1 May 2019
Why is it that some businesses skyrocket out of the startup phase and continue to accelerate into the stratosphere, whilst others – more than half – fail within their first year?
There’s no denying that every single business is different, just as every person, every business leader, is different. However, there are some clear commonalities between those businesses that make it.
I’ve been in businesses for more than three decades and seen many businesses, including my own, come and go. Stats say that 90% of startups inevitably fail.
In this week’s podcast, I answer a series of questions that people have asked me on social media, about their businesses. So many of these questions fall into that ‘make or break’ category. For example, what happens when you stop thinking of yourself as a startup? In my opinion, that is when you start to fail. As a startup, you’re careful, you treat your business as a precious newborn, and you give it your all. It’s all too easy when you start to reap the rewards of success to also begin to rest on your laurels and quickly lose momentum.
As a startup you’re also more frugal, you don’t have the money to spare. When you grow, it’s essential to maintain that mindset; to remember that every penny spent on yourself that could be spent on clients is a penny wasted.
In our journey, we chose to instead invest every spare penny into bridging the gap of our strengths and weaknesses by hiring incredible people. They’re ultimately the lifeblood, the oxygen, of the business.
Sharing what you know
In this week’s podcast I go into these topics and more, to share some of the pitfalls that I have experienced over the years so that you don’t have to make the same mistakes. I firmly believe that if we all share our knowledge in this way, we’re all better for it.
Taking the time to reflect on our journey to answer these questions was also an opportunity to look at what worked incredibly well that we perhaps don’t do anymore. I jokingly call them black-hole moments, where something that was almost perfect just disappears into a black hole and we don’t do it anymore.
So this week, it’s a bit of a different podcast but one that I hope you will find useful. If you ever have any questions, please do send them over on social media or in the comments below, and share your own advice and lessons there too for other aspiring entrepreneurs to learn from.