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?
Confident entrepreneurs should look at pros and cons of starting their business, research, write a business plan and ask yourself – “how much capital do I need to start my business and sustain it until I make a profit?” And put a plan in place to have enough capital – family, friends, loans, angel investors, venture capital, microloans etc. – to take you from startup to a thriving business.
As I stated before 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.
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 startup?