Some estimates claim that up to 95% of new businesses fail within five years. Others say the number is around 65%. Either way, these are staggering figures when one takes into account that most new businesses fail for more or less the same reasons. Most of these reasons are presented below ranked in the order … Read more
No matter how it’s looked at, writing accurately, briefly, and with clarity is an essential business skill. This is because writing, particularly in a business context, fulfils four important roles: Why Write A Business Plan? When one takes into consideration the fact that the number one reason why new businesses fail is a lack of … Read more
Commercial enterprise is not about sellers, it’s about buyers (customers). The idea is to match the wants and needs of customers with the interests and passion of the entrepreneur. This can be a time-consuming process. The challenge for the entrepreneur is to match personal skills, interests, and capabilities with an inherent passion and tie it … Read more
The first step in choosing a good business location is to identify the wants and needs of the desired customer base. A location must then be found that meets these needs. For example, most businesses dependent on customer visits should be easily accessible by foot, public transportation, and cars. Questions than can help guide an … Read more
Which is best: starting a business from scratch or buying an existing one? Setting-up an independent operation or owning a franchise? Working part-time or full-time? Each of these options has its advantages and disadvantages and, for the aspiring entrepreneur, each should be weighed against (a) the product he or she wishes to offer, (b) the … Read more
Some enthusiasts claim that there is no better time than now to own and run a business. It may be more prudent, however, for potential entrepreneurs to write down, research, and address exactly what it is they wish to do before they begin – as well as examine what starting a business will involve and … Read more
Popular opinion suggests that owning a business involves working flexible hours, not being beholden to anyone, having the ability to make independent decisions, and, in effect, being completely on one’s own. Equally as ubiquitous is the belief that because life has not quite turned out the way it was envisioned, entrepreneurship is as good an … Read more
Whether a business idea involves selling a copycat product (or service) or selling something that’s totally unique, there are only two reasons why an entrepreneur should undertake the time, effort, and expense of creating a new business to introduce it: (1) customers have shown that they want it and, (2) there is sufficient enough demand … Read more
Of course, fear isn’t the only obstacle that stands in the way of entrepreneurs. Countless myths also block the first crucial steps. Following is what Scott Shane, professor of entrepreneurship at Case Western University, says are the ten greatest misconceptions of entrepreneurship. Contrary to what most people believe, 10-years ago a typical start-up in the … Read more
Few people are born with all the marvelous abilities that are needed to succeed in life. Yet successful business owners appear to get around their shortcomings by learning as they go, admitting their frailties, and shoring up their weaknesses – a process that helps overcome their fears. Fear is a common emotion that often manifests … Read more