“I knew that if I failed, I wouldn’t regret that. But I knew the one thing I might regret is not trying!” -Jeff Bezos, Amazon
As exciting as it is, starting a new business is nothing short than challenging. And while most would look forward to harvesting the incentives associated with being you own boss, the reality of failure linger in the background like a shadow.
According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn!
The primary cause? Most, just run out of cash.
But what is the real diagnosis? Well, the main issues are a lack of planning and defined identity, a misread of market research, and poor communication.
Ultimately, the majority of entrepreneurs move way too quickly without appropriate counsel, hoping for the best. In fact, this failure to invest wisely comes from the prerogative to spend money on matters that provide an immediate return on investment.
This phenomenon was explained to me as a parallel to the larger part of new golfers.
What does the bulk of novice golfers purchase, before their first round? Brand new (most expensive) golf clubs, new bag, new balls, new gloves, new attire, new practice equipment and so on. Yes, thousands upon thousands of dollars spent before having the ability to hit the ball further than a club length.
But the wise ones spend thousands on lessons while purchasing inexpensive equipment.
Who will be most likely to persevere and succeed?
As for you and your new business, will you spend unnecessarily before seeking advice? Will your hard work and investment pay you a dividend? Will you be part of the successful 20%?
This is our vision at Progressive Human Development Services: To assist you in planning and implementing a successful startup strategy that will include solid short and long term plans, a real business identity including core values, an appropriate market research, a functional business structure promoting superior communication and fast profitability.