Sweat equity is the best startup capital. ~ Mark Cuban
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.
Your turn
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
What I believe is that ideas never fail, its execution which fails. I have read somewhere that until and unless you believe that you fail no one can say that you fails.
Proper dedication and consistency will definitely result into start up success.
Well said Anush, If we don’t believe we failed, then we didn’t fail. Our perception creates our real reality.
Business start-ups also need time and patience . I have myself ventured in three different fields and failed because I never had a passion for them. When I started the fourth (which I am passionate about ) and started making it not inconsideration of profits but as a passion it became a success. So if you feel you want to be a business person look for a field you are passionate about and be smarter than your competitors.
Stanley, I agree with you – start-ups need to be patient. What is the successful business you have today?
Build a friendly relation with as many contacts as possible. Kindness will not have a negative impact on your business. Be investors make sure a company’s founder really understand the industry he entered and the problem he will face along the way.
Hello Deynn, Thanks for your input. I hope your get lots of customers for your business. Good luck!
Thanks for stopping by Deynn. I hope you get boat loads of customers for your web design business.