The failure rate of new businesses remain high and that is acceptable for me because the latest methodologies really limit the cost of failure so that you can try another day. So you can start your own business.
The biggest issue I see, and something we really need to pay SERIOUS attention too, is the kill rate of business owners. If the owner fails the business fails and it can have a ripple effect on other areas.
A lot of business owners that fail never return to start a business again resulting in the loss of that entrepreneurial potential forever. They work themselves to death and function substandardly as they are near burnout, stressed, overworked, unhealthy, have crappy personal lives and this leads to them not applying their entrepreneurial spirit and talent in full force. Please pay attention to this if you are starting your own business.
How to remedy the kill rate of business owners
Business owners need to be energised by their business and what they do. You can achieve that through the following steps.
Step #1. Duel customer segment
The business should serve the business owner as much as it does the customer. Thus the business owner should be a customer segment that the business aims to support and serve.
Step #2. Duel value proposition
The business might know what the customer wants but very very few businesses know what the business owner wants. The blame for this I lay squarely at the feet of the business owner because they also have no clue what they want either. So get to know what the business should give you and then tell it. Your business, your staff, your resources are there to help give you what YOU want too.
Step #3. Business owner development
Business development is a must, but mostly happens at the expense of the business owner. This myopic approach simply raises the demands, stress and pressure on the business owner leading to a higher chance of failure through burnout and demotivation. There needs to be a combination of business development and personal development so that the business and the business owner grow at the same time. The business owner should see how by growing their business they are growing what they get out of it.
Business owners that grow lead to businesses that grow
When the owner grows so will the business. Life Design for Business Owners is a successful approach that leads to growing businesses and profits that serve and grow the owners as much as the customers. Life Design for Business Owners helps the business owner develop and grow their entrepreneurial seed to their own benefit, the benefit of the business and the benefit of the customer.
When you start your own business, let’s stop building businesses that kill us. Let’s build businesses that grow us instead.