Every business has three stages in its life cycle; start-up, sustainability, and success. These stages go through three phases during their lifespan; growth, maturity, and then either sustain at maturity phase or decline. Any business’ current status is positioned in any of these stages.
The fine line that separates a successful startup from failing is the preparation and work put into its planning and execution. Whether you were able to assess each aspect of business or not.
These comprehensions of a business startup are understandable by either your prior experience in a designated field or your willpower and determination to attain success.
Initiation of a startup means major requirements for mounting a race have been contented such as shaping your idea with proper facts and figures, gathering and interpreting market intelligence, resources and risks have been evaluated, and most importantly you have braced yourself for any awry incident that is bound to happen in the business. It can occur due to any ups and downs in the market or any mismanagement/mishap at your end. Opening your doors for business means you are ready to avail your products or services and fill the gap in the market.
This is the stage that involves a lot of research and analysis of the market because your product or services should be able to fill the space in the market rather than penetrating the saturated market blindly and ending up failing the business.
A story can not end in the beginning. It deserves its climax. In order for that to happen, your startup needs to grow and remain in the market for at least five years. There’s no short lifespan for success but patience is a way to go.
In 2005, Furqan Ken Khan with his two partners; Salman Khan and Yousuf Meghani, started a retail outlet telecom company, namely “Mobilelink” in the US. It started with three locations. The risks and unbearable turns and challenges faced during the first year shook owners’ self-confidence and compelled them to reassess their steps and decision-making process.
They could just shut down the business after being disheartened but instead, they persisted with their struggle to stabilize themselves in the market. This brings us to our next stage.
Sustainability is the next step to startup. It states how many times you are ready to fall and get back up with twice the strength as before and how far you are willing to endure failures in the light of success. Staying alive in the game is all that signifies, doesn’t matter if you have to thrive for your business’ survival.
This is the stage where your true nature is revealed. Whether you are breakable or you are able to withstand a tornado of inflation or deflation. At this stage, your business wobbles, and if it weathers its roots. Only then it can reach the peaks of success.
This stage of the business lifecycle also assesses the chances of your business’ success or failure. However, this sustainability phase also observes your probabilities of achieving greatness.
Mobilelink faced numerous encounters from the market because 2005 was not the year when technology had lived its finest days. The Telecom industry was still in the developing phase and opening a network outlet company was out of the question but Mr. Khan and his partners sustained against all the odds and continued with their mission.
The fort held strong and flexible in the storm stays head high later. That’s what a successful business is. A firm that is flexible to change and adoptive in its structure to timely amends then its triumph is inevitable.
Those who can withstand thunder deserve the rain. If you can endure pain and are willing to sacrifice comfort and invest time in something you love then the gold is your and only yours to cheer.
Ken Khan’s ability to incorporate change in the organizational structure of the company and skills to espouse modifications throughout the years have engaged his business among one of the top telecom sales runners in the U.S. It has around 5000 employees with over 500+ stores throughout the country. Besides having commendable success in the Telecom industry, Mr. Khan continues to astound the peaks of colorful accomplishments in twenty-eight other industries with his witful decision-making skills.