Did you know fifty percent of startups fail within the first two years and fifty percent of startups fail just as a whole? Sixty six percent of all companies fail within 10 years. These are staggering numbers! Here are the TOP 5 REASONS WHY BUSINESSES FAIL, according to our founder, Nick-Anthony Zamucen.
5. There's not a market for your business - people think they're going to create something out of thin air.
4. People don't have the right team surrounding them - you need an array of people doing it better than you whom you can get ideas and advice from. Take advantage of others' knowledge so you don't make unnecessary mistakes.
3. Losing focus - things become to easy and people become complacent. They lose the hunger and the drive to continue.
2. Expanding too quickly with too little capital - this can be overcome, however, more commonly this is problematic.
1. You - while outside factors of course play a role, there's always something you can do to get around a problem. Your accountability will lead you to success. If you can accept accountability you can honestly ask yourself what can I do better and how can I fix what needs to be fixed.
If you want to hear the full podcast, check out the episode Top 5 Reasons Businesses Fail on Itunes: