Leading a company is a lot more challenging than people think. To do it the right way, you need to have techniques in place for business survival.

Before we get into some of my favorites, you need to understand that numbers never lie.

The truth is, the larger the data set, the more information there is. And unfortunately, in some cases, the numbers don’t paint a very pretty picture. In fact, the picture could deter many budding entrepreneurs from even starting a business.

But remember this: if you have the right tools, knowledge, and guidance, you can persevere. 

Eye-opening statistics

Now, let’s take a look at these numbers:

Out of all those businesses, ⅔ of them will FAIL within their first year due to:

  1. Lack of demand for their product or service;
  2. The inability to find good people to join their team;
  3. They can’t get enough lending or investment capital.

How to use this information to help your business

The thing you need to remember here is that the reasons why ⅔ businesses fail are really just excuses. 

They’re excuses for someone not doing their homework. Many entrepreneurs don’t learn the necessary skills to explain their value proposition so as to earn the business of their customers.

If you can’t do that as the owner, then you can’t attract others to help you do the same. And you sure as hell won’t find any lenders. 

My 3 business survival techniques

Therefore, my business survival techniques are actually the three reasons why businesses fail within the first 1 to 5 years.

To prevent your business from failing, you want to ask yourself these very important questions.

How do I:

  1. Ensure that there’s a demand for whatever I’m selling?
  2. Attract great people that I can inspire to help grow my company?
  3. Find people to get behind me with capital?

It’s not easy to build, grow, scale, and exit a business. 

But understanding why businesses fail and how you can use those statistics to ensure that you don’t make the same mistakes will be the catalyst for your continued success. 

For the past 25 years, I’ve been doing exactly that. Through all my experience, mistakes, and successes, I’ve been able to develop a tried-and-true scaling strategy that works across any industry.

To learn more about how my team and I can help you create massive value for your business, schedule a call now for our upcoming 10X360.

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