Under pressure from the steeply rising inflation, many people are forced to come up with new ways to make ends meet. Adding a side hustle, especially starting a (side) business, could potentially meet that need.
However, if you are new to business ownership, chances of you succeeding are, statistically at least, not particularly good. According to recent data, “as of 2021, 20% [of start-ups] failed in the first year, 50% within five years, and 65% within 10 years.” Still, you can absolutely make it work! But the key to making your startup a success is to be prepared for your new venture in every way possible.
With that in mind, here are some tips to minimize your risk of failing:
1. Pick your Market and Niche wisely
A new business will challenge you in many different ways. This is why it is extremely important that you pick a business activity that you not only love with all your heart but that you are also good at! Do not get involved...
I am so excited to be writing this blog post that I could barely wait to put down my thoughts on “paper"!
This is a story about what nature can teach us as business owners. But before I get into details, let me confess that I’m a health freak! There, I said it. Yes, I’m gluten-free, vegetarian, can’t eat certain foods due to allergies, and I try to eat vegan whenever I can. Even the sight of meat makes me feel nauseous. In my own home, I eat and drink organic almost exclusively. In other words, I’m one of those people party hosts dread and will eventually ask to bring their own food and beverages. Little do they know what got me to this point–a multi-year personal journey of recovery that led me from debilitating food sensitivities to now almost completely restored health.
But don’t worry. You don’t have to be a health geek like myself in order to appreciate what I’m going to tell you.
In our free time,...
I meet many business owners who are growth-minded and eager to scale up their companies. To understand where they are in their business development, I ask a basic but important question early in the conversation:
Who are your clients?
I am always a bit surprised when there’s a pause or hesitation in the answer. To be sure, some owners have done their research and know exactly who their clients are. But many don’t. I hear variations of, “Great question!” “It depends.” Or, my clients are a, b, c, d, e, f, g . . . (i.e., nearly everybody).
To help the owner focus, I then follow up with, “well, who is your ideal client?” But that tends to be even more challenging to capture.
We then move on to a discussion of the services the business offers. Sometimes, apparent confusion about the target market of the business goes hand in hand with an extensive list of service offerings and products offered for sale. You can clearly see...
The other day I ran across an interesting article that talks about the reading habits of billionaires. Apparently, billionaires have time to read, and they actually read a lot! This suggests a direct correlation between a CEO’s commitment to regular reading and his or her success in business.
Indeed, the reading habits of some of the greatest business minds of our time are astounding! For example, Oprah Winfrey famously said, “Books were my pass to personal freedom. I learned to read at age three, and there discovered was a whole world to conquer that went beyond our farm in Mississippi.” In 1996, Oprah then turned her passion for reading into “Oprah’s Book Club,” which recommended one book per month to the viewers of The Oprah Winfrey Show.
In a 2019 interview, Bill Gates, the richest man in the world who reads about 50 books per year (about one a week), explained why reading is so powerful: “If you read enough, there’s a similarity...