"I recently lost my job. I've decided to start my own business." That's actually a common statement. Sometimes people don't have any foundation upon which to build a business. They're just tired of working for other people.
You need to read a lot of books and blogs and websites before you try to start a business.
You have to take time to develop a real specialty, not just a passion. Too many business failures were strong in enthusiasm and weak on best practices and deep knowledge.
According to management experts, quality gurus, and turnaround specialists, most start-ups fail due to:
* lack of genuine expertise
* lack of good, innovative, customer-centered business concept
* failure to understand the market / industry
* bad bookkeeping and financial reporting
* hiring family members
* lack of competitor analysis
* managerial mediocrity
* focus on profit, instead of customer solutions
* poor customer service
* bad employee relations
* poorly planned advertising
* bad website design
* bad social media strategy
* not differentiating your business from competitors.
According to management experts, quality gurus, and turnaround specialists, most start-ups fail due to:
* lack of genuine expertise
* lack of good, innovative, customer-centered business concept
* failure to understand the market / industry
* bad bookkeeping and financial reporting
* hiring family members
* lack of competitor analysis
* managerial mediocrity
* focus on profit, instead of customer solutions
* poor customer service
* bad employee relations
* poorly planned advertising
* bad website design
* bad social media strategy
* not differentiating your business from competitors.
PHOTO at top of this post: ceiling lamp at the Lariat Steakhouse, Peoria, IL.
They have delicious food and a very classy, cozy atmosphere. A good example of a successful business, the Kouri family has been operating many restaurants in the area for several decades now.
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