“9 out of 10 start-ups will go out of business” Forbes

You’ve heard the statistics! The odds are stacked against you as a new business owner, before getting started. Is it a prophecy taking hold in reality? Owning your own business, may fulfil a life-long dream. For some, it may be the only option for survival. The current economic climate, does not leave anyone unscathed.

I am not sure if I had paid attention in the past, I seem to be surrounded by entrepreneurs embarking on new business ventures more than ever.  I admire these ‘giants’ – it takes courage to venture into the unknown, with the hope of success.

The question is whether, they too, will succumb.  Does a business ‘happen’ to fail or is the writing on the wall from its inception?

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MONEY

Get real about funding – you need it
Raise money timeously and regularly
Examine your business model – measure margins
Generate revenue
Manage expectations of being profitable early
Bolster investor interest

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Staffing

Staff up with the best talent in your sector
Must have – experience that matches company objectives
Match technical and operational requirements
On-boarding is a basic requirement

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Ability to Compete

How will you succeed?
Strategy to win the market
Be willing to win
Deliver a quality product for your market

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Consumer Management

Communicate early, often, everywhere
Devise ways of giving back to the customer
Develop a comprehensive CRM strategy

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Scaling Up

Plan to increase operations
Secure Funding
Develop an action plan to sustain operations at the new level

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Innovation

Reinvent – create – innovate
Be aware of the big players – their size, range and resources

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it's a Tough Business

Prepare to grow at a rate that you can support your products
Identify the best course of action for your business
Learn the lessons

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Information Management

Seek professional advice
Manage private information
Tighten controls where required

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Viability

Explore alternatives from current business model
Make an impact on a larger audience
Evaluate continuously
Develop actions to remedy the situation

“Every day you may make progress. Every step may be fruitful. Yet there will stretch out before you an ever-lengthening, ever-ascending, ever-improving path. You know you will never get to the end of the journey. But this, so far from discouraging, only adds to the joy and glory of the climb.”

Winston Churchill

Running a business is complex and cannot boil down to 10 things to effect change. There are daily challenges and constant demand to do things differently. Passion, drive and your personal desire to prosper as an entrepreneur makes for the best reason that your business will succeed.