Home
>
Small Business
>
How to Successfully Avoid Becoming One of The 80% of Small Businesses That Will FAIL

How to Successfully Avoid Becoming One of The 80% of Small Businesses That Will FAIL

It's a commonly quoted statistic: 80% of all small businesses will fail within the first five years of running. In fact, in Internet marketing, this figure can be as high as 95%. Yes, it's a commonly quoted statistic but for some reason, people are not very good at saying exactly why this happens. And it happens to what seems like nearly all newborn businesses.

It may be simply due to the usual factors i.e. inadequate time and energy investment in advertising, poor dedication, lack of perseverance, no focus, ambitiously low goal setting and so on.

But the sadder news is that even with full and enthusiastic application of none of the above, many entrepreneurs may be headed slowly and steadily towards what can only be described as business suicide.

The number one reason why several businesses fail is lack of good quality, regular, astounding and highly relevant advice. It's that simple.

Running a business successfully is all about making decisions on a daily basis. The decisions that we make depend on a number of things including:

1. Past experiences and

2. Factual knowledge.

A new business owner may have relatively little or no experience.

No one individual can know all the facts.

The solution then becomes this: Create a skilled team. Put a skilled team together and not only would you have a combined increase in experience, but also your level of factual knowledge as an individual becomes somewhat less relevant.

To identify who should be in your team, you need to break-down decision making into specific areas. Try doing it like this:

If it is a legal problem, don't try to solve it yourself. Seek advice from your lawyer/solicitor first.

If it is a complex tax issue, speak to your local tax office. Contact the IRS or Inland Revenue as appropriate.

If you're getting severe accounting headaches, don't cut corners. Contact your accountant.

If you are having problems with finance, don't make the decision to borrow form lender X. Seek advice first. Would your bank manager have any good ideas or suggestions?

When faced with challenges, what you want is NOT to make decisions straightaway. What you want is advice. Good advice and lots of it. Then and only then can you decide before committing yourself to a specific plan of action.

Next, and probably the most overlooked, is this: Do you know someone who is experienced in the same or similar line of business as you? Are they active? Are they successful? If you can answer yes to all of these questions about this person, then make them your best friend immediately. Put them somewhere near the top of your Christmas card list (If you send such cards).

Try not to think of them as a business rival or competitor but think of them more as a mentor. Of course, it helps if they are approachable and keen to share their knowledge, tips and experience with keen and enthusiastic fellow business people.

In summary, remember this fact: No one ever became extremely successful all on his or her own. They got help and advice from lots of other people. Usually from people who are experts in their own respective fields.

Ugo works and trains as an Orthopaedic Surgeon. He also set up and runs several successful Internet Businesses including http://www.businessomatic.com a resource and guide for any aspiring Entrepreneur.

Copyright Ugo Okonkwo http://www.businessomatic.com Please reprint or reproduce exactly as is together with resource box.

Wood Dale Chicago prom limo .. Lockport Chicago limo O’Hare

In The News:

Porch pirates are on the prowl this holiday season. Tech guru Kurt "CyberGuy" Knutsson has a number of tips to prevent holiday package thefts.

Fueled by artificial intelligence, CyberDog the robotic dog is designed specifically locate fire ant nests, which are endangering ecosystems.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents

Internet browsers are useful, but they can be dangerous. Clicking on malicious links can direct you to dangerous websites that steal information or infect your device.

Apple's latest iOS update introduces advanced artificial intelligence capabilities, which may be capturing and analyzing sensitive information.

Breach site confirmed 56,904,909 Hot Topic users' data leaked online. Tech expert Kurt “CyberGuy" Knutsson says the company's silence makes matters even worse.

Tech expert Kurt “CyberGuy" Knutsson discusses how an innovative Easy-Way kit turns standard strollers electric, simplifying navigation for parents.

Tech expert Kurt “CyberGuy" Knutsson talks about T-Mobile being hacked in broad cyberattack on global phone and internet companies.

Tech expert Kurt “CyberGuy" Knutsson shows you how to add, customize and manage widgets for quick access to apps and info from your iPhone home screen.

Wrong Google searches can not only compromise your device and personal data. They can also bring law enforcement to your doorstep. Hackers are targeting Google searches.

China's Shanghai Kepler Robotics has developed a new humanoid robot that can carry up to 35 pounds per hand for commercial applications across various industries

Checking your hearing has gotten easier with the new hearing test feature in AirPods Pro 2. You can take reliable hearing tests using your iPhone or iPad.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt "CyberGuy" Knutsson explains how a VPN — virtual private network — works and how running it can slow down the operation of your device.

The WalkON Suit F1, an exoskeleton developed to help people with disabilities, can actually walk over to a person in a wheelchair, solving a major problem.

ClickFix, a new scam targeting computer users, is on the rise in the U.S. The scam prompts its targets to click on a link to fix a problem.

Skydweller is the world's largest unmanned solar-powered aircraft that can stay airborne for weeks, and even months, without refueling.

The U.S. government said it is investigating after People's Republic of China hackers targeted commercial telecommunications service providers in the U.S.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Scammers are using increasingly sophisticated ways to lure unsuspecting victims, and some are impersonating an email help desk or support team.

You can unsend or edit your iMessages with the latest iOS updates. Kurt the CyberGuy explains how you can save yourself some potential embarrassment.

Kurt “CyberGuy" Knutsson says there’s been a rise in cybercriminal services using hacked police and government emails to send subpoenas and data requests to U.S. companies.

Kurt “CyberGuy" Knutsson discusses how Axiom Space and luxury designer Prada are collaborating on NASA's Artemis III spacesuit design.

Voice assistants may cause confusion across devices. Tech expert Kurt “CyberGuy" Knutsson offers some solutions to fix it.