Since most small startups fail, how can you succeed?

Before answering this, who am I? I have created and sold 4 small businesses in the last few years, all of which continue to be successful, so I know a few things on the subject.

Now, let’s get to the main points:

Planning

It is important to know what, when, why, where and how you are going to start your business. Unless you have a clear focus, don’t even try it, it will be a waste of time and energy.

Also, you will want to make all the courses available that can help you achieve your goals. For example, in my case, before starting my most recent company, I completed a Certificate 3 in Business Studies, a Diploma in Digital Marketing, a Diploma in Sales, and a Diploma in Project Management.

Practice

What I mean by practice is not to dive right in and learn on the job, no, what will really help you is to observe how SUCCESSFUL people have started the same type of business that you are trying to start. How can you do this? One effective way is to get a job in the industry in which you want to work. Once done, watch the process. If it really is a successful business, they will have a highly organized and effective process.

Another possibility is to start the business. I know I know I said not to do this however this suggestion has a little difference. Start the business without expectations. Become a marketing director, account manager, sales director, etc. do it all yourself. The problem with this approach is that it will take a great deal of time, amounts of time to be saved, if you can work on a successful business that someone else started. Yes, this suggestion is the more difficult of the two routes, however what it does do is move from theory to full practical knowledge of the industry, to fully immerse yourself in it.

Search

There’s a reason 4 out of 5 startups fail, the rewards are hard to come by and take an inordinate amount of time. How to overcome this obstacle?

The key is to Pursue. You must focus on your goal and never look away or get distracted from this purpose. How long can you focus on your goal? Only you can answer that! However, realistically, it will take a few years for you to truly progress in your endeavor. If you are someone who gives up easily, you really shouldn’t try to start a business. Instead, look for a high-paying job.

The benefits

If everything is such hard work, why bother? The rewards can be huge. Consider just a few:

* Time: have a flexible schedule, spend more time with your family or other priorities.

* Passive income: Depending on the type of business you intend to start, it may continue to pay you even when you are not working.

* Capital Gains – You have the potential to achieve a significant ROI on the outlay required to start your business.

Do you want to start a business? Go for it! But remember to plan, practice, and pursue!