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Why New Companies Fail

The 10 Deadly Small Business Mistakes

By: Meir Liraz with VK

 

 

 

Getting Wedded To an Idea And Sticking With It Too Long

Don't marry a single idea. Remember, ideas are the currency of innovative entrepreneurs. Play with many ideas and entrepreneurial opportunities to select the ones which ones bring more money and success. 

No Marketing Plan

Marketing mistakes are deadly. A marketing plan creates the kind of attention you need to get in front of the right types of people, companies, investors, etc. It is what attracts people to you! There may be many ways to market your business at no or low cost. For instance, Digital Marketing and AI Optimization (AIO) provide a greater variety of opportunities to attract potential buyers.  A good marketing plan implemented effectively, efficiently, elegantly and consistently, will eliminate the need for "cold calls!"

Not Knowing Your Customers

Changes in your customers' preferences and your competitors' products and services can leave you in the dust unless you get to know your customers well, what they want now and will likely want in the future, what their buying patterns are, and how you can be a resource for them even if you don't have the right products or services for them now!

 

 

 

Ignoring Your Cash Position

Why are so many startups failing? Failure to understand capital requirements of a growing business is a reason of why so many startup companies fail.

The world (aka customers) doesn't respond to even superior products in the timeframe that you think they should. You'll need plenty of cash to sustain yourself in the meantime. 

 

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Ignoring Employees

Motivating, coaching and managing your staff is probably one of your toughest challenges as an entrepreneur/business owner today! Without your patience, persistence and people skills, your problems can multiply quickly. Morale, productivity and profits can easily be destroyed!

 

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Confusing Likelihood With Reality

The successful entrepreneur lives in a world of likelihood but spends money in the world of reality. Unsuccessful entrepreneurs greatly weaken their connection with reality and are shattered by its challenges.

No Sales Plan

Without a sales plan, there's no serious way to gage the financial growth and progress of your business. You need a realistic map for where the sales will come from, how they'll come and from whom.

Being a Lone Ranger

You might be the key to everything BUT you cannot DO everything and grow at the same time. Even modest success can overwhelm you unless you hire the right staff and delegate responsibility.

No Mastermind

Get an advisory board or a mentor! Sounds crazy for a small operation? It's not! The board can be family members or friends. Ask them to be your board of directors and review your business plans and results with them. Having someone to bounce ideas off and get an objective opinion is critical. You can also cross-pollinate ideas and play entrepreneurial simulation games with them to discover hidden challenges and new entrepreneurial opportunities for rapid growth.

 

 

 

Giving Up

Venturing is risky. Some of the most successful entrepreneurs failed forward several times before doing extremely well. So, if you're failing, fail. And learn. And try again, with this new wisdom. It is a noble failure. Do NOT give up. Yet, do not suffer, either. Stay positive to attract positive things and turn failures to opportunities.

 

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How to use this information

 

 

 

 

① "Adapt what is useful, reject what is useless, and add what is specifically your own." ~ Bruce Lee

② Sleep on this information – your powerful superconscious mind will tell you how to use it when you wake up

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