Entrepreneurship Small Business

reasons small businesses fail

 

It can be hard to get an accurate temperature of the small business climate. Some experts will tell you that small businesses are doing quite well; while others will say small business owners are struggling. The inconsistencies of information being put out will make a person wonder if it is worth it at all to become a business owner.

There are arguments about the tax code being too hard on small businesses.

There are arguments about the economy being too slow for small businesses.

There are arguments about small businesses having a lack of resources and support.

While these arguments may be valid, they are not the end and be all that determines a business’s ability to perform within the marketplace. The ultimate determining factor that leads to a business’s success is the business owners ability to develop the strategic process which will produce successful results.

I say this because I have encountered many business owners who do not understand how to develop a profitable business. For one reason or another, they have missteps within their business operations which cause their business to lack sustainability. As these missteps go unchecked, they continually erode overtime, leading to a business which can’t avoid failure. Read More 4 Reasons Small Businesses Fail

Entrepreneurship Leadership Small Business Starting a Business

Cincinnati Bengals Leadership

This past weekend, The Cincinnati Bengals had the opportunity to finally get over their playoff slump by getting out of the first round of the playoffs. With less than 2 minutes left in the game, The Bengals had the ball and all they had to do was manage the clock until it ran out. But instead The Bengals became their own worst enemies with a major collapse of focus and discipline.

The problems began with a costly fumble by The Bengals that gave The Pittsburgh Steelers the ball back with little time left on the clock. Then came 2 very bad penalties by Bengal players, caused by lack of emotional control, that put The Steelers in the position to kick the winning field goal to secure the win.

What happened? How could a team that has never won a playoff game be in the position to win and let it all slip away due to their own errors?

It is because The Bengals lack real leadership. Read More Leadership Lessons From The Cincinnati Bengal’s Collapse

Entrepreneurship Leadership Small Business

onlinetools

If you have followed my writing on Huffington Post, you would know that I have written a few articles that demonstrate how to grow your business online. The article topics include:

Using social media influencers to grow your business

The importance of having your business online

How to implement good SEO tactics

 Why you must create a website that sells.

All of those post have received positive feedback, so now I want to bring everything together, in order to help you put together an effective plan of action that enables your business to have significant growth online.

Putting all these different components together creates a system of various actions, working together to deliver greater results towards your business’s growth online. This is very important because you need for your business to be a constant presence within its target market. And this can only be achieved through a continuous stream of messages and information that lead to engaged interaction.

The key for great results is to focus on consistency mixed with providing real value. Following this criteria helps to establish your authority because you become a constant presence who people learn to identify as an expert when it comes to a particular topic. Read More How to Grow Your Business Online

Entrepreneurship Online Business Small Business

This blog contribution is being made by Paisley Hansen, a freelance writer.

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Over 90% of startups fail and there are about 627k new business started every year. This is not meant to be an in-depth business overview but merely some tips to keep in mind to assist a startup in not contributing to that 90% statistic.

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Keep track of ALL your expenses

 

This may seem obvious, but you may be surprised how much is being spent on non-essential items and services. Make a record of everything purchased and organize them by what is essential and what is discretionary. Many startups when securing the first round of funding, or turning the first profit, splurge on office spaces. It’s hard not to “show” your success. You don’t need to go all out, just snag some cheap office furniture and make do.

Even if this is done over a short period of time it can uncover a lot. A careful review of spending can show how much wasteful spending can be channeled to more important functions. Investing in reliable software, or even just high-quality office organizer that you can use to keep track of and organize your budget may be worthwhile, depending on your needs. Read More 5 Tips to Budget as a Startup

Entrepreneurship Small Business Starting a Business

freelance
As a freelancer your mind is always focused on finding work. No work means no money being made, which means you do not eat. Not eating is something that no freelancer likes to experience. Therefore, freelancers are always hustling so that they never have to endure a period of famine.

One thing that seems to be the constant problem with most freelancers is that they always have to hustle for work. Once they are done with a present client’s work, they move on to trying to develop a new job, which will only be a temporary client as usual.

This sort of behavior is exactly why most freelancers never turn their freelancing skills into an actual business that has recurring customers. Instead most freelancers deal with constant anxiety about finding another paying gig so that they can make enough money to merely survive.
If you are a freelancer who has to constantly hunt for clients, you are not operating with the mindset or actions that will help you prosper and grow.

Your lack of business understanding keeps you in a perpetual state of struggle. There is no reason for you to continue to struggle as a freelancer. Here are 5 actions that will help you produce a thriving freelancing business. Read More 5 Ways to Improve Customer Retention as a Freelancer

Communication Customer Relationships Entrepreneurship

office
When people ask me how long have I been an entrepreneur, I tell them I have been an “entrepreneur” for the last 8 years. Notice I put quotation marks around entrepreneur. I will explain the reason for this later in the post.

I graduated from high school in 2007. I had been working at Wendy’s since 2005 and left there after I graduated to go work at UPS. UPS only lasted a couple of months. I just couldn’t see myself continuing down the path of being a highly praised but underpaid worker.

While at UPS I created my entertainment company. Man was that an eye-opening experience. The creation of this entertainment company was my main reason for leaving UPS. I was going to take the entertainment industry by storm. So I thought.

When I left UPS I needed another job asap. My plan was to go apply at Family Dollar. Instead my mom asked me to come work with her since she was opening a new office in downtown Atlanta.

So I was going into 2008 set and ready to make things happen, so I thought again. I had my new entertainment company and I was the “COO” of my mom’s tax business.

To cut a long story short, things started off “great” and ended terribly. My attempt at creating a studio for my entertainment company drained my pockets and my role as COO did not go as I envisioned.

The reason this occurred is because I didn’t truly understand entrepreneurship nor business ownership. Entrepreneurship is turning an idea into a product/service that has demand in the marketplace. Business ownership is taking that product/service, scaling it for growth and employing others to manage your business operations. Read More What 8 Years of “Entrepreneurship” Taught Me

Entrepreneurship Self-Improvement Starting a Business Young Entrepreneur