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Nine Out of 10 Startups Fail. Here’s How the 1% Succeed.
According to Fortune Magazine, the number-one reason for failure is lack of a market need for their product. Following as the number two reason is a lack of sufficient capital, thirdly is having the wrong team, followed reason four, superior competition.
What are the characteristics of successful start ups? According to Forbes, having the right product at the right time in the market is the number one marker for success.
Seconding that, the entrepreneur has the right team to deal with the distracting minutiae of presentations, phone calls, meetings, and emails, leaving the entrepreneur able to clearly focus on the heart of the business.
The team supports the entrepreneur, making sure nothing falls in the cracks, not ever. Highly critical is a team that is versatile and adaptable, able to switch gears at a given moment to change products, adjust, different compensation plans, change the marketing approach, shift industries or rebrand.
These statistics include freelancers, small LLCs, and individual proprietors such as a hair stylists, plumbers, mechanics, or Etsy shop owners. No matter how small your business, you need a solid business plan and team behind you!
Contact Pivotal Performance Processes for your affordable consultation and establish your business plan today. Allow us to help you help yourself.
“When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” Henry Ford
Article researched and copy written by Laughing Fox Designs, which exists to provide web design and social media support to small businesses that need creative solutions. ©2017 All Rights Reserved