New business failures and some hidden reasons why
Business failures are too common
New business failures continue to be alarmingly prevalent despite an overwhelming amount of information at our fingertips.
Government statistics often show that the majority of new businesses will fail within a few years.
If you are thinking about starting a business or buying a business or franchise, how do you know if you will be successful?
Thinking of owning a business-would you be successful?
Some people take the risk, go ahead and leap in and become a failure statistic.
Why is failure still so common?
The secret ingredient is You
Behind every successful new venture is a successful business owner.
Owning a successful business is every business owner’s dream, after all no-one has the intention of owning an unsuccessful one.
Over many years we have observed the characteristics and practices of people who succeed and the reasons why some people have not.
A lot of information on the internet and social media focuses on “how to” run a business. Gurus and urban myths abound about how easy it is to imagine success and build businesses with relatively little effort. Frankly, a lot of this information is feel-good, click-bait that adds little value.
Hidden reasons of business failures
Our approach is very different, and it is based on our real experience.
Experience tells us that business success is as much to with the owner as it to do with the business idea or the tools used to run the business.
We know there are some hidden reasons why businesses struggle or fail that may be preventable through proper preparation before they start.
One reason for business failure is that some individuals are not well suited to owning a business, and they only find this out when it’s too late.
Business failure can cause a lot of stress and heartache, not to mention destroying a lot of precious money or savings along the way.
Other causes of business failures
Other causes can be the lack of personal preparation about the reality of what is critical to operating a business.
Every business idea also requires careful evaluation to make sure it can deliver your aspirations.
Evaluating a business idea in 3 steps
Sadly, some people, through lack of knowledge start businesses that will never be able to meet their expectations.
Buying a franchise is a common way of owning a business in many countries. People buy franchises in the mistaken belief that a franchise is a lower risk means to wealth creation. We explain why this is not so.
The Should I Own A Business Podcast
Listen to the Should I Own A Business Podcast to discover what owning a business is really like, the good, the bad and the ugly.
Decide if owning a business is the right choice for you.
The Should I Own A Business Podcast objective is to help you to make informed decisions and avoid the many traps of business ownership that very few people understand when they first become business owners.
Importantly, we explore the reality of business ownership rather than just the theory.
We use plain language and common sense with our combined 50 years of experience to help you answer “should I own a business?”.
The Business Readiness Test
We developed a Business Readiness Test that quickly gives you some insight into what it takes to be a successful business owner. It provides links to much more detailed information that can help you decide if owning a business is the right choice for you.
Geoff Daniel and Brendan Barrow are experienced business owners, mentors and the show Co-hosts.
“We are from opposite ends of the earth, from entirely different backgrounds and business experience. Despite these differences, we share strong commonalities about business philosophy and why so many new businesses fail.
We believe we can help reduce the number of business failures, so we decided to do something about it.
Starting or buying a business or franchise can be a tremendous experience if things go well.”
The Should I Own A Business Podcast – Listen Before You Leap!