Can Your Business Survive
Ralph Waldo Emerson said, “Build a better mousetrap, and the world will beat a path to your door.”
But when you’re starting your own business, there’s no guarantee that your “mousetrap” is going to survive, especially in today’s fast-paced business world.
Nearly half of all small businesses fail within the first two years of operation. The number one reason for business failure is inadequate planning. The second reason is under-capitalization.
So before you mortgage your house, or go into debt financing your business, you need to know if your business is going to do more than survive — you want to know if it’s good enough to thrive! Here are three things successful businesses that have stayed in business for five years or longer have in common:
1. The idea. A successful business start-up always starts with an idea. Something that makes your business stand out from all the rest. So how do you know if you’ve got a good idea?
You’ve probably got a good idea if you can answer yes to any of the following questions: Does your idea provide the solution to a significant problem for your target market? Does it satisfy a need or want? Does it create an opportunity?
The most successful businesses either fix problems (either real or perceived), or they increase your customer’s pleasure. They create a repeat need for a product or service among the target market.
2. The market. Your chances of survival are better if you can answer the following questions with a yes: Is there already a market for your product or service? (It’s much easier to fill a need than trying to create an entirely new market.) Can your target market afford to buy your products or services? (If they can’t afford it, it doesn’t matter how great it is, you won’t sell any!) Will your target market perceive your product or service as valuable? (If they want it, but don’t think it’s worth what you’re selling it for, you won’t make any sales.)
3. Your ability. Do you have the people, the resources and the knowledge to be able to consistently provide your products or services to your target market? Can you maintain a competitive advantage? Do you have enough manpower? Can you purchase the supplies and materials you need over the long run?
Your first step always is to create a solid business plan. Your business plan is more than an essay on “Why I deserve to get funding for my idea” however. Don’t spend all the time creating a business plan and then toss it in the bottom drawer of your desk. Your business plan should be a living, breathing roadmap that helps you make sure you’re on course and reaching the goals that you set for your business.
The second step to business survival is getting enough financing. Although the term “bootstrap entrepreneur” describes most small business owners, having enough capital to be able to keep your business afloat is vital to your survival.
When you’re creating your financial analysis of your business, make sure you’re being realistic about costs and expenditures, so that you give yourself the cushion you need to succeed.
If finding financing is a problem, either because you don’t have enough credit or equity, or there are other problems, take the time to look into the resources that are available in your community. There are a wide variety of grants and loans (including microloans) for entrepreneurs, if you know where to look.
Some great resources will be:
-The Small Business Administration
-Local Small Business Development Centers
-Women’s Organizations
-Local University or Community College
-Chamber of Commerce
-SCORE (The Association for Retired Executives)
-Nonprofit organizations that work on economic development in your area
Use other successful business models as a guide. When you’re getting started, look around. What businesses are successful? Why? What is it they’re doing that is working? What attributes do you admire, and why? You stand a better chance of succeeding if you’re modeling someone who is already successful.
Find a mentor. Most entrepreneurs have great skills and abilities, but no one does everything well. You probably already know what your strengths and weaknesses are. (If not, there are many resources and tools that can help you figure it out!) Rather than ignoring your weaknesses, find a mentor who can help you either build your skills in your weaker areas, or offer advice for getting what you need.
If you take the time to plan to succeed, you could be creating a legacy that will be enjoyed by future generations, and that other entrepreneurs will look at as a model for building their own businesses.
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{Can|Could} Your {Business|Company} {Survive|Make it through|Endure}
Ralph Waldo Emerson {said|stated|claimed|shared}, “{Build|Develop|Construct|Create} {a better|a much better|a far better} mousetrap, and the {world|globe|global} {will|will certainly} {beat|defeat} {a path|a course|a road} to your door.”.
