How we think and why we think are two common queries we often get. The following is a listing of some of the most important things we have learned about how businesses succeed. Paradoxically, this has a lot to do with the myriad of reasons why they can fail.
HOW BUSINESSES CAN FAIL
Businesses, especially entrepreneurial businesses, (according to Forbes statistics) can fail because:
- 29% will run out of cash
- 23% will not have the right team
- 19% will get out competed
- 17% will lack a real business model
- 14% will have a poor marketing strategy
- 13% will lose focus
These are some of the main decisions that can lead to business failure:
- Doing the right thing at the wrong time = Failure
- Never fully completing the implementation of a service or product development = Failure
- Moving with incredible speed without a real roadmap = Failure
- Learning from the wrong people = Failure
- Drifting away from focus which, in turn, causes anxiety and confusion = Failure
WHAT BUSINESSES NEED TO SUCCEED
- A system that ensures the ability to grow consistently year over year. Because business is a system, or a series of systems, not a magic pill, not a hope or dream and never not a one-day wonder.
- A winning mindset or an invincible cloak of armour
- A trusted ally (mentor, advisor) in their back pocket
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