Home
>
Small Business
>
How to Successfully Avoid Becoming One of The 80% of Small Businesses That Will FAIL

How to Successfully Avoid Becoming One of The 80% of Small Businesses That Will FAIL

It's a commonly quoted statistic: 80% of all small businesses will fail within the first five years of running. In fact, in Internet marketing, this figure can be as high as 95%. Yes, it's a commonly quoted statistic but for some reason, people are not very good at saying exactly why this happens. And it happens to what seems like nearly all newborn businesses.

It may be simply due to the usual factors i.e. inadequate time and energy investment in advertising, poor dedication, lack of perseverance, no focus, ambitiously low goal setting and so on.

But the sadder news is that even with full and enthusiastic application of none of the above, many entrepreneurs may be headed slowly and steadily towards what can only be described as business suicide.

The number one reason why several businesses fail is lack of good quality, regular, astounding and highly relevant advice. It's that simple.

Running a business successfully is all about making decisions on a daily basis. The decisions that we make depend on a number of things including:

1. Past experiences and

2. Factual knowledge.

A new business owner may have relatively little or no experience.

No one individual can know all the facts.

The solution then becomes this: Create a skilled team. Put a skilled team together and not only would you have a combined increase in experience, but also your level of factual knowledge as an individual becomes somewhat less relevant.

To identify who should be in your team, you need to break-down decision making into specific areas. Try doing it like this:

If it is a legal problem, don't try to solve it yourself. Seek advice from your lawyer/solicitor first.

If it is a complex tax issue, speak to your local tax office. Contact the IRS or Inland Revenue as appropriate.

If you're getting severe accounting headaches, don't cut corners. Contact your accountant.

If you are having problems with finance, don't make the decision to borrow form lender X. Seek advice first. Would your bank manager have any good ideas or suggestions?

When faced with challenges, what you want is NOT to make decisions straightaway. What you want is advice. Good advice and lots of it. Then and only then can you decide before committing yourself to a specific plan of action.

Next, and probably the most overlooked, is this: Do you know someone who is experienced in the same or similar line of business as you? Are they active? Are they successful? If you can answer yes to all of these questions about this person, then make them your best friend immediately. Put them somewhere near the top of your Christmas card list (If you send such cards).

Try not to think of them as a business rival or competitor but think of them more as a mentor. Of course, it helps if they are approachable and keen to share their knowledge, tips and experience with keen and enthusiastic fellow business people.

In summary, remember this fact: No one ever became extremely successful all on his or her own. They got help and advice from lots of other people. Usually from people who are experts in their own respective fields.

Ugo works and trains as an Orthopaedic Surgeon. He also set up and runs several successful Internet Businesses including http://www.businessomatic.com a resource and guide for any aspiring Entrepreneur.

Copyright Ugo Okonkwo http://www.businessomatic.com Please reprint or reproduce exactly as is together with resource box.

efficient cleaning crew Northbrook ..

In The News:

Viral video shared by Elon Musk shows Tesla's Optimus humanoid robots performing tasks from cooking to construction, garnering over 58.5 million views on social media.

Chinese hackers used Anthropic's Claude AI to launch autonomous cyberattacks on 30 organizations worldwide, marking a major shift in cybersecurity threats.

Apple's new Sleep Score feature gives you a rating for your nightly rest quality. Learn how to set it up on your Apple Watch and iPhone today.

Essential phone settings to enable before losing your device, including Find My network, location services and security features for iPhone and Android.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Cybersecurity research shows weak passwords remain a major threat, with simple patterns and number sequences putting millions of accounts at risk.

New Android malware BankBot YNRK silences phones, steals banking data and drains crypto wallets automatically. Learn how this advanced threat works.

FDA approves first human trial for Paradromics' brain-computer interface that could restore speech for paralyzed patients through neural technology.

New phishing platform QRR targets Microsoft 365 users across 1,000 domains in 90 countries. Learn how to spot fake login pages and protect your accounts.

OpenTable now uses AI to track your dining habits and share insights with restaurants. Learn what data they collect and how to protect your privacy.

Google's discontinued Nest thermostats still secretly upload home data to company servers despite losing smart features, raising serious privacy concerns.

New Android malware NGate steals NFC payment codes in real-time, allowing criminals to withdraw cash from ATMs without your card. Learn protection tips.

DoorDash confirms data breach exposing customer names, emails, addresses after social engineering attack. Learn how to protect yourself from scams.

Concerned about Google's AI scanning your Gmail? Learn how to disable Gemini features that access your emails, Drive files and Chat messages for privacy.

Google warns Android users about dangerous fake VPN apps hiding malware that steals passwords, banking details and personal data from phones and tablets.

Apple's digital passport feature lets iPhone users breeze through TSA checkpoints this holiday season using Digital ID technology at 250+ airports.

A new phishing scam targets family photos with fake "Cloud Storage Full" alerts. Criminals steal credit card information through fake sites. Learn protection tips.

South Korean scientists create ultra-thin fabric muscles that turn clothes into robotic assistants, lifting 33 pounds while weighing under half an ounce.

Archer Aviation has acquired Hawthorne Airport for $126M to launch an LA air taxi network ahead of the 2028 Olympics, featuring AI-powered eVTOL operations and next-gen aviation tech.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Fake AI apps disguised as "ChatGPT" and "DALL·E" are flooding app stores with dangerous malware that steals data and monitors users without detection.

Fake buyers demand specific vehicle reports from unknown sites to steal credit card information from car sellers, but warning signs can help identify these scams before paying.

Android users can now manage apps across multiple devices more easily with Google Play Store's updated remote uninstall button in the latest update.

NASA's Perseverance rover discovers shiny metallic rock on Mars that could be a meteorite from an ancient asteroid, containing high levels of iron and nickel.

Holiday scams spike during Black Friday and Cyber Monday as criminals exploit your leaked personal data. Learn how to protect yourself from fake stores and phishing.