Every year, thousands of business are started with hard earned money from entrepreneurs who promise to invest their time and provide a product or service. These businesses then serve the purpose of income generation for several households around the world and the manufacture of products and services provides employment to several people. However, according to statistics only about 56% business survive past their 4th year.
Entrepreneurship: Risks and Returns
This is one of the most important reasons that entrepreneurship has become such a stigmatized word. People believe that entrepreneurship is eventually bound to fail and hence do not want to start a business venture. Instead, they would go for a secure job and seek employment in a venture that was once started by another entrepreneur. However, the pay in a job varies significantly from what an entrepreneur earns and the motivation that the both carry. However, the risks too are higher for an entrepreneur than they are for an employee.
What Causes a Business to Fail?
The most common belief among people is that the reason for a failure of a business is simply that the entrepreneur runs out of cash. However, this is not it. The real reasons for a business failing lies in the reason for that money running out. of these, one of the biggest reasons among these is the fact that several entrepreneurs fail to recognize a real demand from the consumers.
This, in essence, leads them to developing products that customers did not demand and hence will not buy. Of course, if you are an exceptional marketeer, you could invest huge loads of capital in creating a demand for your business and get some sales as a result. However, that too will require funds and you risk spending too much and hence running out of cash again. This sums up the issue in lack of demand.
However, moving on to a much more subtle problem in the reasons for failure of a business is that nobody answers the customers’ calls indicating to an issue in the customer care department. This is a major, yet undermined issue in the business failure factors. Without anyone dealing with the customers’ concerns, the probability of losing a customer skyrockets, which can be extremely harmful for your business because retaining a customer is much cheaper than acquiring a new one.
The Need for Inbound and Outbound Call centers
Therefore, to ensure that the business effectively deals with its customer and engages with them to retain them, any business requires a proper call center with 24/7 operations. This call center is not only meant to deal with customer queries over a phone call, but also to reach out to them for promotional content. This means that a single call center not only retains but also attracts more and more customers.
This is the difference between Inbound and Outbound Call centers. As the name suggests, an Inbound Call center is one that deals with Inbound calls that are calls directed to … Read More