Startup FailureApr 03, 2023
The life of an entrepreneur is peaks and valleys. 90% fail or give up somewhere along the journey. Anyone saying something different is trying to sell you something.
Yet 70% of the global workforce have a desire to become entrepreneurs.
Why? They want the freedom to create their own path to prosperity.
I get it.
I started my first venture at 23 years old.
Even in my most trying seasons, I wouldn’t want to do anything else, it’s in my blood.
But why do such a high percentage fail?
You fail when you run out of cash to keep moving forward.
Remember, at one point Apple was weeks away from running out of cash and going out of business.
There isn't one definitive reason for business failure, as various factors can contribute to the collapse of a business. However, one of the most common reasons cited for business failure is running out of cash.
Cash is business oxygen. Without it you die.
The antidote for not running out of cash: Get REALLY REALLY good at modern marketing and sales. (RevOps)
There are 3 levels of RevOps.
#1 Demand Generation - Top of funnel tactics creating awareness and interest.
#2 Lead Generation - Bottom of funnel tactics converting leads into sales events/meetings.
#3 Sales Pipeline Win Rate - Converting sales events/meetings into customers.
The 90% who fail, never master it.
Business failure is 99% preventable.
Success is a choice, study this, get really really good at this one thing.