94% OF START-UPS FAIL WITHIN THE FIRST 5 YEARS: How can we avoid failure?

94% OF START-UPS FAIL WITHIN THE FIRST 5 YEARS, AND 98% WITHIN THE FIRST 10 YEARS.

How can we avoid failure?

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Failure cannot be totally eliminated as most of successful entrepreneurs have recorded some failures as part of their success stories. Most of the people they learn from failures at some point. Failures at some point can as well energize entrepreneurs to do much better in a more aggressive manner.

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The entrepreneur falls several times and rises several times until he/she records success.

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Failure is a huge form of failure. In life, one way or another, we always end up failing at something.

But that’s not a good enough reason to be drawn into failure. Let’s learn from other people’s mistakes.

I am going to share with you the results of a study conducted on 200 companies around the world that have succeeded or failed over the last 20 years.

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Failure teaches us enormous lessons. In life, one way or another, we always end up failing at something.

But that’s not a good enough reason to be drawn into failure. Let’s learn from other people’s mistakes.

I’m going to share with you the results of a study of 200 companies around the world that have succeeded or failed over the last 20 years.

Bill GROSS, the founder of the IdearLab incubator, reveals through a study, the 5 determining factors for the success or failure of a start up. Here are these 5 factors in order of importance

  1. Timing
  2. the team
  3. The Idea
  4. The business model
  5. Finance
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By making sense and good care as well as the performance during business hours and time and always be on target for your achieving your perfect goal like a your boss always roll on his business, believe that and know that entrepreneurship journey is a long time schedule and make your easier to understand, be patient.

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Start up companies fails within the first 5yrs because they refuse to acknowledge that changes happen in the society, economy, environment and so on… By acknowledging this changes and ready to flow and adjust to the changes, you have created an opportunity for your business to move further ahead because you’ve factored in these changes… With this, your business will continue to thrive. But if these changes are not factored in, your business is heading to destruction because other people are ready to fill the void your business refuse to acknowledge.

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One major reason most start ups fail within the infantry stage is the failure to have a clear walkable path represented by a well defined business plan…this is so because good business plan enables the entrepreneur to avoid common obstacles by guiding on what action to be taken when; what is needed and why; start up capital required with clear outline of how it’s to be spend as well it acts as a basis for projecting cash flows identifying the sources of incomes and projected expenses both in the short term and well beyond the infantry stage.

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Maybe I would ask… How do we succeed through failure, since failure is inevitable in business.

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We always fail becuse of the fact that we miss out some important steps at the beginning of the new business.Still some of us do business for profits and if this doesnt go well as we expect in the first year we conclude that we have failed and yet,for any business to be profitable it takes time.And in the process we are learning from all the steps we go through.An business is like a baby who is born he/she is so fragile,which requires the owner to do all that it takes to protect it and make it grow.

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Rita, it’s basically by not repeating your footsteps, try doing the same thing but in a different way, each time you fail, it simply means that you have found out one way of not doing it.

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Failure can not be totally avoided but can be reduced. the best way to reduce failure is to get adequate information/knowledge of business sector and also learn from our mistakes to do better in a better way.

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Through and positive

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Welcome back after a short break.
A failure is someone who refuse start all again. In as much as you are still on it and you doing it in different ways, success is very close. An entrepreneur can reduces is chance of failure by having a functional business plan, mentors and a strong vision to back it up. He / She needs to keep up with the changes in the environment.

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Creativity is a very important attribute in business. An entrepreneur must be creative at all Times.

Among other benefits of creativity, it keeps you steady at the top. That way, you remain in progressively in business for long.

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120% passion for your business will always help/prevent your business from failing.

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Great points.

Thank you all for sharing your knowledge with us.