50 Lee Avenue Babylon NY 11702
631 539-4978
fax 631 422-4991
You are visitor number
email info@stsico.com
Reasons for Failure . . .
. . . and Success
Small Business Failure Rate
2/3rds + in the first year
Source: U.S. Small Business Administration
Wrong Reasons to Start a Business
“I want to make a lot of money right now”
“I’m tired of working”
“I want more time to spend with my family”
“Business owners get to play golf a lot”
“My boss is a jerk”
“The only place where success comes before work is in the dictionary” B. Smith
Right Reasons to Start a Business
You love what you will be doing
You are physically and mentally fit
You have a positive attitude, patience, ambition, and determination
Failures do not overwhelm you
You thrive on independence
You are a self-starter and can take charge
You have honesty, integrity and deal fairly and kindly with all different types of people
Poor Management
Lack of Experience
Areas of Neglect
Inadequate Leadership Skills
Unable to make change
Good Management
Recognize your areas of need and seek help
Study and learn all operations; analyze, plan, organize, control
Hire and train competent people
Create a work climate that encourages productivity
Confront change and make necessary transitions
Insufficient Capital
Underestimating how much money is needed
Unrealistic expectation of revenues
Financial Planning
Ascertain exact starting costs
Plan for “staying in business” costs
Accessibility to outside funds to keep business going until it becomes self sufficient
Location
Where are the customers?
Where are the competitors?
Community receptiveness
Traffic, accessibility, parking, safety
Incentive programs
Business Planning
Careful, strategic planning
Accurate and current information
Well-informed projections for the future
Home
Our Classes
Programs
Upcoming Classes
Additional Services
Email Support
Our Newsletter
Computer Disposal
Ink Cartridge Disposal
Our Newsletter
About
This Week's Edition
Subscribe
Archives
Search the Archives
