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What does it take to build failure proof business?

Tewodros Sisay

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Amid the crisis and the noises of all the activities in today’s business world, there are many notes of change in the Ethiopian business environment. Business activity in our country has increased dramatically; businesses that we were once admiring on television are now emerging in front of us.

However, companies in Ethiopia are not immune to the problems of similar ones abroad. Unless diagnosed professionally, problems might lead to failure. Failure usually involves factors unique to a company's own industry or culture. What causes failure most of the time is denial, hubris, ego, wishful thinking, poor communication and careless oversight. If you look closely your company is committing one of them right now.

When an organization is sick everyone loses: in the first instance shareholders, employees and customers will carry the heavy weights. In the long run the biggest losses are carried by the overall economy.

Below are some of the common mistakes made by businesses:

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Social responsibilities and the role of businesses in a society

P. Teckwani

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As we live in a knitted society, each of us has some social responsibilities to look after.

At the same time a business enterprise whether it is a trading house, an industry or professional service organization or individual professionals must necessarily have certain boundaries for their commitments and responsibilities to the society, which ultimately comprises to the well being of a given nation.

Let’s diagnose what impressions people have towards the role of their profession in a society.

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Do you need a doctor to your business?

P. Teckwani

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Of course, with the growing business styles and competitive factors, every business activity needs a specialist right from the beginning and at every stage, which is normally avoided by the small scale businesses – whether it is profession oriented service industry, trade or manufacturing activity.

Being in the business of Consulting Profession for the past 25 years, I had seen closely business enterprises in various sectors. The truth is that many professional companies do have consultants for many functions but small and medium scale business enterprises often neglect the need to have such facilities and consider it time and money wasting machine. Unsurprisingly, it becomes the number one reason for their failures and frustrations at one or another stage.  If they succeed, they succeed not because they don’t feel the need for a doctor to diagnose their business, but they rather succeed by virtue of demand of their businesses and services rather than their functional competence.  

Let us analyze the importance and need of a doctor to your business with simple logic:

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