According to US Small Business Administration research, 80% of business fails in the first 3 years.
Of those that still survive only half will still survive after 5 years. Which means that only 10% of start up will still be alive after 5 years.
You can read more by looking at the statistics:
Read here for detail http://www.moyak.com/papers/small-business-statistics.html.
According to the research, wo third of business fails because of financial difficulties associated with poor financial management.
According to Dun & Bradstreet report, only 9% have chance to survive more than 10 years.
What do we learn from this?
Entrepreneurship and start ups – chance to fail is high.
That is the reason why we need to seriously look at the fundamentals that we always talk about in our initiative ICT For Growth.
1.Unique value proposition – we must have some unique value proposition to our customer to differentiate ourselves from our competitors. This is one of the fundamental factor for our success.
2. We need a system to help us manage the company. We must know our financial positions at any one time. The time where we only look at our account, once a year is long past. The cloud solutions like OfficeCentral is one of the solution that can help.
3. Look at marketing method. In Asia, the face to face marketing is necessary especially when you are marketing to enterprises. Many entrepreneurs will only be comfortable to use your product especially that have major impact top their company if they know you. face to face marketing will solve this anxiety.
Let us revisit our strategy and our execution. You know that even if your idea is fantastic, the execution is the one that will make it a success or failure.