Did you just start a business or looking to start one? You aren’t alone… 48% of Americans dream of becoming an entrepreneur! But according to the United States Small Business Administration (SBA), approximately 90% of all small enterprises fail within the first two years of operation, primarily because many entrepreneurs lack the basic knowledge and experience.
Before that statistic makes you never want to start a business or just quit now, wait! Fox Business writer David Mielach said, “Despite all the challenges small businesses have faced in the past five years, seven out of ten entrepreneurs say they would start their businesses all over again.” Why? Because the benefits of creating your own business are HUGE! And, you don’t have to be 90% of entrepreneurs. Now that you know why so many entrepreneurs fail, you can use their experiences to avoid similar pitfalls!
Stop living as a slave to failure
Whether you’re looking to start your own business or just find success in life, don’t let the fear of failure hold you back! Ups and downs are a part of a life, but the truly successful all have one thing in common: instead of letting failure hold them back they overcame
Today I want to cover 2 tips on how that statistic can help you!
- If people are failing because of a lack of knowledge, you can do yourself a favor by always continuing to increase your knowledge and skill sets. Businesses, markets, economies and media are ever-changing. If a doctor took what he learned from college and only applied that type of medicine without increasing his knowledge, how many years would he stay in business?
Only as long as his methods stayed relevant! You and I both know medical treatments and technologies are constantly changing. Which is exactly why doctors are required to always be increasing their knowledge by subscribing to medical journals, attending symposiums, taking continuing education credits, etc.
Likewise, you should always be improving your skill sets and knowledge in your field.
- Set yourself apart from your competitors. I want to share a quick quote with you from Bob Hooey, an international speaker. “If you are not taking care of your customer, your competitor will.”
Because the truth is, your clients have a choice on who they do business with. Every single one of them could be going elsewhere! It’s important to share that appreciation with them!
One thing that helps businesses succeed in any economy or during market changes, is having a loyal client base that always wants to refer their friends to you. If you are working on that personal relationship with each member of your client base, you are setting yourself apart from other businesses.
When it comes to starting your own business, you have to remember where you came from. If you start achieving success, don’t let your ego get in the way! Every person needs correction in order to move forward and stay relevant.
Don’t fall into the same pit that 90% of entrepreneurs fall into. Always invest and increase your knowledge!
I hope today’s message helped motivate you in your new business. Leave me your comments and don’t forget to Like and Share it with your friends and family members!
If you’re looking for more tips be sure to join us today on The Dani Johnson Show at 12 pm ET/11 pm CT. You can tune into the show on either your TV or radio and please remember you can always stream today’s show right on our website.
In great faith,
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