More than 500,000 new businesses are started in the United States every single month. Out of those, 50% of them will not make it past the 5 year mark. Small business is the backbone of the American economy, but a lot of things can happen that cause them to fail within the first few years.
Entrepreneur, Valentino DiGiorgio is a community-conscious philanthropist with a passion for empowering individuals and families in need. As an expert in business, he shares the top reasons why small businesses fail so you can avoid them.
- Overconfidence. Entrepreneurs tend to be extremely confident by nature, which is great. However, it is essential to be practical. Overestimate how much money you will need to get your business off the ground, and underestimate how quickly your business will take off.
- Poor planning. Do your research about marketing, competition, your customer base, and finances. The more prepared, the better.
- Trying to do everything yourself. Everyone has strengths and weaknesses. If you can understand what you are good at, you ca more effectively delegate tasks to others.