Let’s face it, you’ve wondered if your business is going to succeed or not. You keep on pouring your heart and soul into your business but for some reason you aren’t making a ton of money.
Well the sad part is, there is no sure way to know if your business is going to fail or succeed. But these warning signs should help you determine your odds of succeeding.
1. You’re not making a profit.
It’s easy to say that you have to make money, but in reality that isn’t true. You need to be making a profit. Bringing in a million dollars a month is useless if you are spending a 100 million. That means you would be losing 99 million dollars every month.
Successful businesses make profit. And although you may not be profitable right now, you have to work towards it.
According to the Small Business Administration, most businesses fail in the first 5 years because they can’t make a profit.
2. You haven’t talked to a potential customer
Do you think your business is cool? Who cares what you think! All that matters is what your customers think because they are the ones paying you.
If you haven’t talked to a customer yet, you better get off your ass and do so. And more importantly, don’t just talk to one, talk to a few.
3. You don’t love what you do
If you love your business you are more likely to spend more time on it. And if you spend more time on your business, you are more likely to succeed. If you’re just in business to make money, there is a higher chance that you’ll get burned out and you won’t work as hard.
Working 40 hours a week just doesn’t cut it when you own a business. On average entrepreneurs spend 61.1 hours working each week.
4. You can’t take criticism
When a friend or family member gives you feedback about your business you shouldn’t get angry. Listen and try to really understand what they are saying.
Now this doesn’t mean you have to do everything they are telling you to do, but you have to at least listen. Who knows, one day they may give you advice that will change your business.
5. You don’t care about your customers
Customer service and support is something that can make or break your company. If you don’t care about your customers they won’t come back and buy from you again. Remember it’s typically easier to get repeat customers than new customers.
A good example of great customer support and appreciation is Zappos. They have great return policies and sometimes they’ll give you free next day air shipping.
And if you don’t think customer service is that important, Zappos was so good at it, that they ranked number 7 in customer satisfaction in the overall U.S.
6. People don’t talk about your company
Word of mouth marketing is the best way to grow your business. If no one is talking about your company, then you aren’t doing a great job.
Advertising and paid marketing is great, but the organic stuff is what really helps a business grow. For example people use Google because they heard about it from someone else. When Google first came out they never paid for advertising.
Out of all the marketing methods out there, word of mouth marketing is ranked as the most effective.
7. You’re not agile enough
The demands customers have over time change so you naturally have to adapt to them. If you aren’t agile you won’t be able to adapt quick enough, which means your customers will start going to your competitors who are adapting to their needs.
If you want to be agile, you have to learn about the 3 types of agility: strategic, operational, and portfolio.
8. You aren’t cheap
Lack of capital is the number one reason most businesses fail. This is why you have to be scrappy. Do whatever it takes to save a buck… as long as it doesn’t cost you more than it is saving you.
Plus in the business world there are always ups and downs. So if you don’t save while you are making a good amount of dough, you won’t have any cash to get you through tough times like now.
There are some things like recessions that aren’t in control. So save money when you can.
9. You don’t know when to spend money
It’s good to be cheap, but sometimes you have to spend money to make it. For example, paying more money for talented employees is a lot smarter than paying little money for mediocre ones. Mediocre employees can lose you millions of dollars by making the wrong decisions for your business. If you don’t believe me, just look at how Zappos lost $100 million.
10. You don’t have a good lawyer
Lawyers are worth every penny. A good lawyer can save your ass from a lawsuit or protect you when a customer refuses to pay.
Never skimp on legal fees and make sure you are working with a partner at a good law firm. If you can’t afford their fees, you can always bargain with them or come up with a payment plan.
11. You hate to delegate
If you try to do everything yourself, you’ll be limiting the true potential of your business. If you can’t trust your team to help out, then things will never get done quickly.
Plus I don’t care how smart you are, you’re not a jack of all traits. So you might as well delegate tasks to people who are better at doing them than you.
And if you don’t know how to delegate, read this.
