- 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
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.
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.
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?
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!
Marketing for startups is often difficult because small business owners don’t understand the difference between sales and marketing. (see my previous post Sales Slump? Do You Have the Right Resource Assigned?). Marketing for startups is all about understanding what the customers wants to satisfy their need and communicating exactly what you can offer to fill that need.
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.