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.

Oswego taxi to Midway ..
In The News:

Hackers and scammers keep looking for ways to break into your Facebook account. Kurt “CyberGuy" Knutsson has some tips to make sure your account is secure.
Kurt “CyberGuy" Knutsson shows you how to create group texts to reach multiple people at once — and also how to leave them if you get annoyed at the volume of interruptions.
Tax fraud is on the rise, and hackers are now using identity hijacking and artificial intelligence for tax returns in someone else's name to get a refund.
Toyota's Punyo soft robot mimics human behavior, using its chest, hips and arms — in addition to its hands — like a human to handle objects,
Hackers used third-party information to break into Roku accounts, according to the streaming company. Roku says it has secured affected accounts.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Kurt "CyberGuy" Knutsson explains the simple steps for setting a Wi-Fi hot spot on an Android. If you have internet on your phone, it's easy.
Dubai recently hosted the first jet suit race with a backdrop of skyscrapers, and one observer says it was straight out of a comic book.
Kim Komando introduces ways to keep you and your devices safe while traveling. The clever hacks mentioned can protect you from hackers and jackers.
TikTok CEO Shou Chew published a video Wednesday urging users to "protect your constitutional rights" against a bipartisan bill that would force China to divest from the app.
Tech guru Kurt "CyberGuy" Knutsson says you can never be too careful with tech passwords. He explains how to keep your information safe.
The Lighthouse in New Zealand rotates 360 degrees, constantly giving those inside different views around the clock. Built in the 1990s, it's up for sale.
High school students in Colorado are learning how to design their own AI model projects, including cameras for self-driving cars and apps that can teach other languages.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Vehicles collect sensitive personal information, which is used to set auto insurance rates. That's partly why auto insurance premiums are rising.
Honda's Uni-One is a hands-free electric mobility device that can reach speeds of 3.7 mph and support a user weighing up to 242 pounds.
Kim Komando puts three AI chatbots head-to-head to decide which is the best assistant for modern problems. Compare Google Gemini, ChatGPT, and Perplexity.
To safeguard personal information on iPhones, users can employ built-in security measures and iCloud Keychain for enhanced privacy. Kurt “CyberGuy" Knutsson shows you how.
Kurt “CyberGuy" Knutsson introduces you to the City Transformer’s CT-2 electric car, which can seamlessly transition from 8 feet wide on the road to a compact 3 feet for parking.
Hackers are always looking for new ways to trick targets into downloading malware. Now, they're after cryptocurrency folks via Calendly. Kurt “CyberGuy" Knutsson has the details.
Kurt “CyberGuy" Knutsson reveals how the Microlino Lite, a compact and eco-friendly vehicle, tackles city traffic congestion with its chic design and small dimensions.
A new funeral scam targets surviving family members of those who recently died. Scammers reach out to the survivors and pose as funeral home officials.
Merlin Labs' autonomous pilot could soon hit the commercial airways and may help alleviate a looming pilot shortage, according to CEO Matt George.
There's a simple way to check your subscriptions on an Android and cancel them. Tech guru Kurt "CyberGuy" Knutsson explains how it is done.
Hackers use pirated software to target macOS, Android and Windows devices in search of stealing cryptocurrency, according to Kurt "CyberGuy" Knutsson.

The 5 Traits of Baby Boomer Business Owners

As a practitioner and student of Small Business Marketing, I... Read More

Technology Community Helps SMBs Focus on Their Core Business

If you're starting your own business or currently work for... Read More

Boston Market; Mobile Auto Detailing

Boston itself covers 50 square miles of concrete and traffic,... Read More

FFP vs. CPFF Contracts

SBIR Corner: FFP vs. CPFF contracts:In the SBIR/STTR world, the... Read More

Why Small and Medium-Sized Businesses Should

As the owner or an employee of a small-to medium-sized... Read More

Business Debt Collection Letter Writing Secrets

Debt collection letters--an overview"Debt collection letter" in the singular may... Read More

11 Benefits of Starting a House Cleaning Business

One of the biggest fears people have about starting a... Read More

Small Business Survival Tips

No matter what kind of small business you have, you... Read More

Business Owner--Educate Thyself!

Remember the training programs, seminars, and workshops you had to... Read More

Making Your Product Desirable For Alliance Partners

How do you make sure you have the business solutions... Read More

1-2-3 Steps To A Successful Joint Venture

A successful joint venture marketing effort is the goal of... Read More

Business Owners - Do You Actually Own a Job?

How many hours do you work a week? When was... Read More

Naming Your Business: 3 Tips To Ensure Success

If you are just starting your business, or if you... Read More

Designing a Franchise Training Program

If you intend to franchise your company you will need... Read More

How to Find A Group that Needs Speakers

How do you find groups that are in need of... Read More

Small Business Savvy: Reaching Key Big Business Decision Makers

As a solo entrepreneur or small business owner, one of... Read More

FTC Report on Franchise Rule Making; What Purpose?

The Federal Trade Commission out of the blue decide in... Read More

Five Tips for First Time Entrepreneurs

It seems so long ago that I started my first... Read More

The Skills Gap: It Pays to Use Experts

By outsourcing to skilled professionals you'll be able to grow... Read More

Financial Fundamentals - What Every Small Business Owner Should Know!

Business owners rarely go into business to deal with the... Read More

The Workers? Compensation Situation in this Country is Nuts, Arnold in CA Takes Action

The Workers' Compensation situation in this country is unbelievable. Why,... Read More

A Portable Trade Show Exhibit Makes for an Easier Show

You can make your trade show experience much easier by... Read More

The Failures Guide to Small Business Success

How many "get rich schemes" have you joined? Or have... Read More

Increase the Wealth in Your Community

Many of us have noticed how some nearby communities seem... Read More

Real World Accounting for Small Business Owners

If you're like me, you love accounting. It's so fascinating... Read More

shuttle from Midway Morris ..