- 9% of the population owns a business.
- 7 out of 10 business start-ups never reach their year 2 anniversary.
- 51% of the remaining 3 will still be in business after 5 years.
- 5% of the remaining 1.5% have annual revenue more than $1,000,000
How do you become .08% of business start-ups that can fetch more than $1,000,000 purchase price in the end?
Get the right information right from the start!!! Don’t just ask those people that you know who are in business for advice with your business start-up. Most of them are struggling with their own challenges and don’t really know how they got to where they are right now!
As a business start-up, or at any other stage of business growth, there is only one question that you need to ask for business success…
What do I need to do so that my business will run without me?
That is, how do I create business self-sustainability! That is the mission of DE, Inc. and this blog to teach you what you need to do to make sure that your start-up business is able to run without you so that you can have the independence and financial freedom that you seek.
Here are some articles you may find helpful which are specific to business start-up and the first stage of the business growth cycle.
Posts for Business Start-ups
This week let’s get back to looking at the strategic objectives within each business function as you move your business along the growth model. So, far we’ve looked at marketing and sales. The next logical step is to take an operational focus.
No matter what business you’re in, there are some key factors that you must address from a production perspective or business growth will eat you for lunch!
Turning Your Vision into Reality
This is a topic I was asked to revisit for an upcoming presentation. Back in 2010 I gave the same presentation to the Tampa Bay Inventors Council and it was well received. Not sure how many people heeded my advice, but what I presented then is still and will always be the difference between success and failure with anyone with an idea.
Recent activity in my consulting business has revolved around a number of start-up companies. It has made me revisit the foundation of the small business growth cycle once again. One of the observation I that I wrote about in an earlier post titled “Is Your Startup Focused on the Right Objectives?” was how new business owners tend to get wrapped up in things that shouldn’t which distracts them from the objectives that are critical to the first stage of the growth model.
Lately I have been involved with a number of startup businesses, including a couple of my own. One observation I have made is that many small business startup owners tend to focus later stages objectives rather than the early stage growth cycle objectives they should. The result of their focus on the “wrong” objectives is what causes so many startups to fail.
To build a successful business is easier than most people think. You just need to ask the right question that lead you there in the most direct way possible
Tonight I’ll be meeting a bunch of new people. Most will be at the event because they are starting their journey to build a successful business.
Too often I find those beginning a new business asking the wrong questions.
If you’ve been following along on our blog then you are already familiar with the small business growth cycle. You also understand that each phase has a specific goal on which you must focus.
This week we want to begin looking functionally at what you should be doing within each phase of growth. Because revenue is one of the most critical measures of growth let’s start by looking at sales and selling for startups within the foundation phase specifically.