Why do many
start-ups fail within the first 18 months after sprouting?
start-ups fail within the first 18 months after sprouting?
According to
Bloomberg, 8 out of 10 entrepreneurs who start businesses fail before they set
sail on the voyage to business success. That is a whopping 80 percent.
Bloomberg, 8 out of 10 entrepreneurs who start businesses fail before they set
sail on the voyage to business success. That is a whopping 80 percent.
If you’re
reading this, it means you may be one of the 80. Your boat just got hit hard by the
fierce, angry waves of the typical turbulent business atmosphere.
reading this, it means you may be one of the 80. Your boat just got hit hard by the
fierce, angry waves of the typical turbulent business atmosphere.
A bulk of
blog posts out there will tell you it’s the “scarcity of enough oil
(capital) to run”.
blog posts out there will tell you it’s the “scarcity of enough oil
(capital) to run”.
Though
usually true, I find this is not always the case.
usually true, I find this is not always the case.
Why? Because
I have witnessed businesses with scads of capital to keep them afloat but still
end up sinking into the deep.
I have witnessed businesses with scads of capital to keep them afloat but still
end up sinking into the deep.
For this
reason, I give you four sins that will instantly ruin your business and more
importantly, what you can do to avoid them.
reason, I give you four sins that will instantly ruin your business and more
importantly, what you can do to avoid them.
Sin #1 Laziness
Because you
committed mind, body and soul in the first 12 months doing a perfect job of
building solid blocks of your business foundation shouldn’t be an opportunity
to recline.
committed mind, body and soul in the first 12 months doing a perfect job of
building solid blocks of your business foundation shouldn’t be an opportunity
to recline.
Laziness is
like cancer. Give it a chance and it’ll eat you whole.
like cancer. Give it a chance and it’ll eat you whole.
Laziness
kills your business drive. As a result, your startup will struggle to succeed.
It’ll lead to increasing workload, pressure and finally, the inevitable:
“the end of a potential brilliant startup”.
kills your business drive. As a result, your startup will struggle to succeed.
It’ll lead to increasing workload, pressure and finally, the inevitable:
“the end of a potential brilliant startup”.
Therefore, to
succeed you must learn to tamp down the tempting urge to relax because comfort
will ruin your business.
succeed you must learn to tamp down the tempting urge to relax because comfort
will ruin your business.
Let drive and
determination triumph over laziness to pedal you start-up daily.
determination triumph over laziness to pedal you start-up daily.
Sin #2
Self-centredness
Self-centredness
Self-centredness.
The concern for oneself. The “about me” factor.
The concern for oneself. The “about me” factor.
The
attractive and powerful burning light of your start-up will extinguish the
moment it centres around you.
attractive and powerful burning light of your start-up will extinguish the
moment it centres around you.
Your business
should never be about you. Never. It should be about the business. It should be
about your visions for it and the paths that will lead you to them.
should never be about you. Never. It should be about the business. It should be
about your visions for it and the paths that will lead you to them.
The main
reason you started your business should never be to increase your deflated ego.
reason you started your business should never be to increase your deflated ego.
Of course, it
is understandable your contributions and leadership are the pillars on which
your business is standing. But, never make it about you.
is understandable your contributions and leadership are the pillars on which
your business is standing. But, never make it about you.
Instead
concentrate on building an excellent business team and network. Listen
carefully to customers and clients for they’re vital to ensuring a
long-standing successful business.
concentrate on building an excellent business team and network. Listen
carefully to customers and clients for they’re vital to ensuring a
long-standing successful business.
Sin #3 Inability To
Communicate Effectively
Communicate Effectively
Effective
communication is an important tool for any business owner. Winning your target
market, sealing a lucrative deal, blowing up a potential opportunity is
dependent on how effective you can get your point across.
communication is an important tool for any business owner. Winning your target
market, sealing a lucrative deal, blowing up a potential opportunity is
dependent on how effective you can get your point across.
Lose your
shot and find yourself at rock bottom with spongebob. It doesn’t matter how
much you invested in the start-up. You will blow all your hard work off the
roof if you always fail to get across a simple, clear and concise message to
your target customers and your entire business team.
shot and find yourself at rock bottom with spongebob. It doesn’t matter how
much you invested in the start-up. You will blow all your hard work off the
roof if you always fail to get across a simple, clear and concise message to
your target customers and your entire business team.
You want to
keep your clients satisfied and customers always coming back. More importantly,
you want to increase your customer base. Speak their language.
keep your clients satisfied and customers always coming back. More importantly,
you want to increase your customer base. Speak their language.
Get engaged
with them through conversations. Be dialogical.
with them through conversations. Be dialogical.
Sin #4 Inability To
Move Quickly And Capture A Market
Move Quickly And Capture A Market
Do not wait
on the competition to take huge strides in testing a potential fast
money-making market.
on the competition to take huge strides in testing a potential fast
money-making market.
Be
innovative. Be fast. Own the niche before your competition does. Practice
Experimentation, Minimum Viable Products, Lean Marketing.
innovative. Be fast. Own the niche before your competition does. Practice
Experimentation, Minimum Viable Products, Lean Marketing.
Take for
example, Lean Marketing. It allows for flexibility, and easy coordination with
other departments. The Lean process helps you to adapt, tweak your marketing
strategies as the market changes. Lean reduces your chances of failure and
increases your possibilities of success.
example, Lean Marketing. It allows for flexibility, and easy coordination with
other departments. The Lean process helps you to adapt, tweak your marketing
strategies as the market changes. Lean reduces your chances of failure and
increases your possibilities of success.
Strong and
well-established business start-ups not only adapt to changes but move with it.
They create a system that listens to customers.
well-established business start-ups not only adapt to changes but move with it.
They create a system that listens to customers.
“Think
and move quickly, ‘fail fast’ if you’re going to fail at all, and nail your
business model. Otherwise, you’re in the 80% bracket my friend.”–Eric T.
Wagner
and move quickly, ‘fail fast’ if you’re going to fail at all, and nail your
business model. Otherwise, you’re in the 80% bracket my friend.”–Eric T.
Wagner
