7 Tips That Could Prevent an Entrepreneur From Failing | Digital Boost Academy

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A study from the Bureau of Labor Statistics shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years.
The best way to successfully launch your startup is to establish short-term and long-term goals. Having top-notch operational capabilities – including good management, financial planning and a solid work-life balance – can help your company make it beyond its second year. Here are seven tips to help you keep your business running past the two-year mark:

Number#1: Surround yourself with the right people.
People who believe in you can provide great support and advice. This can help you stay focused on the big picture of your business, no matter what pitfalls come your way.
Number#2: Keep up to date with your industry.
It’s crucial to continue your research and gather as much knowledge as possible about your market, because the business landscape can change quickly. You need to look ahead so you can improve your products or services to stay on trend and in demand.
Number#3: Plan for continuous growth.
Planning for continuous growth helps keep entrepreneurs from failing. You can plan for continuous growth by creating inflection points through an ongoing cycle of product innovation, then channel diversification and, finally, geographic diversification. You must create these inflection points when things are good and you’re growing, not when the plateau hits.
Number#4: Share your vision.
Share your vision by hiring a diverse team with entrepreneurial spirit. You should hire people who share your vision and believe in you and your ideas.
Number#5: Inspire others.
Foster a culture of learning and a productive mentality until it becomes the norm for your team. You should create smaller goals and benchmarks to keep your team motivated and on course.
Number#6: Create a culture of learning, iterating and automating processes.
A big factor in building a successful business is swinging for the fences and trying new things until you find something that works for you.
Number#7: Stay motivated.
Take your long-term, overarching goals and break them down into smaller tasks and goals. Then, when you have wins, celebrate them! This makes the big goals seem less daunting and more easily achievable.
So, guys this concludes the list of the 7 Tips that could prevent an entrepreneur from failing within their first 2 years.