12. You keep on making the same mistakes
There is nothing wrong with making mistakes, you just can’t keep on making the same ones over again. If you learn from your mistakes, you’ll save a ton of money and time.
And if you really want to learn from mistakes, you should learn from other people’s mistakes. Everyone makes them, so might as well learn from them and try to avoid them.
For example, you could always learn from my million-dollar mistake.
13. You hate taking risks
Sometimes you just have to roll the dice and take risks. Playing things conservatively works sometimes, but it doesn’t always work.
Switching up business models, laying off a whole department, or even moving your company location are just a few risky things that you may have to do. It’s too hard to predict what these risks will be for you, but when the time comes you have to be willing to take them.
If you hate taking risks, there’s actually a risk associated with not taking risks.
14. You’re on your first business
If this is your first business, you’re likely to fumble a lot. I hate to say it, but 78% of first time entrepreneurs fail. The odds just aren’t with you because you are stepping into a new territory.
And even if you are on your second business, your odds won’t increase drastically. Instead of having a 22% chance of succeeding, you’ll have a 34% chance of succeeding.
15. You can’t focus
It’s better to do one thing really well instead of doing 100 things at a mediocre level. Google, Amazon, Microsoft, Skype, and 37Signals are just a few examples of companies that did one thing really well.
Yes, later on they did start expanding their business, but at first they just did one thing really well.
You too need to focus your business and just do one thing really well. Don’t expand until you’re really good at doing that one thing. If you lose laser focus you can jeopardize your business like Legal Zoom almost did.
Conclusion
I wish I could tell you that everything is going to be ok and you’re going to do well, but I can’t. The odds aren’t in your favor so you have to look for the warning signs above and avoid them.
Best of luck with your business and if you have any other warning signs that you want to share leave a comment. 
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Great post Neil!
Reading through the list, you are right on with each one. Perhaps you started with 5 warning signs, then you found yourself at 10 . . but you just couldn’t stop there and had to include 5 more.
Certainly this is not a complete list and I am glad to see the Profit Warning Sign as #1.
One more that perhaps is actually touched on in your 15 . . . Don’t blame the strategy if you suck at execution.
Thanks again,
Chris
@pricing
Well said!
Execution is very important and also depends who you surround yourself with.
Nicely said. There are some signs that fail to see and blame for business failure to other aspects more often.
People tend to play the blame game at the first sign of failure.
Who you surround yourself with most of time is who you typically average out to be.
Yes because taking action can really be 1 of the hardest parts.
Another great post!
While all these signs are dead on, I strongly believe in number 6. Word of mouth is huge! Especially in the beginning. My initial clients came from absolutely no marketing. But rather my first client telling other business owners of my abilities.
Thanks again Neil!
Word of mouth is very important to the success of businesses – One more reason to keep your customers happy.
After all, without customers you wouldn’t have any business!
Very true
Word of mouth is like free marketing. Satisfied customers will spread the word and you don’t have to spend money on publicity so much.
In fact, first business growth is totally depending on word of mouth based since the company will have low budget in marketing and advertising. They can only rely on this type of free marketing to grow at initial stage.
Well, that really depends if you are sinking any capital into the projects, then you might be able to utilize other marketing methods as well
Yes, eventually you’ll have to keep building and growing.
All business life depends on word of mouth. It can help you when you start your business but it also can help you improving your business and will bring you new customers all the time.
It will in the long run as it teaches you what works and what doesn’t.
I agree with you there, word of mouth is a very powerful tool in any businesses marketing efforts.
Exactly
Word of mouth is also good quality marketing…credibility is very high.
Word of mouth can spread like wild fire if done correctly.
One I’d add is:
16. Your staff and/or co-founders aren’t with you
With startup companies, I’ve come to believe that staff/fellow founders are 60% of the battle.
A strong and united team doesn’t guarantee success by any means, but a weak divided one means failure.
You are so right! I believe that there was a previous post about “bad hires” being a big reason why businesses fail.
