Research shows only 20% of small businesses / startups survive their first year. Out of that, 50% survive up to 5 years and only a-third out of that make it to the 10-year mark.
Another research shows only 4% of businesses scale up successfully.
The research attributes 3 major reasons that accounts for 73% of Business failures:
- Product – market mismatch
- Lack of appropriate Marketing, Communication
- Inappropriate Business models
In experience, we have seen that the Businesses having a ‘Winning Strategy’ and ‘Excellence in Execution’ Scale up!
It’s possible to Scale up! The question is how well-prepared we are, in terms of Strategy and Execution.
In all of these, it’s important for an Entrepreneur / Business Owner to create an appropriate support system around, including a Coach.
Read Full Article Here: https://pknarayanan.com/how-do-i-scale-up-my-business-successfully/