{{But|However|Yet} when you’re {starting|beginning} {your own|your very own} {business|company}, there’s no {guarantee|assurance|warranty} that your “mousetrap” is {going to|visiting} {survive|make it through|endure}, {especially|particularly|specifically} in today’s {fast-paced|busy|quick} {business|company} {world|globe|global}.|When you’re {starting|beginning} your {own|very own} {business|company}, there’s no {guarantee|assurance|warranty} that your “mousetrap” is going to {survive|make it through|endure}, {especially|particularly|specifically} in today’s {fast-paced|busy|quick} {business|company} {world|globe|global}.}
{Nearly|Almost|Virtually} {half|fifty percent|one-half} of all {small businesses|small companies|local business} {fail|fall short} within the {first|very first|initial} {two|2} years of {operation|procedure|function}. The {number one|top|primary|leading|first} {reason|factor} for {business|company} failure is {inadequate|insufficient|poor} {planning|preparation|preparing}. The {second|2nd} {reason|factor} is under-capitalization.
{So {before|prior to|just before} you mortgage your {house|home|residence}, or {go into|enter into|enter} {debt|financial obligation|personal debt} {financing|funding} your {business|company}, you {need to|have to|should} {know|understand} if your {business|company} is {going to|visiting} do {more than|greater than} {survive|make it through|endure}– you {want to know|wish to know|would like to know|need to know|like to know} if it{‘s good enough| suffices} to {thrive|flourish|prosper|grow}!|{Before|Prior to|Just before} you mortgage your {house|home|residence}, or go {into|in to} {debt|financial obligation|personal debt} {financing|funding} your {business|company}, you {need|require} to {know|understand} if your {business|company} is going to do {more|even more|additional} {than|compared to} {survive|make it through|endure}– you {want|desire|wish} to {know|understand} if it’s {good|great|excellent} {enough|sufficient} to {thrive|flourish|prosper|grow}!} {Here|Right here|Below} are {three|3} {things|points} {successful|effective} {businesses|companies} that {have|have actually} {stayed in|remained in} {business|company} for {five|5} years or longer {have in common|share}:.
{1. The {idea|concept|suggestion}. {A successful|An effective} {business|company} {start-up|startup} {always|constantly|consistently} {starts|begins} with {an idea|a concept|a suggestion}. Something that makes your {business|company} {stand out|stand apart|stick out|attract attention} from all the {rest|remainder}. {So {how|exactly how|just how} do you {know|understand} if you’ve {got|became|obtained|acquired} {a good|a great|an excellent} {idea|concept|suggestion}?|{How|Exactly how|Just how} do you {know|understand} if you’ve {got|became|obtained|acquired} {a good|a great|an excellent} {idea|concept|suggestion}?}|{A successful|An effective} {business|company} {start-up|startup} {always|constantly|consistently} {starts|begins} with {an idea|a concept|a suggestion}. Something that makes your {business|company} stand out from all the {rest|remainder}.}
You’ve {probably|most likely|possibly} {got|become|obtained|acquired} {a good|a great|an excellent} {idea|concept|suggestion} if you can {answer|respond to|address} yes to {any of|any one of} the {following|complying with|adhering to} {questions|concerns|inquiries|questions}: Does your {idea|concept|suggestion} {provide|offer|supply|give} the {solution|option|remedy} to {a significant|a considerable|a substantial} {problem|issue|trouble} for your target market? Does it {satisfy|please} {a need|a requirement|a demand|a necessity} or {want|desire|wish}? Does it {create|produce|develop|make} {an opportunity|a chance|a possibility}?
The most {successful|effective} {businesses|companies} either {fix|repair|take care of|deal with|correct} {problems|issues|troubles} (either {real|genuine|actual} or {perceived|viewed|regarded}), or they {increase|enhance|boost|raise|improve} your {customer|client|consumer}’s {pleasure|enjoyment|satisfaction}. They {create|produce|develop|make} a repeat {need|requirement|demand|necessity} for {a product or service|a services or product|a product and services|a service or product} {among|amongst} the target market.
