It can optimally be hours, it can bearably be days, and it can turturously and agonizingly be weeks.

SOLUTIONS:

• Ask yourself whether or not you have the ability to deal with the possible frustration of not having regular work
• Ask yourself whether or not you are ready to give up a traditional job for that of freelancer where your income has the capacity to fluctuate wildly from month-to-month.
• Use downtime wisely. Strategize, brainstorm and plan ways to land that next client, update your business profiles and websites and market yourself.
• Consider ways to supplement your income when starting out and building up your clientele.

Whether you are considering becoming a small-business owner or freelancer, or whether you have already become one, keep in mind…It’s a jungle out there! But with a little bit of planning and research and with a good and effective strategy, you can succeed!

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Hello! My name is Yonatan Maisel. I am a professional writer, published author and business-blogger.

If you are seeking an experienced, proficient, skilled writer for your writing needs, I believe that you have come to the right place! I specialize in giving my clients that “personal touch” and in injecting vibrancy, vitality, enthusiasm and creativity into all of my written work! From resumes to corporate bios, from research to speeches, from ghost-blogging to web-content and much more…I will deliver a quality product at a very reasonable price. By clicking the following link http://jobshuk.com/yoni67 you will be redirected to my portfolio where you will find a summary of the services which I provide as well as a link to my website where my portfolio, testimonials and pricing can be found.

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