Although, if someone isn’t working the way you thought they would – would it just be easier to fire and find a new person? (I’m talking about employees not startup partners
)
Will all the freelancing websites I don’t imagine that would be too difficult.
Even with all those sites, there is a constant waste of time with training and re-training.
You really need to be selective with who you bring on board.
I don’t think Neil is going to change his title with 16 now.. Anyway it is a good point to consider too. It is like a football team. We can’t score goals or win the game if one of the team member doesn’t do the job right.
I’m not, but it was a great point lol.
This is why you have to choose your partner carefully because based on this relationship the business will succeed or fail.
That’s why you should interview people very carefully and selectively.
I totally agree with you. It is hard to work when the people you work with are not on the same page. I have had this issue and it comes with people with big egos and really good friends.
When they are your friends they feel like to feel the power and do what they want and not stay according to plan. If you tell them lets stay focuses they get defensive.
So I guess a really good strategy on how to succeed is how to keep people on track without insulting them.
You need to learn techniques of how to reward your employees and such to keep them motivated and pushed.
Interesting thought, I’m going to have to go with you on that.
Great post Neil, I too am guilty of at least 3-4 of these signals, if not more! Hopefully I will be able to change course soon and not let my businesses tank.
It’s good to hear that you only lacks 3-4 signals there. At least you are doing good with other 11-12 signals there.
Very good optimistic response Atniz, you’re right.
Haha Atniz really optimistic post. Even though it doesn’t make it fine to lack a few signals, that’s a different point of view
People usually have different perceptions
Yes, take the right actions quick and stay away from these signs.
Good points Neil. More importantly is the point to hire good people. They are your business, the face customers see and interact with. If they suck and don’t care then that will transcend to the customer which will blemish your brand.
You are absolutely right Dwight! I often interview more than 100 candidates to choose one right person for a job in my company too. The time spend on interviewing these candidates is much worth when they can do more than what we expect.
Well put and that’s a great example..1 from every 100 is a good decision.
People should learn that good hires will make the business work and bad hires won’t. This is why you have to choose carefully who are you hiring.
Be strict on your qualifying process.
Yes but it’s your fault if they suck. You need to do a better job qualifying them.
Need to add “Good Accountant” to #10…otherwise, great post!
Hahaha.. I think he missed that one. Currently, we are using auditing firm that manages our account. Of course, they will do their best to reduce our taxes, if not I would find other firm. A good accountant will definitely be a choice for affordable company.
Exactly….even though cost you money, they’ll save you a ton more.
lol, good point!
I think the sign “You don’t love what you do” is the most dangerous one, either it’s business or job. It always sucks.
If you love what you are doing you will spend more time in it. Most people pay for hobbies. What if you web startup hobby starts making you money?
I think you have to love it!
Exactly… plus you don’t feel like “work” and can really put in some hard hours.
It’s true. I’m the type of person who hates to do routine job. I often fails in my new business because most of the time I got boring and tend not to do the job even I have plenty of time and resources. Luckily, I find a good solution by hiring some professionals to do this boring routine jobs.
lol, that’s very fortunate considering most people can’t
It is great to hear that you have hired professionals for doing the boring routine jobs. I would always want to do that because I really like working on my site except that boring part of it but at the same time I do not want to give the share of money that I have earned in a long span.
Well it’s definiltely ideal for any scenario, but it doesn’t just happen overnight. It takes time before you get to that level.
Especially in the internet realm, it’s very important.
Neil, thanks for including so many helpful links in the post. There’s a lot of great research to back up your points.
I’m sure I would have taken about 4-5 hours to create a post like this but definitely not to all 15 points, maybe I would have stopped at 10.
It was a bit longer than that
No problem, glad it was helpful.
I think the trap many web startups fall into is the “we’ll build a lot of traffic and someone will buy us fallacy” so they don’t focus on generating revenue and happy customers, and in turn, profits. Until too late. It’s at that point that some make it across, but many others burn out in a horrible spasm of energy
Nicely said. Sometimes, we just ignore the the most crucial part of our business, that is client satisfaction.
