Small businesses that fail in the 1st year always have these 3 things in common
The process of turning an idea into a lucrative business is never easy, but it’s particularly challenging for small businesses.
Why is it that so many small businesses don’t last more than half of a decade, and what do they have in common? As it turns out, understanding where founders often go wrong can help others get it right.Beyond anything else, this is the first and most common reason that small businesses fail right away.
The product or service you offer needs to be specific, clear, and direct. It needs to stand out in the market as either less expensive, better quality, or solving a problem that hasn’t been addressed prior. Structure refers to the day-to-day operations of your business. This means that technical issues like payroll, staff meetings, weekly expectations, ordering and shipping and so on are handled in time-efficient and professional ways. Jennifer Dawn, a serial entrepreneur and renowned business coach, told me that this is often a reflection of the founder’s maturity.
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