Rick Sloboda, Senior Web Copywriter at webcopyplus.com
For any business â€” online or not â€” the odds are stacked against success. In fact, sources indicate as many as nine out of 10 businesses fail within five years.
Having the fortune to work with a host of successful businesses â€” from independent designers to global service providers – you start to recognize winning characteristics.
But what are the treacherous traits that are responsible for the demise of most businesses? Based on an accumulation of notes over the years, following are answers by some of the most renowned business experts of our times.
1. Undefined values
Entrepreneurs need to define their values, which guide all decision making, insists iconic motivational speaker Tony Robbins. If you know what you value most and truly want out of life â€” be it love, health, success, freedom, power, or comfort – Robbins noted youâ€™ll find you can make more effective and rapid decisions. He added: â€œYour beliefs determine whether or not you feel like youâ€™re meeting your values – they can either limit or liberate you.â€ Where do you start? Ask yourself this question: â€œWhatâ€™s most important to me in my life?â€
2. Business plans donâ€™t target a market
The biggest mistake most companies make when writing a business plan is not having a target audience in mind, suggests Michael Miller, author of 75 non-fiction books. Ultimately, he said these businesses end up creating something generic, without a purpose or defined goal. â€œLooking at it another way,â€ noted Miller, â€œif you donâ€™t know who your audience is, you really donâ€™t know why youâ€™re creating a plan â€” and a plan with no purpose is a plan for failure.â€
3. Just dabbling
Learn every detail of your core business because the market only pays excellent rewards for excellent performance, stresses motivational speaker and self-help author Brian Tracy. In contrast, below average performance pays below average rewards, failure and frustration. His advice: â€œRead all the magazines in your field. Read and study the latest books. Attend the courses and seminars given by experts in your field. Join your trade association, attend every meeting and get involved with the other top people in your field.â€