Did you know that 81% of new businesses disappear within the space of three years?
That means that only 19% of them make it. Fewer than one in five become businesses that can go the distance.
Why is that?
What causes 81% of businesses to struggle so badly?
Most people point to a lack of customers. With no customers, the business goes broke. And when the business owner’s broke, they burn out and stop caring. Ultimately, that leads to the business disappearing.
But a lack of customers is just the symptom of something else.
The fact is, there are two reasons why 81% of businesses fail. And I’ve seen these two things time and time again after working with thousands of marketers and through launching my own businesses.
1.The first is a lack of key marketing skills.
If you’re an entrepreneur, your main focus needs to be on getting customers. There’s a lot of skill involved in doing that. It’s never as simple as just putting something out there and waiting for the sales to come. You’ve got to understand how to choose the right market, create strategies, and execute campaigns.
However, it’s the second thing that really sinks new businesses…
2. A lack of determination.
If you’re not determined to make your business work, it will end up failing. It’s what I’ve seen happen to so many entrepreneurs.
I might have two people in a classroom who learn all of the same skills from me.
If I catch up with them a year later, I’m usually going to discover that one of them went on to launch their own business. They’re making thousands in revenue and are doing well.
The other one?
3. They just haven’t done it.
They didn’t have the determination or the drive, which meant they didn’t put what they learned into practice.
Here’s my message to you…
Developing marketing skills is one huge part of the equation. But it’s not the only part.
To make sure you’re part of the 19%, you’ve got to have determination. You’ve got to take action and use what you learn to strengthen your business.
Speak soon,
Howard ’19 Percenter’ Kingston
P.S. Whenever you are ready, here are 3 ways we can help you become a Digital Marketer:
- Follow us on Instagram (@growthvelocityacademy) for daily marketing tips, updates and announcements.
- Create the perfect Growth Hacking Strategy by grabbing a free copy of our Marketing Plan Template here
- Book in for a Complimentary 1:1 Business Mentor Session here with one of our Marketing Strategists.
