Statistics show that more than 95% of newly start up businesses close before 10 years. Most of the businesses had enthusiastic leaders with exciting ideas, products and services but still couldn't stand the test of time. Why do history keep repeating itself? Statistics also shows that 1 out of every 10 entrepreneur who ventures into business had a business degree from a business school.
After doing some personal research my self, I have found out that the main cause of this high failure rate for entrepreneurs is as a result of some business facts they didn't obtain in school. These are 7 business facts they were not taught in school.
The essence or end point goal of a business is to generate revenue. Cash-flow is essential for the sustainability of any business. No matter how incredible the idea which led to the formation of a business and a mind-blowing product or service that caps-off the idea, if sales isn't made, it will all lead to frustration.
Not marketing your business is like blinking in the dark. No one sees your product therefore no sales finally resulting into no revenue. Without revenue, a business can't be sustained and fore-closure.
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After doing some personal research my self, I have found out that the main cause of this high failure rate for entrepreneurs is as a result of some business facts they didn't obtain in school. These are 7 business facts they were not taught in school.
1. The Heart Of A Business Is Marketing and Sales
The essence or end point goal of a business is to generate revenue. Cash-flow is essential for the sustainability of any business. No matter how incredible the idea which led to the formation of a business and a mind-blowing product or service that caps-off the idea, if sales isn't made, it will all lead to frustration.
Not marketing your business is like blinking in the dark. No one sees your product therefore no sales finally resulting into no revenue. Without revenue, a business can't be sustained and fore-closure.
