97 % of startups out there don’t achieve their goals. 50 % of all the startups quit within the first year. 70% businesses do not exist beyond ten years*.
Why is it so hard to start a business, and why is it so hard to keep it going? It is easier than ever to start a company. The internet has provided us with all the information and guides how to kick off a new venture and what formalities to take The only issue is, starting a business itself has become an industry. And like every industry, it’s an industry with a marketing plan.
We are lured into trying to pursue our own path, find the pot of gold and we’re told it’ll all just work out. Tough – the numbers at the beginning of this article are against us. Now… why are things like that?
In every case, there are individual factors, obviously, but our experience has shown, that small business fail due to their founders’ weaknesses, lack of know-how and or planning. And don’t get me wrong, I don’t underestimate the founder’s talent out there, all I am saying is, everybody in this world has blind spots. – You can’t know, what you don’t know.
This is why you frequently (possibly monthly) need to review your business in every aspect. You should have an assessment checklist, that you go over and consider where you’re at, in your industry. You should even review your checklist frequently. But how do you find out, what you don’t know about your checklist yet? How do you find out what you should observe in your business, what you haven’t done yet? One way is to read and study, but it is , and you might not be the most suitable person to separate the shallow from the critical content.
Assuming you’re a business person, you might have a hard time doing technology research. Assuming you’re an engineer, you might have a hard time understanding how to form and motivate a team. Assuming you’re a people person, you might not want to spend your time on numbers.
This is where advisors, coaches, and mentors come into the picture. Ideally, you have a variety of them, to contribute the most varied perspectives to your business. Consider having an advisor from your industry, an advisor from a completely different industry, a very experienced advisor and a less experienced, more unbiased advisor. These are just examples, your case is individual and what you really need must be tailored for you. As usual, we provide our assessments, as our entrepreneur assessment, for free and I recommend taking them.
Do you want to know, what you don’t know? Do you want to know your strengths?
TAKE YOUR BUSINESS TO THE NEXT LEVEL
Schedule your free 30-min consultation with us to learn about your strengths, personal roadmap and successful path forward.
We from CForce are here for you.
- Study by Statistic Brain