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How to beat the 90% of all small businesses fail fallacy

You hear it all the time and while it might be true from a pure statistics perspective, there are usually more than a few ways to skin a cat (no offense to cats or catfish).  Not to mention that anyone that says that to you is nothing but a downer and shows zero inclination on their part to try anything new.  Here are a few ways to beat the rap or trap:

Have +10 product ideas

All you need is one to get a customer base and build from there.

Start +10 businesses

Well, maybe not 10 but the idea is you learn as you go and getting to the learning curve of a successful one can often mean needing to go through the baby steps first, it’s all about stepping stones.

Nothing beats persistence

Stay in business +10 years.  Many of the new ideas you hear from people are indeed brilliant, will happen, but the timing of it is the big wild card.  Will your idea be useful now, years from now, decades or longer?  Finding ways to stick it out until it happens is all that matters.  As they say, the overnight millionaire (or profitability) happens after 20 years of hard work.

Try everything

Besides racking up the numbers of things that don’t work, usually the magic formula or secret ingredient is something that was right in front of you the whole time, you just had to think a little bit different to recognize it.  Such as if you own a resort on a lake and adding the description of “Hotel” changes everything.

Digging deeper and staying true

While Tesla may not have had the Edison monetary success, there’s little doubt about the inventions he created.  Some say he got his ideas from dreams.  The point being is if you believe in something to stick with it, you will be told you’re wrong by more than a few but rarely do great ideas come from a committee.

Have fun

They say all comedy comes from tragedy and if you’re starting a new business, you have a ripe ground for picking at will.  Making jokes of your struggles and failures can be a big help to prevent burnout, keep on trucking on the path of persistence.

If you’re looking for a private network to help organize your small business activities, you can get started with Odysen using the free Basic plan.  Go here to learn more about using the applications, the benefits, FAQs and other relevant blog articles.

| Posted on | July 16, 2013 | Comments Off

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