Running out of money Lack of planning Growing too fast There are countless scare stories out there and it’s true, many businesses don’t make it in the long run, but according to the SBA, only 30% of new businesses fail during the first two years of being open, 50% during the first five years and […]
Failure
What Would You Do If Told to “Fail Fast”?
Here’s a question that should strike close to home. Professional investors like to quote this mantra to anyone who will listen. “Fail fast,” they say. But what if you believe so strongly in your budding enterprise that this seems to be the most ill-advised directive you’ve ever heard? So here are some rules that might […]
The Importance of Setbacks
Too often, we get caught up in the rush of everyday life. The press of everyday activity, the constant intrusion and interruptions drive what we do. These become standard, we go on autopilot—even as a coping mechanism. Most important we stop paying attention, we stop being present. This doesn’t mean we aren’t accomplishing things. The […]
10 Strategies for Rebounding from Startup Failures
If you can’t deal with failure, then the entrepreneur lifestyle is not for you. Don’t believe that urban myth that all you need is a good idea, a little fun work, and the money will start rolling in. When you are pushing the limits, nobody gets it right the first time, or even maybe the […]
4 Lessons from the Startup World That Will Benefit Your Small Business
When you’ve been in business for some time, it’s hard to remember what it was like when you were first starting out. In some sense, it’s much safer and easier to rest on your laurels than to have to risk inventing something new. But the truth is, inside every established business is a start-up waiting […]
Upbeat News for Small Businesses
These are heady days to be an aspiring entrepreneur in the U.S. Even the risk-averse with an idea might want to consider jumping into the small startup business arena today. Despite the historical odds against small business longevity, things have definitely been looking up in recent years! From 2005 through 2015, roughly half of startup […]
Can Business Failure Damage Your Personal Finances?
This is a question often asked by entrepreneurs, and the short answer is maybe. The longer answer is that it depends on your circumstances and the type of finance you take out. If you’re a sole trader or member of a non-limited liability partnership, of course, then it’s an unequivocal yes—you are personally responsible for […]
Do You Know What You’re Failing At?
Before you can own your failure, you first have to know what you’re failing at. True knowledge is a start, not an end. It is a question, not an answer. When Walmart’s Sam Walton or Home Depot’s Bernie Marcus sought meaningful and productive knowledge, they did not attend a seminar, assemble a committee, convene a […]
When You See What Dale Carnegie Said About Fear, You’ll Start Moving—Fast!
Are you too fearful to succeed? Fear is the single biggest roadblock that will prevent you from taking risks and without taking risks you can never be an entrepreneur. And, if you think about it, in the final analysis the biggest failure for “entrepreneurs” isn’t a business venture that goes belly up, it’s lacking the will […]
Do You Believe the Legendary Startup Failure Statistics? I Don’t!
This recent piece on startup failure statistics caught my eye on Twitter first, and I followed the links to discover Startups: Conventional Wisdom Says 90% Fail. Data Says Otherwise. | Fortune.com. Here’s a direct quote from author Erin Griffith: “I recently found myself carelessly repeating a statistic that I’d heard dozens of times in private conversations and […]
