STARTING A BUSINESS?
SCALING AN EXISTING ONE?
A recent study conducted by Dunn & Bradstreet found that 90% of all business failures can be traced to poor management resulting from lack of knowledge … the inability of management to critically think about their business. Critical thinking isn’t an abstract, transferable skill … its “domain specific”. In other words, critical thinking is intimately tied to knowledge of the subject. First, you must possess information to think about it & the way you think about information in one field (like business) is almost entirely different from how you think about it in another field (like chemistry). To avoid these common traps and mistakes, it is absolutely imperative that you acquire business knowledge and apply it. Critically thinking about your business requires knowledge in four key business areas: planning; accounting; marketing/sales; and Human Resources. Improve your domain specific business knowledge: subscribe to free weekly Small Business Thoughts posts; view the free videos; sign up for a free personalized business mentoring session and be sure to get your copy of “Small Business Thoughts Real-Time Planning” and start planning your business success!
Sample “Thoughts Library” Posts
- Revenue First Sales Startup StrategyOne of the best ways to achieve entrepreneurial success is to anticipate and correct problems associated with achieving sales traction by looking at your sales process before starting your business. Regardless of who will be selling your product offering or how it’s going to be sold, be sure to spend time developing a coherent sales […]
- Write Content Using Buyer Journey FunnelsContent marketing is a strategic marketing approach focused on creating and distributing valuable, relevant and consistent content to attract and retain a clearly-defined audience and to influence profitable customer action.
- Thoughts On Business StartupsAccording to the U.S. Census Bureau, just under 5 million new businesses were launched between January 2021 and November 2021—an increase of 55% compared to the same period in 2019. Most of these new companies are being launched by first-time entrepreneurs. A recent survey released by Digital.com reveals that 32% of Americans planning to start […]
- The Funding ParadoxYou need to show you can make money to raise money, but you need to raise money to develop and sell the product/service offering to make the money to show the investors. This is not the first time this paradox has suddenly dropped into an entrepreneur’s lap. In fact, it’s a cycle that I have […]
- Business Sale Pre-Planning StepsA recent M&A Source study found that about 80 % of businesses on the market will never sell. This should be a huge wakeup call for all business owners. This means you have less than a 20% chance of success if you go to sell your company. One of the reasons for this is that […]
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