Posted by Ben Jones on May 8, 2008
Clate Mask wrote an incredible article over at Small Business Trends earlier this week and I thought that a few points he made would be very helpful to our audience here at Ben Means Business. Clate used the example of the “on again, off again” couple (I know a few who still can’t let go of each other.lol) to show how most small business owners approach marketing. The meaning of this metaphor is that when sales are down we feel that we must go out and do things to increase them; and when sales are up, we don’t market at all. Then this cycle just continues over and over again. Sound familiar?………..Yup, it did to me too!
The Lesson for Small Business Marketers
I loved the authors overall point of this article and there were a lot of points in it that really hit home with me (its a shame b/c its a pretty short article. lol); but there was one point that I think really said a lot about marketing and I wanted to share it with you as food for thought. This point was listed as one of three small business marketing truths and it read as follows:
“You are a marketer of information about the problems your product or service solves. You’re not a marketer of product x or service y. “
This statement was so important because it let’s us know that not only are some of us not consistent enough with our marketing, most of us are marketing the wrong thing. This caused some intense thought and what I realized is that all of the most successful products or services solve a popular problem. The first thing that you think of when you picture those products is the problem that they solve or need that they address. We buy most of these products because we want them and not necessarily because need them. So the fact that we still think of them as a solution is due to excellent marketing.
How this applies to your Business
Sometimes we attempt to sell our product or service on the strength of it’s price or individuality because we are trying to seperate ourselves from the pack and that’s fine. However, we must not forget to address the problem. The truth of the matter is that people spend money on things that address their needs(or at least claim to). For instance, even if you have the cheapest toothpaste, but you don’t market the fact that it cleans well, no one will buy it. Most people will write it off as a “cheap knock-off” and then go buy some Crest or Colgate.
So the point here is that no matter what advantages you identify for your product(price, health benefit, etc..), your primary marketing goal should be to show your customers that your product or service addresses their needs. Once you get their attention, you can reel them in with your other strengths.
Small Business Marketing Secret: Keep the main thing the main thing.
What valuable information can you draw from Clate’s statement? Anything you want to add to my point? Leave me a comment…Let’s discuss it
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Posted by Ben Jones on May 6, 2008
Tax Rebate checks have been a hot topic since the start of 2008. Since then, most people have been bent on buying new “toys” or catching up on bills. However, as entrepreneurs, it is important that we take full advantage of this unexpected capital. While there’s nothing wrong with paying bills, I think that your government rebate check will be much better spent if you invest it into your business and allow it to grow into something much more significant.
With that said, I’ve comprised a list of 5 things you can do with your rebate check that will pay you a lot more in the long run. (Keep in mind that most people will get a check between $300 & $1,200)
1) Buy More Inventory
Most small businesses are forced to use profit from previous sales to buy more “product”. However, there’s nothing better than being able to earn a direct profit from capital that you did not produce. This frees up funds and opens the door for some very smart bookkeeping. Your business will immediately move to the next level.
2) Buy Marketing Materials
Marketing is one of those important things that small businesses neglect because they lack the funds to do it successfully. However, your tax rebate check is a great way to expand your marketing efforts. So go out and buy ads, get that website built, buy business cards, etc… Do anything that will create brand awareness. Trust me, you will be glad you did!
3) Expand to New Markets
Preferably foreign markets..but if your business is local or regional, you should look at what it would cost you to offer your business to a wider market. With the many uncertainties that surround the U.S. economy, it is imperative that we broaden our reach so that our businesses do not go under in the event of some type of crisis. (see also: Export Trade)
4) Buy Back your Freedom
Some people pay for part of their business on loaned or borrowed money and have been using a cut of profit to pay back these funds; Others get partners or stockholders to help cover expenses. If either of these apply to you, I suggest that you use your tax rebate to help buy back your freedom. You want to get rid of all the entitlements while your company is still small. A “buyout” will cost you a lot more in the future and you want sole possession of all profits when your business reaches maturity.
5) Put Rebate In Business Savings
I am not a fan of this method but it is a lot better than blowing the money. At least with this method the money will grow, it will just grow at a much slower rate.
No matter what you decide to do with your rebate check, just make sure that it will generate some money for your business. Spending the check on things that you have the ability to do already is a bad idea. Use Robert Kiyosaki’s principal on this one, “put the money to work for you.” Anything else would just be considered a blown opportunity(and a blown check)!
Also, for those of you who have yet to receive your rebate, the IRS has created an online tool that will tell you how much your check is and when it will be mailed(or deposited). Get your rebate information
here.