At the end of the day, that’s what matters.
Nicely put. That is actually a lot of first-time entrepreneur’s mistake including mine years ago :/
It’s definitely a mistake that’s very common.
To have satisfied customers over time is more important than to make some profit now and to not care about those customers and they wont return to you. A satisfied customer always brings some else with him.
The repeat and referral business is huge.
It happens more often than not, you’d be surprised.
Very well said, someone buying at a much higher price than one is earning right now is a real demotivation to the quality of service being given
Yes, which is why it almost always just depends on the situation .
Hail to No.6 because the paid for stuff causes illusions, especially early on. Hockey stick growth curve FTW
@ No.13 Its a good thing that I’ve been a nutcase since birth. Spontaneity FTW for life
To all our successes….
lol, false hope does put you in a position of weakness, so you gotta look out from it.
#13 you have to make smart risks. I think that is what that should be. You cannot just through money at something without thinking it might work.
For instance I spent over 1.5 k on the design and some backend integration of my website. I had the visitors but did not have the community behind it.
So I took the chance and paid for it when my business was only make 1/8 a month of what the total was. But great investment because now I have many members.
So I think smart risks are good. Dont be stupid and take risks.
That is a risky step to take. If I get 1/8, I wouldn’t have investment that much at first place. You must be brave!
Yea but I saw the light. In my risk I make my money back in 8 months if nothing happens.
This is a side business not my full time job and do not depend on that money so this is why I can take this risk.
Exactly, it’s sometime even scary but it’s about the risk you’re taking.
Neil
You are a champ. What a nice post you have written.
These show true ethics a business owner should have otherwise there is no way one would succeed.
Truly recommend this post to everyone !
I agree with you – this post is very informative and Neil has done an excellent job with the backend research which supports all of his arguments.
As Neil likes to say, “I’m kind of a big deal” <– This is why he is a big deal. Well done my friend!
Thanks Brad, glad it worked for you.
Agreed 100%! Neil always gives his best opinion for business people like us to follow.
Thanks Atniz, it really just comes down to whether you apply it or not.
You should recommend all Neil posts to everyone because they are very educative. He speaks from his own experience and this kind of advices we need.
Very true…. everything I talk about here was based on my past experiences.
Thanks, I appreciate you putting the word out.
As always, thank you for sharing.
No problem Deyson.
Well said Neil. Most businesses fail as they’re unable to keep up with their core customers’ expectations and fail to listen to them. Just linked to your post from HowToPlaza.
~~ Sarah ~~
I feel sorry for your business failure. As long as you learned some valuable lesson there, you are on your way to the success. Keep up the good work!
Well I couldn’t be happier for making the mistakes I did. It’s a great learning experience.
Thanks buddy… yes it’s very difficult for companies to stabilize.
Well thanks for point of view. You’re for the most part right.
Doesn’t really mean “business” or your “business” sucks. It just means you have a while to pull it together.
Best find people who are interested in growing it.
It means that you have a lot of work to do to get out the situation you’re in.
Great article. If I start a business, I will keep in mind the #14. That my first business will fail.
Should I start a little business as a sideline just to practice because it will fail ?
You can always start with small steps. My father always advice my not to take big step in business. We don’t know how deep the water might be. So, keep it slow and steady.
Don’t necessarily start 2, just focus on building one and learn from your successes and failures.
Do not count on failure man. Start something that you think will work and try your hardest on it.
For the side business I totally agree you should start it on the side that way if things do not work out you can learn from the experience.
Indeed! Believing in what you do and trying your hardest will surely bring you achievements
If nothing, focus on the level of skill and knowledge you’ve created.
Exactly, work your butt off on whatever you do. You’ll learn more from failures than success too.
Lol, might as well not even try #1 and start at #2 right?
I worry when I work too much. Like why am I up at 1am in the morning. Rule #3 answers my questions. 61 hours. Now I shouldn’t feel so bad,
Great tips…thanks
If you love what you do, then it shouldn’t feel like work
61 hours or 100 hours, it is all good!
