10 Reasons Why Your Small Business Will Fail – and How To Avoid These Tragic Mistakes
Owning your own small business is the dream of millions around the world – but with all the hype about the fortunes being made by entrepreneurs and startups it’s important to remember that launching and growing a business is hard work. In fact, 22% of new businesses fail in the first year and a full 50% fail by year 5! Why do so many businesses fail? In this video I share 10 of the most common reasons small businesses fail and what exactly you can do to avoid those tragic mistakes.
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This video is for entrepreneurs, designers, creative professionals and anyone interested in brand strategy, business planning, graphic design, design trend, marketing and communications.
Philip VanDusen is the owner of Verhaal Brand Design, a brand strategy and design agency and the founder of Brand Design Masters, an ecosystem of mastermind groups, courses and networking communities for creative professionals and digital entrepreneurs seeking to build bullet-proof personal brands, agencies and businesses.
Philip is a highly accomplished creative executive and expert in brand strategy, graphic design, marketing and creative management. Philip gives design, branding, marketing, career and business advice to creative professionals, entrepreneurs and companies on how to build successful brands for themselves or for the clients and customers they serve.
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Can you do a list of companies or startups that failed? makes me feel better.
This video is aimed at businesses max 5yrs and not for 10yrs. I’ve been going for 9yrs. I nit pick on your generic resembling kodac and Sony.. These need structual anaysis per company and product
The stat that hits hardest is that 20% of small businesses fail in year one simply because they run out of cash before finding product-market fit. One survival tactic I’ve seen work consistently: instead of spending on broad awareness campaigns early on, put 80% of your marketing budget into retargeting people who’ve already visited your site or engaged with your content—you’re nurturing warm leads who are 7x more likely to convert, which keeps cash flow positive while you refine your offering. 💡
Love this guy