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.
Oswego taxi to Midway ..As a practitioner and student of Small Business Marketing, I... Read More
If you're starting your own business or currently work for... Read More
Boston itself covers 50 square miles of concrete and traffic,... Read More
SBIR Corner: FFP vs. CPFF contracts:In the SBIR/STTR world, the... Read More
As the owner or an employee of a small-to medium-sized... Read More
Debt collection letters--an overview"Debt collection letter" in the singular may... Read More
One of the biggest fears people have about starting a... Read More
No matter what kind of small business you have, you... Read More
Remember the training programs, seminars, and workshops you had to... Read More
How do you make sure you have the business solutions... Read More
A successful joint venture marketing effort is the goal of... Read More
How many hours do you work a week? When was... Read More
If you are just starting your business, or if you... Read More
If you intend to franchise your company you will need... Read More
How do you find groups that are in need of... Read More
As a solo entrepreneur or small business owner, one of... Read More
The Federal Trade Commission out of the blue decide in... Read More
It seems so long ago that I started my first... Read More
By outsourcing to skilled professionals you'll be able to grow... Read More
Business owners rarely go into business to deal with the... Read More
The Workers' Compensation situation in this country is unbelievable. Why,... Read More
You can make your trade show experience much easier by... Read More
How many "get rich schemes" have you joined? Or have... Read More
Many of us have noticed how some nearby communities seem... Read More
If you're like me, you love accounting. It's so fascinating... Read More
shuttle from Midway Morris ..So you think you're not justified in taking time away... Read More
What is a Family Business? A family business is basically... Read More
It is imperative to have your business legally prepared. How... Read More
You've heard marketing and advertising gurus quip, "Sell the sizzle,... Read More
Doesn't it frustrate you when you've given good service, sometimes... Read More
Have you ever wondered what the difference is between a... Read More
We all know that a building has to have a... Read More
Why are we over regulation the franchising industry, what purpose... Read More
Aircraft Interiors of personal and corporate jets have hundreds of... Read More
If a customer owes your local business money, it's hard... Read More
"Order Now!" "Your Business Will Fail If You Don't Have... Read More
Washing the exterior of a truck. Sounds easy right? Well,... Read More
We hear a lot of talk about junk mail nowadays.... Read More
Self-cleaning glass has been talked about a lot, with such... Read More
If you plan to upgrade your workshop into an Authorized... Read More
Ongoing support for a franchise system is omnipotent. A major... Read More
Every company has business pain, but the pain does not... Read More
If you've been thinking about starting a business, but are... Read More
Do you sometimes find yourself just going "through the motions"... Read More
What are the 5 best ways to gain new contacts?There... Read More
A solopreneur I know disappears from my radar screen for... Read More
Starting and managing a small business is no fun chore,... Read More
Every business starts with an idea or a dream. To... Read More
I love work, I can watch it all day.I am... Read More
It's just like a marriageTo expect a bank manager or... Read More
Small Business |