Why Businesses Fail

by Nov 15, 20150 comments

Why Businesses Fail

Watch this short video…

Earl Boyd outlines the 5 primary reasons that businesses fail.

Starting a business is no small undertaking. Every month thousands of people endeavor to take their idea and turn it into a real business. There are distinct reasons why some businesses survive & thrive and others fail.

The above video is an excerpt from Earl Boyd’s presentation, “Getting Your Idea to Fly”.

why do businesses fail

5 Reasons Businesses Fail

To recap, there were 5 reasons that start-up businesses fail. They are:

  • Inadequate planning
  • Inadequate research
  • Under-resourced
  • Unprepared Owner
  • Wrong Process

Successful businesses follow a process that is tested and proven to get results. This is why a 17-year-old can effectively run/manage a multi-million dollar McDonalds franchise.

A business process is designed to answer 3 questions: (1) What to do, (2) when to do it and (3) how to do it.

Moreover, planning and research are 2 keys to avoiding the pitfalls that lead to failure. These are also two steps most often overlooked by new entrepreneurs. Having a good idea/concept and possessing the willingness to work hard by themselves is not enough.

In the 5 Step Business Start® system, Earl covers these initial steps in great detail.

Asking the right questions at the right time gives you the knowledge to vet the business idea.

In Modules 1 & Module 2, we show you how to define your business and discover through research if your idea is viable and what you need to do to get it fly.

Why waste valuable time and resources pursuing a path that will not produce the results you want.

Click here to learn more about 5 Step Business Start®

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