{2. {The market|The marketplace}. Your {chances|possibilities|opportunities} of survival are {better|much better|a lot better} if you can {answer|respond to|address} the {following|complying with|adhering to} {questions|concerns|inquiries|questions} with {a yes|an indeed|an of course}: {Is there|Exists} {already|currently} a market for your {product or service|services or product|product and services|service or product}? (It’s {much easier|a lot easier} to {fill|load|pack} {a need|a requirement|a demand|a necessity} {than|compared to} {trying|attempting} to {create|produce|develop|make} {an entirely|a completely|a totally} {new|brand-new} market.) Can your target market {afford|pay for|manage} to {buy|purchase|get|acquire} your {products or services|services or products|product and services|service or products}? (If they {can’t|cannot|can not} {afford|manage} it, {it doesn’t matter|it matters not|never mind} {how|exactly how|just how} {great|fantastic|terrific|excellent|wonderful} it is, you {won’t|will not} {sell|offer|market} {any|any type of|any kind of|any sort of}!) Will your target market {perceive|view|regard} your {product or service|services or product|product and services|service or product} as {valuable|important|useful|beneficial}? (If they {want|desire|wish} it, {but|however|yet} {don’t|do not} {think|believe|assume} it{‘s worth| costs} {what|exactly what|just what} you’re {selling|offering|marketing} it for, you {won’t|will not} make {any|any type of|any kind of|any sort of} sales.).|Your {chances|possibilities|opportunities} of survival are {better|much better|a lot better} if you can {answer|respond to|address} the {following|complying with|adhering to} {questions|concerns|inquiries|questions} with {a yes|an indeed|an of course}: Is there {already|currently} a market for your {product|item} or {service|solution}? Can your target market {afford|pay for|manage} to {buy|purchase|get|acquire} your {products|items} or {services|solutions}? Will your target market {perceive|view|regard} your {product|item} or {service|solution} as {valuable|important|useful|beneficial}?}
{3. Your {ability|capability|capacity|potential}. Do you have {the people|individuals}, the {resources|sources} and the {knowledge|understanding|expertise|know-how} to be able to {consistently|regularly|continually|constantly} {provide|offer|supply|give} your {products or services|services or products|product and services|service or products} to your target market? Can you {maintain|preserve|keep} {a competitive|an affordable} {advantage|benefit}? Do you have {enough|sufficient} {manpower|workforce|workers}? Can you {purchase|buy|acquire} the {supplies|materials|products} and {materials|products} you {need|require} over the {long run|long term}?|Do you have the {people|individuals|folks}, the {resources|sources} and the {knowledge|understanding|expertise|know-how} to be able to {consistently|regularly|continually|constantly} {provide|offer|supply|give} your {products|items} or {services|solutions} to your target market? Do you have {enough|sufficient} {manpower|workforce|workers}? Can you {purchase|buy|acquire} the {supplies|materials|products} and {materials|products} you {need|require} over the {long|lengthy} run?}
{Your {first step|initial step|primary step} {always|constantly|consistently} is to {create|produce|develop|make} {a solid|a strong} {business|company} {plan|strategy}. {Your {business|company} {plan|strategy} is {more than|greater than} {an essay|a composition} on “Why I {deserve|are worthy of|should have} {to get|to obtain|to buy} {funding|moneying} for my {idea|concept|suggestion}” {however|nevertheless|nonetheless}.|Your {business|company} {plan|strategy} is {more|even more|additional} {than|compared to} {an essay|a composition} on “Why I {deserve|are worthy of|should have} to {get|become|obtain|acquire} {funding|moneying} for my {idea|concept|suggestion}”.