This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2020/01/eo-entrepreneurs-share-strategies-failure-proofing-small-business/
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The statistics on small business survival are daunting: Only 50 percent of new companies will survive for more than five years in the U.S. marketplace. Before diving into entrepreneurship, wouldn’t it be ideal to tap into the knowledge of experienced, thriving business owners for advice on failure-proofing a new business?
We asked members of Entrepreneurs’ Organization (EO), a global, peer-to-peer network of 14,000-plus influential business owners, what lessons they wish they’d known to ensure ongoing success before starting their companies.
Linger before launching your small business
“So much of an entrepreneur’s success relies on figuring out your true target prospect, the right pricing, and the winning product mix. We didn’t realize how much of this we could accomplish before launching,” says Heidi Rasmussen, EO Dallas member and co-founder and COO of freshbenies. “If we had kept our full-time, paying jobs longer, we could’ve done all of that in addition to growing our network of prospects, creating a social media following, and articulating the problem our company solves.”
Validate product-market fit
“Do whatever legwork is possible to validate your product-market fit before investing everything in your concept. The more confident you are, the clearer your path becomes – and the lower your risk,” says Chris Cardinal, EO Arizona member and principal at Synapse Studios. “Go beyond just asking friends and family what they think: They won’t be honest, and they’re probably not your customer base.”
Leverage others’ experiences
“Join an executive group: It empowers you to develop leadership skills and knowledge, which is nearly impossible to do alone. Learn from the successes and failures of others. Leverage their … Read More
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