Business and Marketing Strategy
Having a solid strategy is an often overlooked component of running a business and marketing it. It’s a fact that over 90% of new business will fail within the first 5 years. There is no doubt that the lack of strategy accounts for much of the reason why many new businesses fail.
Look for articles on developing a unique selling proposition (USP), marketing strategies, and time management in this section.
Lisa,
I believe you are right on target about why such a large percentage of businesses fail. Most entrepreneurs go into the business without a thought to strategy. Few study what is different about those businesses that succeed when you compare them to the businesses that fail?
I see that trend happening as Baby Boomer Entrepreneurs enter the marketplace at tremendous rates. It is estimated that half of all self employed people in America at the moment are baby boomer business owners. And much of their failures are because of failing to follow your excellent guidance about determining what they want to build and then forming a strategy to make that happen.
Shallie Bey
Smarter Small Business Blog
90 percent? I guess I can believe that, that’s a staggering amount though.
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