Why do 80% of Businesses Fail?

February 2, 2009 at 3:58 pm Leave a comment

The statistics tell us that 80% of businesses fail in the first 5 years.

The reasons cited include:
lack of basic business skills
not enough good advice
cash flow problems
lack of sales
losing focus
pricing poorly
not seeking help
underestimating the competition and the market
undervalueing promotion

Usually the reasons are directly related to the product or service sold by the person citing the statistics.

This month, in the Business Owners Success Club, we are going to look at what it takes to make sure your business succeeds. Is it a matter of discovering the 36 or 100 or 78 business competencies and mastering them?
Is it a mindset? Is it as simple as making a great product or service and selling it at the right price?

Follow along as we explore this and please comment to share your ideas about what it takes to be successful in business.

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The Three Success Factors

I have worked closely with 100’s of business owners and I have seen too many struggle. I have seen what works and what doesn't.

It takes 3 things to succeed:
1. Hard work - and I know you do that already.
2. Knowledge - domain knowledge: you've got that and continue to learn; and business knowledge: this is where everyone focuses and it's easy to find
3. Mindset - This is the killer app. This is what makes or breaks small business owners.

We work on Mindset here at the Business Owners Success Club: how you think about yourself and your business.

When you focus on a business that gives you what you need to live a Good Life and gives others what they need to solve a problem, everything else falls into place and you have a successful business.

Using that as a framework we work on one aspect of business every month. February is "Your Place in Your Community" month.

In March we will open the doors to our online community. Stay Tuned.

Sign up here to play along.

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