- 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
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.
We’ve all heard the statistics: 7 out of 10 new employer firms survive at least two years, and about half survive five years. According to the SBA statistic reported by SCORE in 2008 there were 627,200 new businesses, 595,600 business closures and 43,546 bankruptcies.
What can you do to avoid being on the wrong side of these statistics?
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.
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.
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.
When I was first asked to participate on this panel, I thought, “WOW things really have come full circle!” You see, I started my business back in 1991 on a shoestring. I had no marketing experience having just got out of the Air Force. I was lucky enough to stumble upon a seminar on the same topic where I met my first business mentor, Richard Gerson.