Want to Start a Business?
Before embarking on a new enterprise, be sure to do your research. Start-Up Businesses Eighty percent of new businesses will fail or cease to exist beyond five to seven years. -- U.S. Small Business Administration Reasons why businesses fail The number one reason small businesses fail is because the business owner didn’t take time to conduct a feasibility analysis, market and business plan. -- U.S. Small Business Administration The top 10 reasons why small businesses fail are:
- Bad planning, no planning
- Inadequate capital and ignoring business and seasonal cycles
- Lack of focus, lack of commitment
- Lack of experience
- Poor records and useless financial reports
- Revenue problems – failure to identify a narrow customer base
- Inadequate marketing to the target customers
- Too much capital tied up in equipment and inventory
- Too rigid or too lax an organization. Failure to delegate or conversely, ignoring need for leadership and direction
- Location, location, location. Accessible to target market. Parking and expansion available?
- Failure to communicate with accountant, banker or mentors until failure is certain
- Starting out with no plan / no research
- Unrealistic expectations — want glamour without the grunt work
- Treating business as a hobby
- Women are uncomfortable talking about money
- Starting too big: Slow down and start small
- Women account for 55 percent of new startup businesses in the U.S.
- Since 1987, the number of women-owned firms in the U.S. has doubled, employment has increased four-fold and their revenues have risen five-fold.
- Women hold 13.6 percent of board seats at Fortune 500 companies. Only six percent of those businesses take in revenue of $1 million or more.
- One of the most important factors in the success of women-owned businesses is mentoring.
All content provided and shared on this platform (including any information provided by users) is intended only for informational, entertainment, and communication purposes on matters of public interest and concern and is not intended to replace or substitute for professional medical, financial, legal, or other advice. None of the content should be considered mental health or medical advice or an endorsement, representation or warranty that any particular treatment is safe, appropriate, or effective for you. If you have specific concerns or a situation in which you require professional or medical advice, you should consult with an appropriately trained and qualified specialist.