Can entrepreneurs increase their odds of succeeding with their startup?
According to the Department of Trade and Industry one fifth of the 400,000 business that start each year fail within the first 12 months. They fail because they lack basic business knowledge; lack of preparation, insufficient money and mismanagement of funds on hand.
Businesses fail because the owners don’t do their homework – researching why businesses fail and putting strategies in place to avoid becoming a failure.
What should confident entrepreneurs do to avoid becoming a business failure statistic?
A confident entrepreneur should look at the pros and cons of starting his/her business, research, write a business plan and have a clear understanding of how much capital is needed to start and sustain your business until a profit is made. If their isn’t enough capital – family, friends, loans, microloans, angel investors, venture capital, etc. – can provide additional capital to take you from start-up to a thriving business. Don’t wait until your business is in the red to look for capital.
Confident entrepreneurs never give up. When one business fails they start another.
Here’s an infographic – will I succeed with my startup? – that shows the odds of your startup making it to the finish line. Please share your thoughts in the comment section.
infographic by Anna Vital
It’s a wrap
This infographic confirms that failure is where your success begins, and why a confident entrepreneur success is guaranteed – they never give up.
What were your challenges with your start-up?
Are you afraid to start your business, or struggling with the one you’ve already started? If you answered yes, you’ll benefit from my FREE strategy session. Contact me today. You’ll be glad you did.
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image at freedigitalphoto.net