What do all of these professional basketball players have in common, Antoine Walker, Derrick Coleman, Allen Iverson, and Scottie Pippen? Tired of guessing? They are all broke. Sadly, at one time point they were rolling in the dough. According to Bloomberg, 8 out of 10 entrepreneurs who start businesses will fail within the first 18 months. This means that a whopping 80% of businesses will crash and burn. Retired basketball players like Shaquille O Neal decided to do things differently than his colleagues. Shaq says that other retires aren’t well off because they failed to invest properly. Lucky for him, he is now worth a whopping 250 million. What’s his secret sauce? Shaq believes that being successful in business is all about ownership. I believe that success is learning how to be efficient and failing fast.
The old adage that is takes money to make money may very well be a myth.
There are many professional, entertainers, and actors who have mismanaged their money and lost millions. How did this happen? They invested in shady business deals, and worse yet, they surrounded themselves around malicious and incompetent people. Eric T. Wagner in his article Five Reasons 8 out of 10 Businesses Fail, believes that self-sabotage is a massive weapon of destruction and can ruin your business. Life simply gets in the way, and many business owners don’t have the resiliency to deal with an unruly divorce, an unscrupulous partner, or harsh criticisms from skeptics and competitors. Eric T Wagner goes onto say that many business leaders and entrepreneurs have to incorporate principles of personal development into their daily routine. This is why it is best to put aside 10 to 15 minutes a day where you can sit and use some form of meditation or visualization techniques. It is important for you to visualize your future before you can see any actionable results.
You need to fail fast.
Catherine Clifford wrote an intriguing article titled “Why Everyone Will Have to Become An Entrepreneur? In this article she says that the world is drastically changing from an employee centered one, to a freelance and contracting one. Huge companies can no longer afford to hire employees and pay them benefits. So instead, they will start to hire contractors who will fill jobs temporarily and then get the ax when the job or position is terminated. What does this mean for people who are starting a new business? It means that the workforce is going to be overly crowded, with a lot more noise. Secondly, competition will be much more fierce as more people start to scramble for smaller and smaller pieces of the market share pie. This means that start-up businesses are going to fail, a lot. You can negate this problem by not digging yourself deeper in a whole. If you’re failing, count your losses and walk away. Secondly, don’t allow yourself to fail multiple times. If you’re doing something wrong, just don’t make little tweaks, instead make significant changes, and always remember to measure the results.
You’re not a rock star.
I know Kanye West, Kim Kardashian, and Madonna all come off as pompous rock-stars. Besides, the whole world revolves around them, and people will buy their products, and pay for overpriced tickets just to see them. I am pretty sure that these artists can create products or music with as little feedback or concern from their audience as possible. Besides, they have a loyal fan base that will follow them to their grave. You however, do not. When you’re starting a business, you can’t be a rock-star. You have to design your products and services entirely around what the customer needs. So many people have great ideas. However, they simply fail to make money because they lack support and resource to put them into action. And don’t you dare think that you’ll be different. Eric T. Wagner says that you need to speak the language of your consumer. I say that you need to be your consumer, be of service to them, and design your business around them. Your customer will thank you for it.
If you fail to plan, then you plan to fail.
I know you’ve heard that saying before. However, people never really go into a great amount of detail about planning. Many businesses fail because they have the build it and it will come mentality, this if far from the truth, especially in this day and age. Now, you need to have an automated system that is proven to bring about real and measurable results. Whenever someone tries to sell me a piece of software or service, I always ask, what’s the return? If they give me quote of around 80% to 95% I know that they’re full of it. A great deal of predators will lure you into buying faulty products and software. However, once you get finished working with me, you’ll know better.
Rule of thumb, if something sounds too good to be true, it normally is.
Anyone who is good at planning would know that virtually no marketing campaign grants a yield of 80% over a short period of time. Secondly, planning involves testing your message and yes failing multiple times. The most painful part of this process is that you have to spend money just to conduct research. We can all understand how painful it is to spend money with no return. This is perhaps why my system is so effective. I’ve done all the testing and research for you, so I know what works and what doesn’t. All the kinks and bugs have been ironed out. And all you have to do is plug things in and go. If you hate planning, or simply don’t have the resources to do it properly, I suggest that you invest in a tried and true method with proven revenue streams. In business, if you leave anything up to chance, chances are, you’re going to fail.
Targeting is key.
Targeting of course goes along with planning. In fact, it is the most important part of the equation. We now live in a noisy and overcrowded market. This makes it extremely difficult to reach out to the people who are interested in our brand, service, or product. It simply isn’t enough to go after people who want to buy a pair of wedge shoes. Now, you have to find people who want to buy a black pair of patent leather Nine-West shoes with a ¾ inch thick heel. Details matter. The last thing that you want to do is waste your time selling to a client to simply hear the words, we simply can’t afford it right now.” This is why targeting is so important. It insures that that your prospects are not only interested in the product, but also have the money on hand to buy the product. So people who get the doors slammed in their face or hear the dial tone on the other end of a phone call, are people who failed to get targeted leads.
It all comes down to knowing your customer, speaking their language, investing in tried and true systems, and not leaving your business success up to chance. So, are you ready for a total business makeover?