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Posted by Ben Jones on May 1, 2008
I’ve finally landed in my hometown of Detroit, MI and am ready for some R & R (YES…I said Detroit). Therefore, I decided that I won’t be posting any new content until Monday. However, this week was full of business advice from some of the best in the blogosphere. So just in case you’ve missed anything, I’ve comprised a list of some must reads to get you through the weekend.
1) Top 10 Strategies for becoming Uncommonly Successful-My favorite this week was an article written by Stacey Mayo over at Business Know How. Nicely written article that uses exerts from her new book. Re-iterates many things that we(entrepreneurs) lose sight of when starting a small business(some of which are mentioned in my post Why are You and Entrepreneur?).
2) New IRS Campaign targets help for Small Business Owners -Denise O’Berry over at http://www.allbusiness.com/ has written a very informative article about a phone forum the IRS is providing small business owners to help educate them about filing business taxes. Taxes are never an easy task, especially for the brand new owners. So read the article and make sure to attend the IRS’ forum.
3) 10 Things you should know when Marketing - Article written by Evan Carmichael outlines a post written over at http://www.conversationmarketing.com I would’ve used the original article but it wasn’t from last week so Evan gets the credit! I really enjoyed this posts. Very practical advice with a humorous undertone. Great Read!
4)Importance of Time Tracking - This was the second in a series of posts on this subject. It discusses one of the major topics to consider when starting a small business. Great topic, great article. Nuff said :).
5)5 Tips for Success when Traveling with Your Business - This was a post from popular blogger Yaro Starak. It gives practical advice about getting things done while on the road (I will be utilizing some of these tips this weekend).
For those of you attending SOBCON, have a great time, I look forward to reading all about it. To everyone else, enjoy the reading and have a great weekend!
Posted by Ben Jones on April 29, 2008
Business Failure Rate statistics are some of the most widely misqouted statistics in the world. I’ve heard everything from 90% of startups fail in their first year to 20% fail in their first year. I think it’s safe to say that the actual business failure rate is probably somewhere in between those numbers. I can understand why this is such a hard statistic to keep though. There is no surefire way to track every sole proprietorship, home based business, ebay entrepreneur, etc…that decides to start collecting money for their services. This is why I think that somebody needs to take the liberty of breaking these statistics down and displaying failure rates for each type of business entity.
For instance, a corporation will probably not fail at the same rate as a sole proprietorship simply because someone who has taken the time to form an corporation is probably planning to create a larger company and has done his research. Whereas anybody wanting to earn a little extra cash can be a sole proprietor(see 411 on Sole Proprietorships) so they will be quicker to close up shop because their startup costs were not as high. Business failure rate statistics that are broken down this way will be more useful to aspiring entrepreneurs.
However, despite the innacuracies that exist with the way that data is currently collected, I think that Scott Shane over at Small Business Trends seems to have found the most accurate statistics out there. These statistics were collected by the Bureau of Census for the Office of Advocacy of the Small Business Administration. The statistics in his article(as seen in chart above) show that about 25% of new businesses fail within the first year and 36% fail within their second. Now while I do think that these numbers are more accurate than those previously spread around the internet, I think they still beg several questions.
One of the most important questions was posed by Susan Cartier Liebel. In the comments section of Scott’s post she says:
“When the word ‘failure’ is used here…does this mean simply closed shop? Businesses close shop for different reasons, are reborn under another name. People close businesses not because they failed but retired, moved on to another venture had to move to another state and chose not to sell it. It does not equate to failure…and I’m not talking about psychological use of the word.
So, my question is, does this chart simply show businesses closing after 10 years or does it break it out further? Also, as you say, it is different across professions and this is an important qualifier.”
She took it a step further and wrote a post about her concerns for these statistics. It is a pretty interesting read and she actually got some of her questions answered in a reply from Scott. These are the types of questions that always pop into my head when I see business failure rate statistics but I am glad that Scott has located and shared some more accurate(and encouraging) information than what was previously out there. So take a look at some of those articles and share your thoughts on what you believe to be the truth about business failure rates.
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business failure rates, startup, small business, entrepreneurship
Posted by Ben Jones on April 28, 2008
As of today, EOS Airlines is officially closing it’s doors and has filed for bankruptcy. EOS was one of four “business-class only” airlines that opened in the last two years. Maxjet, one of the others, closed in December. As always, there are things we can learn from these business failures. So let’s take a look. Oh, and just for fun, we’ll call today’s lesson “Business Class 101″ (pun intended).
