The Seven Pitfalls of Business Failure

[renegade_cowboy]

According to statistics published by the Small Business Administration (SBA), seven out of ten of new employer establishments survive at lease two years and 51 percent survive at least five years. This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years.

Better success rates notwithstanding, a significant percentage of new businesses do fail. Expert opinions abound about what a business owner should and shouldn't do to keep a new business afloat in the perilous waters of the entrepreneurial sea. There are, however, key factors that -- if not avoided -- will be certain to weigh down a business and possibly sink it forevermore.


Read the rest and the 7 pitfalls here.

http://www.businessknowhow.com/startup/ ... ailure.htm

 

[Mike Draper]

Finally, you posted something useful.

 

[Jim Martin]

1...putting all your eggs in one basket and thinking your going to get rich over night
2...expecting work to come to you...
3...marketing...
4...not knowing what it cost to run your company
5...staying in your comfort zone...
6...worrying what everyone else is doing....
7...product hype.....

 

[renegade_cowboy]

Finally, you posted something useful.

It was either this or a whats your favorite prespray thread. :|

 

[Brian R]

My business has been failing for years....Of course my definition of success may be different than others.

Shouldn't this be in the MMM room?

I'll have to read it when I get back.

Thanks Brent.

 

[Brian R]

Nobody asked you