Why do 95% of start-ups fail within 5 years?? Original Article by Ron Rule

QUESTION.

Why do 95% of start-up businesses fail within five years?

             Original  article by Ron Rule, @as seen on TV

 ADDRESS THIS ISSUE IF YOU WANT TO SETUP A SUCCESSFUL BUSINESS

 How to address the issue …. See  below …

Why do 95% of businesses fail within the first 5 years?  Because 95% of businesses are started by people who don’t know how to run a business.

Most people who start businesses are subject matter experts or just have an interest in the subject.   They’re people who are really good at what they do, and have a wealth of knowledge in their field. Often times, the company they work for couldn’t function without them, and they see what the guy on top is making and think to themselves “Why does he make the big bucks when I’m the one doing all of the work?”

But the thing is, subject matter expertise is just one piece of the puzzle. You can be the best Chef in the world, but that doesn’t mean you’ll be good at managing a restaurant’s cash flow or staff. You can be an awesome programmer, but that doesn’t mean you’ll be able to manage a team, scale beyond your own abilities, find clients, and close the sale. You can be a hell of a carpenter or general contractor, but that doesn’t mean you’ll be good at pitching to customers, consistently finding work, and balancing your books.

Ninety five percent of businesses fail because they’re started by people who only understand the core of what the business does – not how a business runs. They don’t know leadership. If you don’t have experience managing people, managing cash flow, how to sell or market, or how to manage everything else that falls outside of your work-knowledge, you will crash.

HOW TO ADDRESS THIS ISSUE ?  if want to set up a successful business…

You need to find a person, or people or an organisation that is experienced in helping businesses set up,  and provides ongoing support. Starting a business is not a one off activity, it is a journey to successful and profitable operating.

ONE SUPPORT ORGANISATION WHICH OFFERS THIS SUPPORT

The Croydon Business Startup Hub offers customised advice for all Start-ups.  Free advice and information and contacts. Then options to obtain ongoing support specific to your business or idea.

                              https://www.croydonbusinesshub.co.uk                       email: info@croydonbusinesshub.co.uk

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