One of the most cherished quotes one of my business mentors give when it has to do with is that
Everybody can own a business but not everybody can be an entrepreneur.
The numbers of businesses that fail outnumber those who are doing well. They each might have a unique business idea, product, structure etc, they differ in their level of vision, the strategy they deploy in making the brand relevant.
Let us rev our engine and look closely at the 4 unbelievable reasons why businesses fail based on recent studies by the US failing business statistics
Research as shown that nearly all business that fails to fly high did not do so because they are poorly located. location plays a vital role in getting prospects and converting them into clients that get value for their money. Hence, it is expedient for start-up and young business to consider the location of their business with all sense of purpose.
About 42% of businesses in the US fail because there is no market for their products and services. A survey showed that the Health sector which is the best surviving sector will be at 85% survival rate but will drop 65% by the end of the 5th year of operation.
Entrepreneurs should invest in the right ideas using the Lean start-up method (MVP) of test-running the business for viability and bankability.
What is the essence of a product that has the interest of the customer or consumer at the bottom of their scale of process or structure? A viable product or services must be customer driven.
14% of small businesses fail because they ignore their customers.
Change your game but getting your customers involved in the value-adding process of your business. Collect relevant and targeted data before your product design process. Start a conversation with your client, Engage the 80/20 rule of Social Media Content and tell them how much they mean to your business
Start a conversation with your client, Engage the 80/20 rule of Social Media Content and tell them how much they mean to your business
Do you know that 25% businesses failed because they do not have the right team members?
26% of skilled employers with 5-9 employees said it is quite a daunting task to keep good people on the team.
The entrepreneur should build a team, do not do it alone, it could be burdensome. Get your dream people on board your team. attract the employee with an irresistible job ad and not job descriptions.
Endeavour to make your employee be and feel among the team as a special person and of cause a rare breed.
Eat lunch together, start fitness classes, take educational or technical trips together. This will solidify your team bonds.
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