It’s no secret that many businesses fail within the first year, or for some, before they even get off the ground. According to Forbes, about 8 out of 10 businesses will fail within their first 18 months. While there are an endless number of factors that can contribute to the failure of a business, many entrepreneurs agree that having some simple guidelines of what to do when starting out would be nice to know beforehand. If you’re getting ready to start your own business, read ahead to learn about the things that every entrepreneur wishes they had known when they got started.
Don’t Try to Provide a Product or Service for Everyone
At some point, every business owner is going to have to accept the fact that some people will not only be ambivalent to their company or its services, they may outright dislike it. By focusing on more specific demographics, you’ll have far greater success. Now, don’t go to the other extreme and make your demographics too narrow. By doing research about your product or industry, you can get a better idea of what type of groups you should be targeting. Depending on the product and industry, you might need to be more selective and specific about who you market to and who you’re targeting. Some businesses struggle in the beginning because they are sending their message to everyone all at once, and it isn’t really reaching the target group of people.
The American business landscape is littered with CEOs who, for one reason or another, showed the public, investors and their peers precisely the wrong way to run companies. At the time of their tenure, some of these former industry heads were first touted as business geniuses. Now they’ve become examples of how not to behave if you want to run your own business.
Jonathan Schwartz – Sun Microsystems
Founded in 1982 by three graduate students from Stanford University, Sun Microsystems grew to be a giant in computer hardware and services. Jonathan Schwartz was named CEO in 2006 by the founding CEO, and prior to that point, the company had grown aggressively and showed steady profits. Nearly every move Schwartz made ended poorly, acquisitions failed, the stock tanked, and thousands of employees had to be laid off. Ultimately, the company was sold to competitor Oracle.
Planning an event for your company can be tough work, and if you’re in charge of the entire event, you’re likely to be feeling some pressure to make the event perfect. Pulling off the perfect event is no easy task no matter how big or small your company is. As the event planner you have to consider every detail including where to hold the event, seating arrangements for the guests, what kind of food to serve, whether or not to serve alcohol, and many more odds and ends that need to be taken care of. No matter the occasion, with careful planning you can pull off an amazing event – creating a good name for your company, as well as for yourself.
Start Planning Early
The moment you know you are having an event, you should begin the planning process. The earlier you start, the more organized you can be and the more you can accomplish. Depending on the size of the party will greatly determine the length of which you should begin preparing. For smaller events with anywhere from 50-150 guests, consider beginning at least two months in advance. And for larger parties with the number of guests ranging from 150-300, or even more, six months in advance is the norm.