What caused the Bankruptcy?
Well, right off the bat I see some potential problems. The first being that this airline decided to create a very small niche in an already shaky industry. The airline industry was hit hard by the events of 9/11. Gas prices have also been on a steady rise since that time. So why would you want to own an airline, that would charter cross-country flights carrying only 48 people per flight? Seems a little risky….
The second problem that I see with this business niche is that there doesn’t seem to be a real market for it. With the state of the economy, most business-owners are looking for ways to cut cost. So the guy who would have flown business-class eight years ago is now pecking on his laptop in the seat next to us(economy class travelers). This has been going on for the better part of a decade(which is when EOS went “business-class only”) so how could they not foresee a potential problem only 2 years ago? I don’t know. Maybe, it’s easier to see in hindsight or from the outside looking in….but I find it hard to believe that EOS execs haven’t come to the realization that it was just a bad idea.
All of us (entrepreneurs) have them. We come up with scenario after scenario and all of them seem like gems until we actually begin to put them into action. Then we close one after another, until we find the one that actually works. There’s nothing wrong with this process, UNLESS, you learn nothing from those failures. So what did we learn from EOS?
1) Niche does not always equal rich?
Creating a niche is theoretically a great way to expand your business. However, (as stated earlier) theoretical ideas do not always convert into realistic success. Picking a niche can be difficult, so just be sure that it is the correct thing to do for your business at that time. For more on the correct way to “niche” see Niche and Get Rich.
2) Timing Is Everything
I think that EOS’ business model would have been great had it been implemented 10 years earlier. However, the window of opportunity to profit from an idea is usually small and this case proved to be no different.
3) Can you think of any?
I look forward to hearing what interesting things you learned from EOS and how we can apply it to our own ventures. Please leave a comment.
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entrepreneurship, EOS Airlines, bankruptcy, gas prices
Posted by Ben Jones on April 25, 2008
Social Networking is one of the most important things you can do for your business. Notice that I used the term “Social Networking” instead of “Business Networking”. Yes, I know that the two are supposed to be different, but as usual I tend to disagree. I think that Social and Business Networking cannot actually be separated. When people get the feeling that you are only associating with them because of what they can do for you, it causes them to remain distant(which limits the help you can actually get from them)….And as you probably know, It is always easier to get things done with people who know you(or at least think they do).
This is why for networking purposes, it is more important that people like you as a person than it is that they know about your business. Now I am not saying that you should just neglect to mention your business altogether, but I am saying that your first priority should be to sell yourself and not your product or your business. Rule of thumb: “People remember People.” Remember that! (For more on this read This Entrepreneurship Story)
How It’s Done
Well, there is an art to developing this perfect social/business relationship. I have broken it down into 3 sections. Below I have provided tips on each of the 3 major factors of Social Networking:
The Introduction
1) Don’t be desperate- If you recognize someone across the room, don’t make it so obvious that you are trying to get to them. That makes it a whole lot easier for people to dismiss you as a “nobody” once you actually do get to them.
2) Be Yourself- People can see right through you when you don’t. I creates an atmosphere of distrust and the relationship will be over before it even starts.
3) Be Knowledgeable- Even if your not on the “who’s who” list for your industry, you must still carry a confidence that says “I know exactly what I’m doing.”
4) Be professional yet personable- It is good for people to recognize your expertise and professional capabilities but even in the business world, “nobody likes a stick in the mud.”
The Follow-Up
1) Keep In Touch- The meeting is only the beginning. You have to stay in touch in order to develop the relationship. Send an email to find out how things are going, call every once in a while. This makes it a lot easier when you actually have to call in a “favor.”
2) Can you think of any? (Leave in Comments section)
The Friendly Favor
1) Don’t go overboard- You can easily end a relationship if your request doesn’t match your relationship. What do I mean? Ex: Don’t ask a guy you just met for a $1 million business loan. He will think your crazy. (Ask for $900,000 and work up to that :))
2) Use frugally- The guy who requests a favor a week will get none. A favor a year works for a healthy business relationship.
For more tips on business networking, check out Lorren Biffin’s article over at YoungGoGetter.
One quote I like from his article reads ” Don’t ever give false impressions of who you are or why you’re trying to network with them. Anything less than complete honesty is, well, dishonest. Nobody is going to trust what you bring to the table if it smells fishy or you if you can’t at least find a part of yourself to feel confident about.”
