The time is now! Don’t become a statistic in the startup business failures.
There are articles and checklists abound with advice on what it takes to be an entrepreneur or small business owner, but few cover the skills needed to run a business.
For example, the Small Business Administration has a page that asks, Is Entrepreneurship For You and asks you if you have the following characteristics and skills frequently associated with successful entrepreneurs:
- Comfortable with taking risks
- Able to negotiate
- Supported by others
If you did well—meaning you answered yes to these question, it then asks you to proceed to a 20 question checklist. (Access, read and download list)
While all the questions on the list are valid and deserve your attention, the list is incomplete.
Startup Business Failures
According to research conducted by the Statistic Brain Research Institute, the major cause of (startup) business failures can be traced back to the owner’s incompetence (a whooping 46%) (ok, so I actually used the word. Please forgive me.)
This isn’t new news.
I saw the same things (see list below) happening while teaching small business startup courses for a community initiative in Dallas during the late ’90s.
Moreover, it almost breaks my heart when I meet with someone who is up to their ears in trouble because they thought…and they tried to fix…and they hoped…
Earlier I mentioned that the SBA list is incomplete.
Now, that you had a chance to go over the SBA list, as well as the list of major causes and specific pitfalls, I want to introduce you to a few additional questions you should ask yourself.
Here it goes.
Do you have the necessary knowledge and skill to
- assess your suppliers ( 9. what suppliers do I need?)
- implement your pricing strategies ( 15. how will I price my product compared to my competition?)
- finance your business ( 10. How much money do I need to get started?)
- keep accurate records and books i.e., bookkeeping skills.
- set goal; to gather, organize, and analyze date etc.— the planning skills.
This is just a short list.
There are many more things someone new to starting a business needs to know.
But, I don’t want to overwhelm you.
If you are up to the realities of startup business failures, you might be interested in my article the Top 12 Management Mistakes of Entrepreneurs..