Five Ways To Ensure Your Business Fails On the Launchpad

Okay, I want to give you some great advice that will ensure your new business fails. Listen up and be sure to apply these techniques because the last thing you want to do is build a thriving, rapidly growing business!
1. Spend countless hours writing out a detailed business plan. Don’t just write out a brief summary but spend numerous hours and many months analyzing the market, reviewing data, and producing an amazing break-even analysis with future revenue numbers. After considerable time you’ll have a document worthy of an MBA. The sense of achievement will be very satisfying! Wait, wasn’t the goal to actually build a business or just write a nice plan?
2. Secondly, focus only on making money. All those websites that talk about overnight success, fast cash, working from home while money is pouring into your bank account is what is inspiring you. Don’t worry about adding value or really creating a product or service that is meaningful. Just focus on the cash and the rest will take care of itself.
3. Spend as much money as you can, especially at the beginning when your company is just starting out. Be sure to go out and expense business dinners, buy unnecessary items and live large. After all, you are a business owner and that entitles you to spend big and live the part. Save money? What’s that?
4. Just create a website and you’re ready for business. Hang out that virtual shingle and now you’re the real deal. No need to work any organized social media, direct mail or organized plan. Why waste time when everyone will simply find you by doing an internet search. Heck, I don’t need any SEO because I’m the CEO.
5. Hire your friends and family as quickly as possible. You don’t know anyone so why not get an office and put everyone on the friends and family plan regardless of their skills. After all, they are your family and friends so it surely will all work out. Skills? Who needs any stinking skills.
Obviously, this is written in jest but the reality is that many first time entrepreneurs and business owners make these mistakes quite frequently.
Here’s my take:
1. Most business plans resemble an academic exercise rather than a real working example. Taking action with a solid outline after some planning is much more effective in developing a company. Dwight Eisenhower’s quote sums it up, “plans are useless, but planning is indispensable.”
2. The moment you focus only on making money, you fail. You must always be committed to your product or service and always be finding ways to add value every day!
3. Conservative and sound fiscal management are keys to success. So many potentially successful businesses fail because of their poor money management skills.
4. Today, starting a business or website is easier than in the past, but standing out from the crowd takes consistent hard work, value, content and a really unique idea. The emphasis must be placed on determination and hard work.
5. It is essential to hire quality people. Hiring undesirable employees can cost you big time. One or two bad apples can spoil the whole box. That’s why it’s good to toss them out, before they have a chance to taint the rest.

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