EXACTLY
Building muscle for hardgainers is the niche I am in. But it just happens that I have been wildly passionate about that for the past 12 years. And it so happens that it is a profitable niche. WIN, WIN!
Work… I’ve never even heard of that word before. What is it???
That’s the right mindset!
Exactly, that’s why it’s important to do what you love.
Dude after my day job…. I love to work on my side job….. It is funny when I talked to my friend I am starting in another side business and I called him after work today and I ask him whats up what are you doing.
He says “Working on our side project”
I say ” Dude man you enjoy your weekend”
He says “Working on this gets me excited and is my weekend”
I say “We are one of the same my friend”
But tomorrow I am going to party for the US to beat Ghana!
lol, too bad they lost
Lol, well that works perfectly. You work that hard because you’re committed!
The best thing is to wake up eager to start working indeed.
I imagine needing to force myself to work, it would suck.
That’s why you choose something that excites you.
I think a lot of companies are started without even any research being done into the niche or that the business owner has no interest for the business.
Go something you love!
I agree Vik – Research of a niche is crucial to the survival of the business. This can be very critical if you have a significant amount of capital tied into the business as well.
There has to be demand, that’s forsure.
It happens more often than you think.
Agree strongly with the point about word of mouth marketing and it’s value.
Word of mouth is one the most powerful allies of a successful business. If people don’t talk about your business it means you are doing something wrong.
any publicity is good publicity
It’s because the quality of those leads are very high.
Hey Neil, great post! First time visiting your blog, its beyond superb, keep up the awesome work.
Awesome, glad to have you here.
Neil, I think it’s great you decided to help all of us who are planning on starting their own bussines in future or those who already have one but I have to say, tose are the facts most of us already know.:)
I mean, it’s obvious you aren’t succesful if you spend more then you earn but…What if we try to run a bussines and do what we like, and we’re happy doing it but it doesn’t realy make some profit? You said we shouldn’t do something we don’t like but you also said if it’s not giving you money, leave it.
I got really distracted by the fact that not all of people like engineering, for example, which is kind of guarantee for wise and safe future…you know what I mean.
There’s no such things as predicting a succes. I think that in the end it all depends from how lucky we are..:)
I think its true, success is not certain, but if you arm yourself with the knowledge and tools, success becomes a lot more attainable.
I am always reminded of the quote attributed to various golfers, when someone said “Wow, what a lucky shot.”, and he replied “It’s a funny thing, the more I practice the luckier I get.”
hahaha:) good one;) How can you practice selling books for example:P hahaha:D
Luck certainly plays a role but there is a lot of truth to the statement that “luck is the residue of design.” While some or all of the fifteen signs are obvious, too many people overlook the obvious.
I highly recommend reading Jim Collins’s excellent book, “Good to Great,” which showed the commonalities of companies that were for a long time good relative to their industries and the economy and then went on a sustained period of excellence. One such commonality, which Neil highlights, succeeding at the one thing you do best before branching into other things, seems so obvious yet too many ignore at their own peril.
The good news is that the more you put yourself out there, the more lucky you’ll be.
Great Post Neil! I have also found that it takes a certain type of person to really make it big out there. Many people have the potential but they lack the strive and motivation. Basically there are two types of people the ones who can and should lead, and the ones who should follow and take direction.
It does take a certain person… a person that’s determined. However, anyone can do it if they want.
I’d like to give kudos to point #9, knowing when to spend money, as many small businesses don’t understand the importance of investing in marketing, even basic things, such as promoting yourself, your wins, the great things your customers are doing with your product, your thought leadership, etc. Often, owners can become overwhelmed by how to start marketing their business, because they lack the know-how, but there are some simple basics, such as writing press releases about all the great things you are doing, and posting them on your site, sending them out to your customers, giving them to your sales teams as a tool for a call blitz, etc. So don’t have to spend a lot of money to get started, you can be ’scrappy’ as the author points out. A few smart marketing basics will go a long way!
