Businesses tend to fail within the first few years for a variety of reasons. Some may say that bad luck causes the downfall, but in actuality it is more because of fundamental flaws in the original idea, strategy, and the execution.
When structuring a company, no one can anticipate every opportunity and threat. Different situations happen just because. In an increasingly competitive market, many variables play a role in the outcome of a business.
Entrepreneurs should always ask themselves the key questions that can dictate the outcome of any business. Studies show that two-thirds of all start-ups survive the first two years, and less than half make it to the fourth.
The Top Most Important Questions for Start-up Businesses
•Why do customers need your product or service?
•How committed are you to seeing this plan through?
•Is your business plan complete?
•Will you need any investors to survive?
•What sets you apart from your competitors?
•How much start-up money do you need?
•What are your strengths?
•What are your threats as a new entrant?
•How much power do your suppliers have?
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