} {Don’t|Do not} {spend|invest} {all the time|constantly|at all times|regularly|continuously} {creating|producing|developing|making} {a business|a company} {plan|strategy} {and then|then|and afterwards} {toss|shake} it in the bottom {drawer|cabinet} of your {desk|workdesk}. Your {business|company} {plan|strategy} {should|ought to|must|need to} be a living, {breathing|taking a breath} roadmap that {helps|assists|aids} you {make sure|ensure|make certain|see to it} you{‘re on| perform} {course|golf course|program} and {reaching|getting to} the {goals|objectives|dreams|targets} that you {set|establish} for your {business|company}.|Your {business|company} {plan|strategy} is {more|even more|additional} {than|compared to} {an essay|a composition} on “Why I {deserve|are worthy of|should have} to {get|become|obtain|acquire} {funding|moneying} for my {idea|concept|suggestion}”. Your {business|company} {plan|strategy} {should|ought to|must|need to} be a living, {breathing|taking a breath} roadmap that {helps|assists|aids} you make {sure|certain} you’re on {course|golf course|program} and {reaching|getting to} the {goals|objectives|dreams|targets} that you {set|establish} for your {business|company}.}
The {second|2nd} {step|action} to {business|company} survival is {getting|becoming|obtaining|acquiring} {enough|sufficient|adequate} {financing|funding}. {Although the term “bootstrap {entrepreneur|business owner}” {describes|explains} most {small business|small company|local business} {owners|proprietors}, having {enough|sufficient|adequate} {capital|resources} to be able to keep your {business|company} afloat is {vital|important|crucial|essential|critical} to your survival.|The term “bootstrap {entrepreneur|business owner}” {describes|explains} most {small|little|tiny} {business|company} {owners|proprietors}, having {enough|sufficient|adequate} {capital|resources} to be able to keep your {business|company} afloat is {vital|important|crucial|essential|critical} to your survival.}
When you’re {creating|producing|developing|making} your {financial|monetary|economic} {analysis|evaluation} of your {business|company}, {make sure|ensure|make certain|see to it} you’re being {realistic|reasonable|sensible|practical} {about|regarding|concerning} {costs|expenses|prices} and {expenditures|expenses|costs}, {so that|to ensure that|to make sure that} you {give|provide|offer} {yourself|on your own} the {cushion|pillow} you {need to|have to|should} {succeed|be successful|prosper|do well}.
If {finding|discovering|locating} {financing|funding} is {a problem|an issue|a trouble}, either {because|since|due to the fact that|considering that} you {don’t|do not} have {enough|sufficient|adequate} {credit|credit rating|credit history|credit report} or equity, or there are {other|various other} {problems|issues|troubles}, {take the time|make the effort|put in the time} to {look into|check out|explore|check into|consider} the {resources|sources} that are {available|offered|readily available} in your {community|neighborhood|area}. There are {a wide variety|a wide range|a variety} of {grants|gives} and {loans|financings|payday loans} ({including|consisting of|featuring} microloans) for {entrepreneurs|business owners}, if you {know|understand} where to look.
Some {great|fantastic|terrific|excellent|wonderful} {resources|sources} {will|will certainly} be:.
-The {Small Business|Small company|Local business} {Administration|Management}.
-{Local|Regional|Neighborhood} {Small Business|Small company|Local business} {Development|Advancement} Centers.
-{Women|Female}’s Organizations.
-{Local|Regional|Neighborhood} {University|College} or {Community|Neighborhood|Area} {College|University}.
-Chamber of {Commerce|Business}.
-{SCORE|RATING} (The {Association|Organization} for Retired {Executives|Execs}).
-Nonprofit {organizations|companies} that {work on|deal with|work with} {economic|financial} {development|advancement} in your {area|location}.
