A whopping 80% crash and burn. What can we learn from the colossal amount of failure with small business that we can apply to our own business aspirations? In my 20 plus years as a serial (yes – hate that word too) entrepreneur, and through my exposure to thousands of entrepreneurs via my company 7FigureDestinyllc, I have seen plenty businesses fail horribly. And yes, at surface level the primary
reason businesses fail is they simply run out of cash. But trust me — the cracks in the foundation start well before the brutal day of financial collapse. Thus I give you 2 reasons for failure and more importantly, what we can do to avoid it happening to you:
Reason #1: Not really in touch with customers through deep dialogue. An amazing thing happens when an entrepreneur sees a potential opportunity in the market, or dreams up a new idea for a product/service: they retreat to a cave. Marketing is a conversation. Dialogue is key. And 140 character tweets don’t count if they are never read. Real dialogue with real customers (via whatever channel is best for them). Reason #2: No real differentiation in the market (read: lack of unique value propositions)
Entrepreneur.com just put out a story entitled “Why Everyone Will Have To Become An Entrepreneur”. If this holds true (and I think it will), instead of your competition being 5,000 other Tom, Dick and Harrys, it will soon be 50,000 of these guys. Plenty of noise and chaos for those without uniqueness fighting for the bottom scraps. Most times this is a slow killer of businesses. Barely hanging on, entrepreneurs with some customers and some revenue skimp along for months or even years. Every painful inch wondering to themselves if this is all there really is. Your Solution: First, agree with me right now this is a core element which must be addressed. Entrepreneurs who take this lightly end up in trouble. We will sit down with you and your reason for launching your business and simply dig in. We will figure out the true value you bring to the table which is unique and different than others in the marketplace. Then place that value in front of the world to see. No one will buy your "what" until you can communicate your "why"
Now let's go uncover yours
If you don’t know us,
We are 7FIGUREDESTINY
WE ARE MONASTIC ABOUT OUR MISSION
PASSIONATE ABOUT OUR PURPOSE
COMMITTED TO THE CHALLENGE
DRIVEN TO MAKE A DIFFERENCE
YOUR GROWTH IS OUR GOAL
If you’re an entrepreneur/ BUSINESS OWNER— let’s connect right here — right now. Seriously. Here’s a proven formula:
Our Wisdom +Your Wisdom = Success
