Three key steps that each startup entrepreneur should takeYou are probably aware that setting up a new business is risky. Finding statistics to support this assertion is rather difficult, as many businesses either operate as unincorporated sole trades, or even under the radar in the black economy. However, a report from Business Zone, supported by the Department for Business Innovation and Skills (a government department), demonstrated that 20% of new businesses fail within the first year, and 50% of those remaining fail within three years. In order to avoid contributing to these failure statistics, there are three key steps that each new start-up should follow:
- Consider whether the business is viable
- Assemble a team of advisors
- Perform market research to truly understand the market
There are no guarantees of success when setting up a business – and sometimes the most carefully planned businesses are those that fail due to lack of action.