It’s money management 101 really… the less you spend the better.
One can go on adding to the list. One thing is certain – believe in your idea and pursue it relentlessly. Someday, somebody will buy from you. If not, do soul searching and introspect to find where you failed. You will surely get the answer.
That was very deep – but true.
If one is not passionate about his/her idea, then they will not succeed.
Exactly…. it just depends on how much time and energy you put in.
Good list as always. With so many different ideas / businesses out there as well as very different individuals trying to make it, it is always good to see a list that can apply to most businesses where anyone should be able to find something that applys to their situation.
There’s always something, you just need to think strongly and deeply about it.
Lovely post! Most people mistake profit for turnover. You actually have be making a solid profit in order to call yourself successful.
Yes, and having it just for 1 month doesn’t mean squat either. It’s about consistency.
Indeed it is! Sometimes people also mistake the short-term money for getting over the hump
It can appear to be nice at first… a common mistake.
Neil, fantastic post – your comments highlight all the key aspects to running a successful business.
One more item to add:
#16 You’re not growing
All entrepreneurs should focus on constantly expanding their business(es). In most markets, a stagnant business (whether it is making profit or not) is giving the competition an easy ride – keep expanding and they have even further to catch up.
Agree with @Todd Mintz about having a good accountant too.
Keep up the good work!
Growth is only possible if people know about your business or services – that’s why marketing is so crucial to any business, especially if the niche is undefined.
Yes Todd makes a good pont. Also I do agree with you in growing. Like a flower, if we’re not growing constantly, we’re dying.
Great list. Every business owner should review this periodically to make sure they are not derailed. I particularly liked #3. if you don’t love what you do you are not going to succeed no matter how hard you try. I recently wrote a blog post titled “Are you giving your heart or just hands to your business” addressing similar issue. You can find the full post here – http://www.angelbusinessadvisors.com/blog/2010/06/are-you-giving-your-heart-or-just-hands-to-your-business/
Sally – that’s a very thorough article and I enjoyed the read. It does address what Neil was talking about in this post as well
I agree, good stuff!
Thanks for sharing that, I’ll take a look.
Hey, Neil,
I agree with every one of those reasons. If you aren’t getting anywhere, crying because others say you suck, and are being a jerk to everyone, you may well just quit your business because it already quit on you.
Great post, keep it up!
Ouch! I don’t think he is quitting. He is doing great now.
lol true.
I agree, He’s doing great
Thanks Tasarim.
hmm, very well said. That’s so true.
Hi,
Good stuff. Also probably one is better off even if one is doing very, very well presently to keep pondering on the above points so it can be avoided.
And now hope to see 10 points on what you can do when you see those signs.
Maybe you’ll see that sooner than later
As far as business goes, one most important quality I feel is essential is “Patience”. You should try not to give up till you think that you have chosen something which is not going to click.
Patience will not be so helpful because business is war field and those who move quickly often wins.
Not always Atniz, you can’t rush development of a good business or you will miss key ingredients to a solid framework and great team.
yes, exactly.
Not necessarily….the tortoise and the hare. It’s about consistency.
I agree with you latest gadgets, businesses (especially internet ones) cannot be rushed as it takes a long time for them to get authority in their niche of choice.
Rome wasn’t built over night
There are some areas in which you cannot rush in. You have to be patient and ready before releasing your product or else…
Yes, life is a marathon, not a race.
Great point Neil
Life is indeed a marathon in which you have to be in front all the time in order to be successful.
Think of the tortoise and the hare.
Just go with what interests you and ride it out.
This is a great way to guage what is going on for you and your business. You can keep it private but no matter what you’ll know what the answers are and where you stand. I work with self-employed and smalll businesses and this simple list is a good tool to pass on – it makes things more objective for the client.
Thanks!
LP
Exactly, it’s clear, concise and to the point.
After some time a great post Neil
well, thanks
I think this list is not enough for a business now a days. Much more should be added. But yes this are basic things to be kept in mind. But after all this post has some innovation in it. What all say?
