Simple Reasons Why Your Start-Up Will Crash

Thinking about doing a start-up?  Congratulations, I applaud your ambition and drive.  Just remember, you have now committed yourself to a future full of uncertainty and adventure.  Even though I will be stepping you through some cautionary advice, (like my older brother always does to me before any launch – someone has to play devil’s advocate, right?), the focus of this article is to stay encouraged and focused.  Just don’t make these simple mistakes.  I’ll step you through them on a simple level so it is easy for you to understand and take in.

As much as I believe you are the exception to the rule, studies show that the vast majority of new businesses fail.  It is possible to get a successful business venture the first time around but the chances are against it. Understanding why entrepreneurship efforts fall short could keep you from experiencing the same fate.  Here is the list from my experience:

Trying to contend against the leaders

Most business men start off wanting to be the most successful in the entire industry.  The big mistake made is competing with large companies within the same niche.  Large companies possess a large resource pool and a solid client base permitting them to easily get rid of competition by offering lower prices, using superior advertising techniques etc.  A brand new business with fewer resources ought to find creative methods to succeed in an industry.  In other words, quit being a hero and go smaller sized. The more compact your niche, the more targeted your customers are.  There is a saying which says “if everyone is your consumer, than no one is your customer.”

Trying to do almost everything

An entrepreneur that tries to handle many aspects of a business can become ineffective and therefore lead to failure. This over-generalization prevents you from concentrating on the accessible resources on providing exceptional services to clients.  The inferior services provided repel clients.  An entrepreneur should concentrate on supplying the best services on a particular niche, and should go for a niche that has the opportunity to cultivate and is currently underserviced.  A little research will bring out a few untapped opportunities.  Even most important, outsource whenever you can.  The power of delegation can go a long way.  You would be surprised what can be done just be simply empowering other people.

Not having sufficient funds

This leads to a lot of failures.  Undervaluing how much capital you will need to operate this company until it becomes profitable will most certainly spell doom for your business.  This is because expenses previously overlooked occur at the most unexpected times. This will drain your business fund causing a failure.  An excellent idea will not develop into huge profits without adequate funding.

Having an incompetent team

The team the founder goes into business with will determine whether or not the venture will succeed. Most entrepreneurs create an incompetent team or go into business with individuals for the wrong reasons.  Running a company is very challenging and possessing a team that cracks under pressure will result in failure.  You will need to select your team cautiously, not simply off their LinkedIn profile or resume.  Everyone has to have a common vision and push to succeed.

Going into business for weak reasons

Many entrepreneurs go into business for flimsy reasons.  For example, a young man can begin a software development company so that he can be the next billionaire without sufficient planning on how to achieve it.  These weak reasons don’t stand the test of time causing a person to give up along the way.

Micromanaging the business

A business owner is supposed to simultaneously handle many aspects of the business. This enables you to lose sight of business goals.  To avert this, you need to develop the ability of delegating duties to your team members.  Micromanaging a business also creates animosity in the team as they believe their skills and input is not valued enough.  Micromanagement has spelt doom for many businesses.  Enable your employees and provide them possibilities to create within their positions. This assurance in your people will build an infectious and positive culture in the organization.

Re-read these words of advice over and over again.  Once that is soaked it, I would recommend studying some other tales of caution in the start-up world.  They were instrumental on the early success of my own start-up.  Best of luck to everyone.  If you feel I have missed some ideas, I would love to hear your thoughts in the comment section.

 

Author Bio:

Tanner Mangum is a start-up rookie, snowboarder, proud father of 2 and marketing director at Kangarew, home of the coolest iphone wallet case on the planet.

 

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Keep the Track on Today’s Stock Market and Your Investments

I’m fortunate that I attended BusinessCoach’s How to Invest in the Stock Market seminar last April 16, 2011. I learned much from Jay G. Peñaflor, a Philippine Stock Exchange Sr. Market Education Specialist, on the basics of investing in the stock market. He adviced us participants that to avoid loses in the stock market, we should gather all available information about our investments.

He said that it’s always good practice to be informed about your investments and there are several ways by which you can monitor the stock market and your stock investments, particularly, for stock price movements, corporate news and updates, and other relevant market information.

1. The PSE website (www.pse.com.ph) is a very good source of information about the stock market and the specific stocks that you invest in. The following are some of the basic infomation available to you in the website:
a. PSE News
b. Corporate Disclosures
c. Market Information
i. Stock Quotes
ii. Gainers/Losers
iii. Active Stocks
iv. Dividends/Rights
d. The PSE Index Chart
e. Listed Company Update
f. IPO News
g. PSE Regulations
h. Trading Participant News

2. The PSE Library contains a wealth of stock market-related reports, books and other reading materials. It is open to the public for free from 9:00 a.m. – 12:00 nn and from 1:00 p.m. – 4:00 p.m., Mondays to Fridays. The library is located at the 4/F PSE Centre, Exchange Road, Ortigas Center Pasig City. You can contact the PSE Library at telephone number (632) 688-7525.

Stock market related publications are also available at the PSE Public and Investor Relations Section (PIRS) at the G/F PSE Centre, Exchange Road Ortigas Center, Pasig City, with telephone number (632) 688-7600.

3. Contact your stockbroker or access your account online for any market infomation and details of your investments. You can also find information on prices, bid and ask values, traded volumes, and research reports and analysis on listed companies.

4. Stock market information from major newspapers, television, radio and the Internet.

Learn How PSE and SEC Protect Your Rights as an Investor? >>>

 

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Maid Cleaning Service: New Trend in House Cleaning

Many families of today who are busy on their jobs and career tend to forget to do some or all house cleaning. We can understand with that if they love more of their jobs and career than their house. But being busy is not at all an excuse to do house cleaning. In these times when there are many house cleaning services around offering to do household chores, cleaning our house is just a phone call away.

Maid cleaning service typically offers to clean your bathroom, kitchen, and other rooms. In the bathroom, maids certainly perform general dusting. They will clean bathtub, shower tiles, shower door, vanity and sink, mirrors and fixtures. They wipe and disinfect floors, clean disinfecting toilets and remove cobwebs. In the kitchen, they will also perform general dusting. They will clean outside of range hood, top and front of range, sink, front of other appliances. They also vacuum and mop floors, remove cobwebs and wipe out microwave. While in other rooms, maids will probably clean furnitures, vacuum stairs and empty closet floors. They will also vacuum and dust mop wood floors, remove dust from picture frames, mini blinds and cobwebs. Moreover, they also offer additional services to please the working family. This is what Maid Service Washington DC does.

Before, maid service is only a privilege to the rich but it’s no longer true today. Working husband and wife and whose income can afford to outsource such an easy household chores, adopt the new trend to hire maid service who can assume their responsibility in cleaning their house.

Hiring maid services maybe more expensive than simply hiring a full-time or part-time maid, but it offers three great advantages. First, cleaning services provider will not only provide maids to do house cleaning, but also valuable cleaning supplies. Second, families will no longer shoulder additional expenses in giving social security, health insurance, foods, to name a few. And third, cleaning services provider is insured and often bonded, so you can held them accountable if something is missing in your jewelry box.

 

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