I thought this comment was right on and it re-iterates Tip#2 of my “Introduction” section. Also check out Stephanie Speisman’s article on Business Networking. After reading all 3 of these you should be a networking fool! So get out there and make something happen!
Anything I miss? Wanna add a tidbit? Please leave it in the comments section. I look forward to hearing from you!
business networking, social networking
Posted by Ben Jones on April 22, 2008
The Real Detroit Scandal
Out of respect for my colleague, his identity shall remain anonymous(for now). The wounds of this experience may still be fresh and I wouldn’t want to add insult to injury. So for the sake of this post he will be referred to as “Jackson”(don’t know… just go with it).
Amid all the recent talk of Mayor Kilpatrick’s indiscretions, I think it’s time to draw attention to something that happened in the Motorcity that is a lot more newsworthy(and no, it’s not about crime). The “real” scandal in Detroit has nothing to do with adultery, text messages, or gangsters in uniform. The main character of this story is not a high ranking official or a sashaying call girl(for that type of “news” please click here).
This is a story about entrepreneurship, scandal, rags to riches (then back to rags), and “the man”. It is both one the greatest and the worst entrepreneurship stories ever told. A completely true tale of “Jackson”, an entrepreneur that I worked for and learned a lot from as an undergrad.
The Making of an Entrepreneur
Jackson, was a poor Polish/Jewish American, who grew up in my hometown of Detroit, MI. By early adulthood, Jackson was homeless and hopelessly addicted to crack cocaine. Jackson slept on a bench in Detroit’s Belle Isle Park every night. In just a few short years, Jackson would manage to not only recover from his addiction but to also enroll in college, earn his B.S. in Guidance and Counseling, and to begin work at a drug abuse treatment facility.
His entrepreneurial genes soon took over and he found himself partnered in a drug abuse counseling business with a friend. They rented office space and Jackson committed himself to doing counseling sessions in between his graduate classes. He would often peer out of the window of his office and point at the bench where he used to sleep(I promise, it’s true). As their counseling business struggled to move forward, Jackson had no plans on quitting. Somehow convinced of his business’ worth, Jackson went into debt to buy out his partner.
Now a sole proprietor, Jackson expanded his business by adding niches and providing services for clients classified as “difficult/resistive”. This tactic proved genius and his business exploded. Jackson’s services were in such high demand that Jackson was able to open a residential treatment facility in addition to his original outpatient center. He was now the man, and a pretty wealthy one. He owned two companies that provided quality services that no one else really wanted to provide. His business would soon prove to have major problems. The quality of his services, however, would not be one of them.
Image Is Everything
Jackson was the flamboyant type. Mink coats, aligator shoes, expensive jewelry, and a armpiece/wife who was a couple decades his junior. Health Insurance Companies (who were paying his clients bills) began to take notice. They didn’t like seeing a guy live so lavishly off of services that were costing them a fortune. So his lawyers (and everyone else) began advicing him to tone it down a bit……but he wouldn’t listen. What would you expect from a guy who was poor most of his life, then homeless, addicted to crack, and could now buy anything he wanted? I mean, come one, the guy earned a P.H.D. a few years after sleeping on a park bench. I would think, he deserves to strut his stuff a little….or at least he deserves for people to understand why he would want to!
Well, the insurance companies didn’t understand, and Jackson quickly became a target for them. United by one determined(but evil) representative, these companies banded together and began to withhold payments, opting rather to engage in lengthy legal disputes over pricing(and anything else they could think of). This was the beginning of the end. Jackson would go on for months juggling expenses as he awaited payment for his services. After almost a year, he had nothing left to give so he had to shut the doors to his residential facility. The expensive, designer clothes he had once worn were now being auctioned off on the internet. Oh, and his wife? Well….let’s just say that it’s not looking good for the relationship.
Lessons from My Entrepreneur Guide
This whole thing is terrible…..and I feel bad for him, but I must say that the guy who taught me a lot about entrepreneurship through his success has taught me so much more through his failures. Here are a few life, I mean business, lessons that I learned from my entrepreneur guide’s misfortune:
1) Corporate Responsibility is a Personal Responsibility
We always hear about the importance of corporate responsibility. Now I understand that there is really no such thing. The business has no hands, no eyes, and no mouth but yours. To your customers, you are your business. So it is just as important to protect your perosnal image as it is to protect your business’ image. For the outside viewer, there is really no way to seperate the two.
