The odds are against entrepreneurs. Most fail. I asked Marty Zwilling, author, CEO, and founder of Startup Professionals, Inc, why 9 out of 10 startups fail? Marty said, “The #1 reason is entrepreneurs get tired and just give up. “ 6 reasons entrepreneurs fail:
- Negative attitudes
- Poor business sense
- Not able to navigate through problems and issues
- Feel they are victims and refuse to take responsibility
- Never figured out how to make money
- Never made a business plan
Marty said, “The cost of entry is low to get into business today, but the question is how will you make money from your product or idea.” Making money is what business is all about. My grandfather, who was a serial entrepreneur, said, “Any time is the right time to go into business. “ So what makes a successful entrepreneur? 11 reasons why entrepreneurs succeed:
- Ask and listen to advice
- Invest in something they know something about
- Write a business plan
- Have a positive attitude
- Are good leaders. Investor will invest in the jockey not the horse.
- Have prior business experience
- Not afraid to hire good people
- Never give up
- Think through challenges and issues and are able to find solutions
- Never afraid to admit when they are wrong
- Plan and think through the problems.
My Favorite The most important to me is #11, plan and think through the problems. Read my article on Planning Saved My Business to understand how important planning is to a business. Successful entrepreneurs:
- Incorporate the business
- Reserve a domain name
- Write a business plan
- Protect intellectual property
- Find investors
- Setup an advisory board
The lists on this post are adapted and developed from my conversation with Marty Zwilling. Which of the 11 reasons that make entrepreneurs successful do you think is most important? Why?
P.S. – Do you need an Outside Director, Advisory Board Member, Trusted Advisor, or Interim CEO? Someone who can help you see your business and your goals through “Fresh Eyes.” Contact me and I will work with you to look at where you want to go and help you find the best way to get there. Sometimes all it takes is someone with a fresh viewpoint, unencumbered by company politics or culture to help find the right solution.
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I help clients prosper from changing competitive landscapes via venture development that transforms technology into wealth.
Key to success is: Think through challenges and issues and be able to find profitable solutions that solve customer & merchant pain points. Technology & Marketing Ventures inc does that for mobile marketing & payments via paythru.com and soon for NYC transportation and connected cars at Hudson Yards.
June…Thanks for your insights and sharing your successes.