Look at the following reasons why 80% of businesses fail. Understanding why others have failed is the
starting point for making sure you don’t make these same mistakes
1. Failure to understand yourself.
• Who are you, and what are you really seeking to achieve?
• Identify your strengths. Do they compliment what you want to do?
2. Failure to identify why you’re doing what you’re doing.
• What’s your mission? Mission describes the grand purpose for which your business exists
• Disney’s mission: “Make people happy”
3. Failure to make a realistic game plan.
• What do you want to accomplish?
• How will you measure you’re success or your progress? This is huge!
4. Failure to commit to “do.”
• The only measure of what you believe is what you do.
• What strategic actions must you take to achieve what you want to achieve?
• Remember: Nothing happens until a sale is made.
5. Failure to become a “product of the product.”
• In any small business – You Are the Brand
6. Failure to have the right amount of funding or backing when you start.
• Don’t ever run out of operating capital.
• Write down how much you believe you’ll need – and compare it to how much you currently have.
• If you don’t have enough funding – don’t start. Running out of operating capital is the primary reason
businesses fail.