2) Prepare for Hard Times
The business world is so fragile. You have to learn to prepare for bad times while times are good. This is something that I think Jackson must have done well because he was able to float all of his expenses for the better part of a year before his resources were gone. In normal instances, that kind of cash would probably suffice. In this extreme instance though, it did not. Just be sure that you remember that business will not always be “this good”.
3) Public Success is a Sin
Now this one goes way back to elementary school. Whether it be due to jealousy or some other factor, most people will never celebrate your success with you. It usually just makes them feel worse about their own life. So keep the public displays of wealth or accomplishment to a minimum. If not, it forces people to choose sides. They will either become a way too vocal friend or a silent enemy. Both of whom can equal added drama.
A Message for my Entrepreneur Guide
So this post is for Jackson. A person for whom I hold the utmost respect. You are definitely a trailblazer, worthy of all you had received. If only they could have seen past the external….. I wish you the best and know that this setback is only another piece of the story of the ultimate overcomer. When you find yourself back on top, I’ll update this article and even include your name and a picture. Here’s to you!
I hope you guys learned something form my friends story. Please leave a comment and add to the list of points I already posted. Thanks and look forward to hearing form you!
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real detroit scandal, small business, entrepreneurship, entrepreneur guide, entrepreneur story, Kwame Kilpatrick
Posted by Ben Jones on April 21, 2008
It seems that more and more people are deciding to leave their 9-5, choosing rather to launch out into the deep, unforgiving waters of entrepreneurship. Many of them, however, return to the docks drenched in debt and deplete of all ambition. Unfortunately, this will be the fate of most small business owners but it does not have to be yours.
So what will stop the grim reaper from dragging your business to the bankruptcy yard in the sky? Will it be your brilliant business plan? Your enormous budget? Maybe that adorable smile? Uhmmm…NO…No….and…Heck No! All of these things will contribute to your success as an entrepreneur(especially that smile) but there are some questions that you need to ask yourself about yourself that will ultimately determine your success as an entrepreneur.
WHY DO YOU WANT TO START A BUSINESS?
The first of those questions is “Why do you want to start a business?” The answer to this question for most people will either be because they want more money, their tired of their boss, their tired of having a set schedule, or some combination of the three. While these reasons certainly have their place in one’s motivation to start a business, they will not provide you with the drive necessary to fulfill your dreams. Your dreams must be grounded in something much more.
This is why my first advice to new entrepreneurs is to re-evaluate your business idea to see if it is something you have a passion for. Ask yourself, “Would I do this if it had no chance of making me rich?” or “Could I do this everyday without assistance if I had to?” Your answers to these questions will tell you a lot about how successful your business can be.
The majority of entrepreneurial failures occur simply because people give up too soon. They become weary of hurdling obstacle after obstacle and decide that the reward is just not great enough; or they’ve grown so weary that the can no longer envision a reward at all. However, if you are truly passionate about your product or service you will make it through these rough times because you can continue your journey for the love it alone. As you continue to work strictly for the love of it you will one day find yourself earning a profit(probably greater than you imagined).
WHAT IS SUCCESS?
The second question you want to ask yourself is “At what point can I consider my business a success?” This is something that most people would never stop to ask themselves. They will just leap into a business venture and expect to gage their success according to the standards of people or other businesses. This is absolutely the wrong thing to do. You have to set realistic goals for your business.
Sometimes we are striving to push our business at the speed or to the level of another business and we never stop to realize that we have been productive already. I remember when I was working with a network marketing company that so many team members would complain about how bad they were doing and how good others were doing and I would have to constantly remind them that they were not that bad off. I would say, “You’ve presented to five people and 3 of them joined your team. You’re signing 60% of the people you present to. Maybe you don’t have 100 people on your team yet, but 60% is a darn good number.” Nonetheless, it was always just a matter of time before these people quit because they were measuring their success on the wrong scale.
This is why you always want to set realistic goals according to your own expectations for your business. Success for you may simply be being able to cover your bills and having more time to spend with your family. It may not necessarily be becoming the next multi-millionaire. If this is the case, you want to make sure that you measure your success according to the scale that you are on. Doing so will help you to avoid the feelings of despair and hopelessness that fuel most business closings.
business plan, startup, entrepreneurship, small business
Posted by Ben Jones on April 14, 2008
There are hundreds of things that must go right in order for you to succeed as an entrepreneur. Let’s just be honest…….it’s difficult. However, it becomes ten times more difficult when you begin to listen to your critics. Ok, so maybe you’ve went into a few hundred “surefire” business opportunities and none of them have materialized as of yet; Or maybe they have shown some promise but not to the extent that you originally thought. That shouldn’t cause people to lose faith in you and to speak negativity over every new idea you bring to the table, should it? Well…….honestly………….YEAH, IT SHOULD!