It covers the general aspects of a business that sucks
– What do you suggest should be added?
What do you think?
I never said that this is it, I’m sure there’s plenty more. Just digest this first though.
Thanks Niel for sharing such lifetime tips and experiences with us… I keep waiting for your new post every week. This post took a little more than i expected.
Anyways … again a great post. I think i need to be more scrappy and spend less until spending gives me relatively larger returns.
Just learn to do a better job at focusing on what needs to get done.
Thanks Niel, I loved the post and I must say that few of these points are not only for our business but also for everything that we do in our life.
I can relate to three-four points instantly which I really need to work upon to prevent my business from going down.
You’d be surprised but a lot of the lessons you learn in business are also geared toward life.
Great List…The most important thing for me would be to be able to take care of customers. Customers are the lifeblood of your business, without customers you won’t have any business.
Very true, plus happy customers will only help your business.
Neil I got a question for you about #3.
Taking criticism.
When people tell me what they do not like about it or how I am running things I always defend myself on why I am doing it this way. So I take the criticism but I will show them why I am doing it this way. Is that wrong to handle the criticism that way? I do end up sometimes getting into arguments about that.
Don’t get into arguments…say I certainly appreciate your input, you maybe right.
Try to understand why they are being doing it and this way you can find out what your customers want and what are you offering.
That’s why it’s so important to get feedback with what they like, appreciate, and don’t like.
Try not to get offensive when taking criticism, but try to understand why they are doing it and this way you can improve yourself.
Yeah you should never be offended with criticism.
I think one of the key takeaways here is that you need to let your customers (or potential customers) help define your product or service. A lot of unsuccessful businesses I’ve worked with fail because they don’t listen, accept and adapt to the customer’s needs.
It can lead to a business’s disaster in a heart beat.
I think “failure” is also a key for successful business. Until you don’t fall you do not realize where you were wrong and how not to repeat it. If you see most of the top entrepreneurs fall many times in there career.
Failure is a very good lesson for you to learn and understand from. It’s where you can polish and improve your skills.
yeah those things are very important, the ones i find most important are, making money and enjoying what you do
That’s what it comes down to at the end of the day right.
Awesome Patel, you have mentioned almost every single point to be successful in business. I like 15th point, its very imp to concentrate on one business, I need to learn this
Yes, it’s way too easy to get lost in other ventures.
Rahul its not about 15th point only.. Whatever Neil mentioned.. each and every point is important and try to delve deep into it..
All the points are relevant
Great stuff there. Some real helpful but brief tips for the entrepreneurs! Makes you think and look at your own.
Exactly, it’s really an interesting training ground to help you off and running.
awesome post. no. 15 is one of the best for me; you can probably come up with thousands of innovative ideas for the world, but all your funds, effort and energy will never go anywhere if they are not focused on one core thing you do best.
Each one of those are best for everybody if they want to get were successful people are.
Exactly, it’s just building the awareness to know where you are that helps you…. drastically.
Yes, your focus, time, and energy should be focused and geared toward one area.
ther are so many first time business owners that fail. I think your 78% stat was pretty accurate. I have personally gone through the same experience as im sure most of you have. Good post. Thanks.
If you just think about it for a second, it definitely makes sense.
choosing your goals and career in life is unusual but dealing to the person whom to be your partner is significant because, time may tell if the deal will achieved a higher percentage of failure, training is important and all of the point are true and knowledgeable. its not just enjoying what you do but be you to gained and set mind goal.
Yes because you’re stuck with what you do for the rest of life….might as well do something that counts.
To add to that – if you are doing it for the rest of your life, you might as well be doing something that makes you happy…
I agree… if you’re stuck with it, don’t be miserable. With the options available to you, do something you enjoy.
Having a Daily To Do List puts your plans in order and helps keep
your business to stay in line. As soon as you start to cross things off, you become a step closer to succeeding.
It’s about building awareness to see what your next move will be.
I like your #8.
Save cash for the tough times.
