According to the Small Business Association, more than 50 percent of
new businesses fail within the first five years. Why? Because many
entrepreneurs today are naïve to the struggles and triumphs that
accompany owning their own business. They underestimate the amount of
time, energy, devotion and care it takes to develop a meaningful,
successful organization.
Here’s what entrepreneurs need to keep in mind both before opening
shop, and in the first phase of operation -- so they can stay afloat and
beat the overwhelming odds:
1). Pinch pennies
This seems obvious, but frugality is essential for entrepreneurs. The
biggest area people spend foolishly on is technology. People buy huge
servers for potential, yet technology changes so fast, that they bought
too much, too soon and could have grown into it. Companies can also save
money when investing in an executive team. Entrepreneurs forget that
they don't need to build the executive team of a $100 million company
when they’re just starting out. The people they hire to start and build
the company probably won't be the same ones they’ll need when they
achieve certain milestones.
2). Go all in
Entrepreneurs need to be able to commit to working 60, 70, 80 hours a
week, to being on call all the time and to taking a substantial pay cut
(hopefully only initially). They need to be able to put their business
first and themselves second.
3). Be resilient
Building a business is like having a child. You love your child
unconditionally and are proud of all their accomplishments, but you know
along the way there will be hardships. You don’t stop loving your child
because of their mistakes or faults, instead you help them to grow and
support them no matter what. This is how entrepreneurs should run a
business.
4). Talk to successful people
To succeed, surround yourself with people you trust and who are smarter than you.
5). Build and leverage relationships
When an entrepreneur is just starting out, everyone should know about
it: family, friends, former colleagues and acquaintances. Everyone is a
potential investor or client. At the same time, entrepreneurs need to
develop new relationships. They need to be transparent and honest with
prospects, recognize the big events in their lives and show appreciation
for their time and consideration.
6). Create the culture
A company's culture must be implemented from day one, communicated
daily and instilled in each new hire. Culture is difficult, if not
impossible to change. A unique culture is founded on strong values and
maintained by a dedicated team.
7). People make the difference
Expand your team with people who share similar values and beliefs,
those who are passionate and dedicated and all around good people. They
will help grow the business and increase client satisfaction.
- By 2015 there will be one mobile device for every person in the world.
- In 2013, more people will use a mobile device to get online than use PC’s.
- A staggering 50% of local searches are performed on mobile devices.
- 61% of mobile users who find your business while searching online end up calling the business.
- 59% of those users end up stopping into the business.
- 50% of the mobile users who found your business online end up converting into a purchasing customer.
- If a mobile user is not happy with your mobile website, there is a 40% chance they will go visit a competitors.
- If a mobile user has a poor experience on your mobile website, they are 57% more unlikely to recommend your business other mobile users.
- It’s projected that in 2013, tablet devices will make up nearly 21% of the mobile market.
- 60% of mobile users expect your mobile website to load in under 3 seconds.
IES offers the best when it comes to web design and mobile web design. Give us a call today at 781-816-9437 or visit iesAdvisors.com. (Yes, our website will work on your mobile device, too!)
Source: Savvy Panda
*Statistics as of March, 2012.