{{Use|Usage} {other|various other} {successful|effective} {business|company} {models|designs|versions} as {a guide|an overview|a quick guide}. When you’re {getting started|starting|beginning|getting going}, {look around|browse|check out}. {What|Exactly what|Just what} {businesses|companies} {are successful|succeed}? Why? {What|Exactly what|Just what} is it they’re doing that is {working|functioning}? {What|Exactly what|Just what} {attributes|associates|connects} do you {admire|appreciate}, and why? You stand {a better|a much better|a far better} {chance|possibility|opportunity} of {succeeding|being successful|prospering|doing well} if you’re modeling {someone|somebody|a person|an individual} {who|that|which} is {already|currently} {successful|effective}.|{Use|Usage} {other|various other} {successful|effective} {business|company} {models|designs|versions} as {a guide|an overview|a quick guide}. {What|Exactly what|Just what} {businesses|companies} are {successful|effective}? You stand {a better|a much better|a far better} {chance|possibility|opportunity} of {succeeding|being successful|prospering|doing well} if you’re modeling {someone|somebody|a person|an individual} {who|that|which} is {already|currently} {successful|effective}.}
{{Find|Discover|Locate} {a mentor|a coach|an advisor}. {Most|Many|A lot of|The majority of} {entrepreneurs|business owners} have {great|fantastic|terrific|excellent|wonderful} {skills|abilities|capabilities} and {abilities|capabilities|capacities|potentials}, {but|however|yet} {no one|nobody|no person} does {everything|every little thing} well. You {probably|most likely|possibly} {already|currently} {know|understand} {what|exactly what|just what} your {strengths|toughness|durabilities} and {weaknesses|weak points|disadvantages} are. ({If not|Otherwise}, there are {many|numerous|lots of|several} {resources|sources} and {tools|items|devices} that {can|could} {help|assist|aid} you figure it out!) {Rather than|Instead of|As opposed to} {ignoring|disregarding|neglecting|overlooking|dismissing} your {weaknesses|weak points|disadvantages}, {find|discover|locate} {a mentor|a coach|an advisor} {who|that|which} {can|could} {help|assist|aid} you either {build|develop|construct|create} your {skills|abilities|capabilities} in your {weaker|weak} {areas|locations}, or {offer|deal|supply} {advice|guidance|recommendations|suggestions|insight|assistance} for {getting|becoming|obtaining|acquiring} {what|exactly what|just what} you {need|require}.|You {probably|most likely|possibly} {already|currently} {know|understand} {what|exactly what|just what} your {strengths|toughness|durabilities} and {weaknesses|weak points|disadvantages} are. {Rather|Instead} {than|compared to} {ignoring|disregarding|neglecting|overlooking|dismissing} your {weaknesses|weak points|disadvantages}, {find|discover|locate} {a mentor|a coach|an advisor} {who|that|which} {can|could} {help|assist|aid} you either {build|develop|construct|create} your {skills|abilities|capabilities} in your {weaker|weak} {areas|locations}, or {offer|deal|supply} {advice|guidance|recommendations|suggestions|insight|assistance} for {getting|becoming|obtaining|acquiring} {what|exactly what|just what} you {need|require}.}
If you {take the time|make the effort|put in the time} to {plan|prepare|intend} to {succeed|be successful|prosper|do well}, you {could|might|can|could possibly} be {creating|producing|developing|making} {a legacy|a tradition|a heritage} that {will|will certainly} be {enjoyed|delighted in|taken pleasure in|appreciated} by future generations, {and that|which} {other|various other} {entrepreneurs|business owners} {will|will certainly} {look at|take a look at|check out|consider} as {a model|a design|a version} for {building|developing|constructing|creating} their {own|very own} {businesses|companies}.
{A successful|An effective} {business|company} {start-up|startup} {always|constantly|consistently} {starts|begins} with {an idea|a concept|a suggestion}. Your {first|very first|initial} {step|action} {always|constantly|consistently} is to {create|produce|develop|make} {a solid|a strong} {business|company} {plan|strategy}. Your {business|company} {plan|strategy} is {more|even more|additional} {than|compared to} {an essay|a composition} on “Why I {deserve|are worthy of|should have} to {get|become|obtain|acquire} {funding|moneying} for my {idea|concept|suggestion}”. {Don’t|Do not} {spend|invest} all the time {creating|producing|developing|making} {a business|a company} {plan|strategy} and {then|after that} {toss|shake} it in the bottom {drawer|cabinet} of your {desk|workdesk}. Your {business|company} {plan|strategy} {should|ought to|must|need to} be a living, {breathing|taking a breath} roadmap that {helps|assists|aids} you make {sure|certain} you’re on {course|golf course|program} and {reaching|getting to} the {goals|objectives|dreams|targets} that you {set|establish} for your {business|company}.
