Every single day, enthusiastic entrepreneurs start about 2,000 new small businesses. Three years from now, about 1,600 of those new businesses will have failed.
Being in the business of helping others break into the retail business, we've had a ringside seat to witness competitors battle it out retail arena, and we've identified the 12 differences that separate the champs from the chumps.
In this article, we reveal those differences and use our observations, experience, and expertise to steer you clear of the most common pitfalls and ensure that your business becomes part of the elite group of successful startups.
Poor management
People launch their own businesses for a variety of reasons. Some think it will be fun and easy. Others aren't happy with their current lifestyle and seek to better themselves financially. Still more look at their boss and think, "If he can do it, then I sure can!"
But the truth is that 80% of new businesses fail within the first three years. The number one reason small businesses fail is, by far, poor management.
Recognizing the essentials of good management
Good management boils down to developing a solid business plan and then effectively executing your plan or adjusting it to meet the needs of the current situation. Effectively managing a business, big or small, requires the following...
