Group Forums >> Entrepreneurs Inc. >> 9 in 10 businesses fail in the first 5 years....what makes the 10% successful
9 in 10 businesses fail in the first 5 years....what makes the 10% successful
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Posted 6 months ago What are your opinions? I'm sure it has more to do with skills then persistance and tenacity. But what skills are the "essentials"? |
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| Posted 2 months ago Only one out of ten survive the first few years. Most business start ups fail because of poor planning. If you have a business, you should of had a business plan prepared when you started. Don't spend money unless you have to. Test your business often. Always have a website for customers and update it often. Nurture your customer base with the very best customer service and followup. Get as much FREE PUBLICITY that you can. But remember, DO NOT SPEND MONEY UNTIL YOU MAKE MONEY. Good Luck Friends...............Hurricanemurph. |
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| Posted 2 months ago If you speak to owners of businesses that have become successful you may find out many have started multiple businsses before they found one that has turned out to be successful.You have to find your niche,something that maes it work. All owners work hard,many have the skills,quite a few start out with money backers.I can not fathom anyone starting a business without a 3 year and most likely a 5 year business plan.Though in an up swing economic time everybody and their family think they can run a business.Clients are plentiful!.When the econmics meet the road, these companies who do not know how to survive end up closing their doors. They are not trained well,have no training for their employees,have low cash flow. Here in Florida I find it amazing when I do speak to owners of companies and ask them what it costs to run their business,they have no idea what they need to make in order to have a 20% profit.I believe the 90% that fail have no idea of what the cost wil be to do business and make a minimal profit .Without this knowledge they are only trading dollars,a little cash in their pocket.I feel a company in order to be successfull has to have a huge cash flow. The lack of cash flow happens when they have not been able to build relationships with the clients, I am here to learn and help others in search of information.With everyone having a common goal we should be able to help one another grow in our professional and personal lives. |
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| Posted 2 months ago I have heard the same...many successful business owners have been "serial entrepreneurs" and all of them say that you have a great chance of failing when you try to start a business.
I read the book, "Confessions of a Serial Entrepreneur", and the author, Stuart Skorman, says that too many business books have the "anyone can do it" message for entrepreneurs. But now everyone can do anything...it takes the right person with the right expertise and the right resources to beat the odds and make a business last. |
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| Posted 2 months ago or be in the right place at the right time. I am here to learn and help others in search of information.With everyone having a common goal we should be able to help one another grow in our professional and personal lives. |
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| Posted about 1 month ago Based on my experiences with hundreds probably thousands of small/med business owners..I think some of them just don't have a plan. I ask people about their future goals and most of the time...they really don't have any. It's like they pick what they want to do and they really only know the half of it. I think there is a lot to know if you want to operate a business successfully. Passion defienelty helps. Besides generating customers, retaining them is important too. Pricing...quality of service...Many things are important. I think every business needs new business. When I hear people say they get the majority of their business from word of mouth I think...word of mouth is such a small percent of what you could really have...hate to say this...I'm in advertising...and I can usually tell the one's who won't be around the following year. |