It is a damming fact but nearly 50% of start up businesses fail in the first two years. If enterprise and ideas are so important why is this happening?
There are a number of reasons why entrepreneurs see their fledgling businesses falter. Theo Paphitis says “They haven’t done the research, they don’t know where to go for the right funding … it’s rarely one thing.” However there is a common theme, “The reason people fail is because they don’t do their homework.” You wouldn’t sit an exam without doing any preparation, he points out. “A business is no different. It’s about knowing more than the next guy or girl and performing better, and the only way you can do that is through knowledge. It’s basic stuff but we don’t do it.” (read more…)

So what can YOU do to try to avoid this embarrassing frustrating position? Here are a few ideas –

• do some proper research – do people really want to buy your product or service
• get a mentor or someone who can help you – you won’t know it all!
• find people who you can collaborate with – you can’t do it all – do what YOU do best!
• make sure you have a good funding strategy – you can’t build a sustainable business without money!

Being an entrepreneur can be risky but if you get some of the above in place it can work!

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