The Visionary Chronicles Podcast
Why do some Businesses Fail, while others Succeed?
Why do some succeed while others fail?
The Visionary Chronicles
CHRONICLE: October 21st , 2020
Inspiration “My great concern is not whether you have failed, but whether you are content with your failure…”
Wisdom from President Lincoln
Insight QA Session | Why do Businesses Succeed or Fail?
Why do some succeed while others fail? This was a question posed many times, and one I wanted to address.
Having worked with both small start-ups, and starting one myself, selling to a VC firm after 10 years, and global ICONS, there are two common traits to these new companies;
I mention these as many determine all companies to be start-ups, when they are truly just new businesses. The best example of this would be a franchise vs a new product or technology built from scratch. One has a proven market validation, and the other is willing to risk everything to prove that it’s idea can and will be validated. Both carry risk, but one far outweighs the other in terms of risk exposure.
In looking the recent Business Employment Dynamics Report from 2020, the following were the top reasons behind Business Failure;
- 34% Product/Market Fit
- 22% Marketing Failures
- 18% Team/Culture Fit
- 16% Finance/Financial
- 6% Technology Integration
- 2% Operations/Logistics
- 2% Legal
Each of these independently, or combined are the reason why over 90% of all start-ups fail within the first 10 years. Not to be left out, 85% of all VC backed start-ups fail as well.
These sobering statistics show the resiliency of the Entrepreneur and the ups and downs they face each day. In order to break down barriers, they must have a realization of failure, but must also have an expectation of success!
Heres to the Entrepreneur!
” It’s fine to celebrate success but it is more important to heed the lessons of failure.
Podcast In my new Podcast, QA Session | Why do Businesses Succeed or Fail? , we discuss the reality behind why businesses either succeed or fail and the odds for both scenarios.
I provide statistics and the top reasons for business failure.
The Visionary Chronicles Podcast
We discuss this, along with other business strategy topics and pressing issues facing Entrepreneurs, Executives and Small Business Owners.
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a Brand Strategy Firm for those looking to disrupt their industry, build a global digital platform, business execution leadership, or just need someone who understands the complexities of your business and can provide solutions.
Bryan Smeltzer is a successful consumer products business executive and entrepreneur. He has held executive-level roles in business development, product, and marketing with some of the world's most prestigious brands, including; Oakley, TaylorMade, Adidas, K-Swiss, Schutt Sports, among other international brands. In addition, Mr. Smeltzer founded an apparel brand, successfully running a profitable business for ten years, eventually selling to a VC firm. He currently oversees LiquidMind Inc., a global brand strategy firm that partners with both start-ups and established brands to empower their businesses to think different, be different, drive a passionate culture, and execute relentlessly.