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Pinellas Park, Florida, United States
I founded Core Business Solutions with the goal of helping business owners improve operating results, add value, and recapture the energy and passion that was present when the business was new. We also have the expertise to assist start-up companies create the foundational structure needed to provide the best opportunity for the business to grow and prosper in uncertain economic times. Our goal is to help the business entrepreneur/owner, through mentoring and coaching, develop or enhance managerial skills while providing that independent and objective advice and expertise usually provided by a board of directors.
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Saturday, June 13, 2009

Top 7 Reasons Businesses Fail .... PART TWO

On May 16th I started a series entitled :The Top 7 Reasons Businesses Fail" and my first installment of the series , on May 28th, covered the concept of planning (or the lack of it) as the most critical and I believe the biggest reason businesses fail. I think another big reason for failure is that the business is started for the wrong reasons in the first place.

So, did you start your business for the wrongs reasons? Lets see,is the sole reason you would be starting your business be that you would want to make a whole lot of money? Do you think that by owning your own business you'd have all kinds of freedom and much more time with your family? Perhaps the fact that you wouldn't have to answer to anyone else, is that one of your reasons? If so, you had better rethink your position. These are not good reasons to start a business of your own.

You will have a better chance of success with your business if you start it for these reasons:
  • You love and have a passion for what you'll be doing and based upon educated study and extensive investigation, you deeply believe that your product or service will fulfill a strong need in your marketplace.
  • You don't let failures defeat you. When you make mistakes you learn from them and use what you've learned to succeed next time. Head SBA economists have noted that studies have shown that successful business owners attribute much of their success to "building on earlier failures" or looking at failures as a "learning process".
  • You have and can maintain: a positive attitude no matter what, strong determination to get things done, an unrelenting drive and unending patience. When others give up, you are more determined than ever to do better.
  • You have the required mental stamina to withstand potential challenges and you are physically fit to handle all the effort required. Many bankruptcies happen because of often overlooked, less-than-robust health.
  • You thrive at taking charge when a creative or intelligent solution is required. You cherish independence and take control especially under strict time constraints. You'll 'get it done'!
  • You exhibit in your integrity, honesty and interactions with others that you like--if not love--your fellow man. You can help and deal with all types of people and you strive to be productive with them as well.

So, can you be brutally honest with yourself and say" these are the reasons I have or want my own business?" Be sure to take off those rose-colored glasses and read these reasons over and be sure they are all your reasons. If you are missing any you'd better think again about owning your own business. It is not for everyone. Are you sure it's for you?

Next time, I'll take up the subject of: "Insufficient Capital" This is another of the top 7 major reason businesses fail.

I sincerely hope this series is helping you. Until next time-

All The Best,

Walt Morey

Core Business Solutions



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