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How Small-Business Owners Can Beat the Odds

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Many people daydream of becoming an entrepreneur, attracted by the idea of being their own boss and launching a successful business that allows them to provide financially for their family and achieve wealth. But while many aspire to start a business, the odds tend to be against them: 20 percent of businesses fail in the first year, and half fail by their fifth year. So why do so many entrepreneurs fail?

They don’t have the skills. We say, “It’s your skills that pay the bills.” Many people start businesses out of desperation – they lose their jobs, their spouse gets sick and they have to make up the lost income, etc. Although some founders in these situations do achieve success, many don’t.

How to succeed:

  • Don’t lead with your need; learn more about the needs of your clients and find a way to fill them.
  • Seek to constantly improve your skills and build on your strengths.

They don’t deliver real value. Warren Buffett said, “Price is what you pay; value is what you get.” Today’s consumers are savvier than ever about finding the best value, which many of them can find on the internet. If you want to be competitive, you have to provide more value than your competition.

How to succeed:

  • If you’re offering a service, provide a higher level of care than your competition.
  • If you’re offering a product, make sure it surpasses the expectations of your target market.

They’re burned out. It’s easy to burn out when you’re focused more on profit than on passion. If you’re not passionate about your product or service, you’ll burnout much quicker.

How to succeed:

  • Become a perpetual student of success – knowledge will keep you motivated.
  • Schedule time to recharge.

In episode #103 of It’s a Good Life, Brian shares three strategies sure to help you defeat the odds and build a business that lasts. He also offers a free resource for listeners: a chapter from his book, “Taking Care of Business: The Big Idea for Small Business.” If you’re a Buffini Show Insider, he’s giving you an exclusive offer – the entire book for free! Listen to the episode and don’t forget to get your free resource.

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