Recessions occur more that you may like to think, have a look in Wikipedia and see for yourself. Its roughly every 3-4 years, that’s when you get to buy up your competition or their client bases as their going out of business.
I’ve seen it before, business in trouble. You walk into their office the furniture is better than they have in their house, and art work is not a good investment for a business. You can’t pay the bills with it. An when they go bust it all gets sold at auction for a fraction of it purchase price.
The frugal business owners are in the crowd buying up the items at a fraction of the retail price.
Yes, they’re the ones who can now properties and business pennies on the dollar.
You made some good points there. I did a search on the topic and found most people will agree with your blog. As a Newbie, I am always searching online for articles that can help me. Thank you
Good, then this should definitely give you that kick in the butt.
On this blog you can find helpful every article that you read. This is the reason why I love to read Neil’s posts.
Thanks for that John, I appreciate it.
That’s my intention
It’s good to hear that you only lacks 3-4 signals there. At least you are doing good with other 11-12 signals there
3-4 isn’t too bad… a bit easier for you to fix.
Plus at least if you have identified these issues then you have something to work on and something to work towards!
Yes, you are clear with the direction you’re heading.
I agree about the focus. It can be really difficult to focus on one thing, especially with so many things out there to do. I use to constantly jump from idea to idea and it made it really difficult to make any progress. Once I settled on one thing and stuck with it I finally started to see the results.
Yeah, I sometimes struggle with trying to be a “one-stop shop” but then I just bring myself back to the basics. Once I establish myself in my market and field, then I can focus on adding complementary ideas
Good luck to you!
The foundation and basics always work. Thanks and to you the same.
Exactly… when you have your entire focus on something, you can push it further.
How about “You only have one sales channel.”
That could definitely be one.
I think that is a fantastic point – especially given the direction of online retailing in the coming years.
Exactly, just pay attention to it and learn from it.
Neil, I just HAD to read this article because I wanted to make sure my business didn’t suck!
However, I can say that in the beginning, I truly had a hard time trusting that others could do certain tasks the way I wanted them done; hence delegation was hard for me. But I did finally (and quickly I must add) learn the art of delegation and now have more time to focus on what I love to do most. So hopefully this article can help other entrepreneurs learn the error in their ways if they find themselves exhibiting some of these characteristics in their business. Thanks!
Delegation is a very important art to learn. Great that you were able to pick it up.
That should be delegation and ‘outsourcing’. The combination of these really gets any business going ahead at full steam!
It’s a skill to be able to delegate effectively. Doing it though can help you drastically increase your business.
Without risk there is no reward. I love taking risks and have been doing a lot more of that lately.
Good for you… no risk no reward.
I use to be 11., couldn’t delegate or lose control. However, I recently was able to hand over all web design and development and it helped 10 fold.
Delegating was something that took me along time to get comfortable with. Now I love it, as it serves to free up my time and energy. That initial letting go and trusting is terrifying though!
It’s a bit challenging to “let go” but once you do and you learn to do it right, you’ll go to the next level.
Great post! I think you hit your readers (include me) awareness button! No questions, these are the mistakes that we should and must avoid.
lol, that’s great to hear, I’m glad it made an impact with you.
Warning Signs That Your Business Sucks. You don’t spend time reading and studying educational resources to grow your business.
It’s huge… that’s one of the most critical things to know.
I haven’t visited your blog for a while, Neil and you’ve been rather busy in my absence! From personal experience I can relate to criticism, and having to take it without attaching emotion to it. Never take criticism aimed at your business personally, but do make it a personal mission to improve on whatever shortcomings have been pointed out by a third party.
I agree, there is no point to take it personally, but you can learn from it.
Great Job!
Admittedly, we are nailed on #1 above. We first published our site on February 14, 2010 and are not profitable yet. Your tips are helpful.
Thanks
It’s a work in progress, at least your on the right track.
Support for customer management and better customer service is the most important pillar of a good deal. They are the only source you deserve. So if you are not completely concern. They do not return or does not refer to you and what is not good business.