Those people usually only propel you to greatness. Without them you become tired and and are more apt to give up. Every successful entrepreneur has had to deal with it. I know that sounds pretty cliche but it’s true. Look at the biography of any successful entrepreneur that you know and I can almost guarantee you that their business began simply because of some larger entity that didn’t believe in the person or the product. These naysayers are simply a part of the success process.
The key to success, however, is not to allow theses negative forces to destroy your confidence in yourself or your business. You have to learn to put everybody’s comments into the proper perspective. Remember, you have the power to control the way you see things. Below you’ll find a few key points that will help you to put the negativity in its place.
NOOOOOOBODY KNOOOWS……..
The first thing that you have to realize is that nobody will believe in your vision. Not family, not friends, not co-workers, not church members……NOBODY! The vision is not theirs, it belongs to you. I like to look at it this way, “If everybody could see the value in my idea, then it’s probably not revolutionary at all. Thus, not that profitable.” The fundamental principle of profiting from “the next big thing” is to be the first to see it coming. So don’t expect anybody else to immediately jump on board with you.
ITS NOT FOR EVERYONE
The second key is to realize that entrepreneurship is not for everyone. Your drive to create a path for yourself is a God-given instinct. That is why you’ve always envisioned the “cube life” as settling and also why people don’t understand your passion. There is something in you that, despite the failures, ensures you that YOU are a founder, a visionary, a leader. At a young age you probably found yourself driven to create earning opportunities for yourself; Or you were at least intrigued with the idea that you would own your own business as an adult. You must realize that this drive does not belong to everybody…………and for good reason. I give much respect to those people who have the perseverance to be an employee for 30 years and retire. I have just come to the realization that we don’t share like passions.
Fulfillment for us, entrepreneurial types, comes from taking a thought and pushing it past adversity into stability. We thrive on the liberation that comes from being able to create a dollar rather than to earn one. So don’t be discouraged if it seems that you are in those turbulent waters all alone, just know that success means different things to different people……and you share your definition with the minority.
FIND THE SILVER LINING
Another key to fighting through the negativity is to find something positive. One thing I learned from network marketing is that there is power in positive thinking. As a network marketer, you could have had a terrible week and be about to give up on your business, but once you make it to the big conference or even a conference call you would come away with new life and optimism to spare. I would know everything that would be said before I got there, I even knew that they were saying it just to make me go out and work harder….BUT…..IT STILL WORKED! This reminds me of the scripture that says “Faith comes by hearing.” It is the exact same principle and it is the absolute truth.
So, when other peoples negativity threatens your growth, go out and find something positive to get your juices flowing again. Read a blog, or a success story in a magazine, or even call a friend who shares your ambitions. I guarantee that it will not take much to get you back in the right state of mind again, because everything that you need to succeed has already been placed inside of you. All you have to do is protect it from the grim reaper of negativity.
negativity, motivitation, entrepreneur, small business, christian, business growth, entrepreneurial growth, skepticism
Posted by Ben Jones on April 2, 2008
One of the most difficult things for most entrepreneurs to do is to stay motivated. There always seems to be an overwhelming amount of discernibly justifiable reasons to give up and to concede your ambitions for contentment. One minute your up at all hours of the night carefully constructing your business plans, or on a family outing and the whole time your thinking about what you will do when you get back to your laptop; One short month later you can’t think of one good reason why you should put any more of your time into that dead businss venture.
I’ve seen it time and time again……………………………………………………………………………….in myself. I had been working pretty hard on trying to obtain business for our Export Trading Company and things were actually going pretty well. Then we hit a few deadspots and it was incredibly hard to get myself to make pushes for the business again. The only thing that will usually get you going when you reach this point is a sudden influx of opportunities(which thankfully did happen in my case, but does not always).
Therefore, most people just close up shop when they reach this point in their business’ life. This is the main reason for the incredibly low success rates of new businesses. It’s the desire and the determination to persevere through rough times. It is incredibly easy for most people to give up their dreams because they usually have some previous “career” that they can fall back on. Well, believe me, I’ve had those thoughts too but if your like me there is something in you that just won’t allow you to totally surrender. You always feel that success is right around the corner.
I read a post on my favorite blog the other day that spoke to this very issue. If your struggling through a similar time in your business venture it may help to give you the insight and motivation that you need to keep going. HERE IT IS…..Enjoy!
