Business Basics – why small businesses fail
Early stage companies often fail, not because they don’t have a good product or service, but because they are undercapitalized. The entrepreneur miscalculates the amount of time it will take for the product/services to catch on, or the amount of capital it will take to finance the equipment and working capital needed for sustainability.
Business basics – Running a later stage business with goal clarity
Later stage companies fail less often, but do so usually because the business owner loses focus or experiences health issues. Running a successful business requires goal clarity. A lack of goal clarity will cause failure as the competition will ultimately become better at what you do. Equally damaging is the natural tendency of business owners to stop doing the task of finding new products, services and customers. Click here to learn more about Finders, Minders & Grinders.