Only 75% of startups survive their first year, and by the third year, only 50% will still be in business.
Yes, the picture looks grim at face value, but that should not be the impetus of your worry. Because with proper planning, the right members in the team, and an awesome product, you’re halfway there.
Below are the top 5 business success drivers every entrepreneur should strive to uphold.
Before you set up your business, you need to have done your due-diligence to determine if what you’re offering is actually needed. Now, granted, someone may be offering the same product or service but if you can recreate a better version, go for it.
The goal here is to be unique. Offer what no one else is offering. Become attractive in the consumers’ eyes and they’ll be drawn to you.
Hire the right talent
You’re going to fail if you don’t hire the right talent. The right talent is one with the necessary skills to get the job done, autonomous, and most importantly, agile. Hire for talent, not for skills.
Cash Flow management
This is the number one reason for most business failure; when you have cash but you can’t access it. Have a sound cash flow management system to ensure the business is always liquid with enough money to cover operating costs. In general, spend money on the things you need, not the things you think a business should have.
In this modern age, the customer is king. There’s no room for being a monopoly. You’re not the only one who can provide that service, so give the best experiences to your customers.
Finally and most overlooked driver for new entrepreneurs success is your personal network. These are the people who will be your first buyers. If you have a large network, then you’re good. If not, having OSAR Enterprises will help you unleash immense opportunities for your business as we have supply channels distributed throughout the world. We’ll help you look for a market in all these channels and get you up and running.
We specialize in Product Testing, Concept assessment, Brand voice and purpose, Supplier due diligence, Grant writing, Sample/Prototype development, Business architecting and virtually every aspect of your business. Get in touch for a personalized offer. firstname.lastname@example.org