Hey guys, thank you for watching to the first video in this YouTube channel today. We are talking about why 80% of businesses fail in their first year of existence. Why does this happen and how can you prevent it from happening to you? I have worked with many and observed even more startups. I learned that there are 3 often recurring mistakes causing these dramatic statistics.
Mistake number 1. 90% of starters are missing a fundamental understanding.
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There’s a big difference between companies that succeed and companies as Phil. This difference is so noticeable that the chances of success are easily predicted once you know what to look for at least.
So what is this fundamental misunderstanding?
The truth this most new businesses are not needed. They don’t add value to anything. Too many businesses exists with the sole purpose of making money. They should focus on becoming worth money.
How do you do this? and by creating and adding value to people’s lives? Creating value and finding a way to give it a place in people’s lives is the only reason any company should exist. Take a look at Google; Google has a clear goal and s clear value organizing the web and make it more accessible to everyone. Nowadays, there’s a huge focus on social media marketing and branding because of this and people tend to think these are the things our company should focus on ask yourself whether you are adding something valuable to your customers lives.
If so, great focus every bit of marketing or just on explaining the value you add. If not, well go back to the drawing board and try and come up with the product solves a problem. Value is the key word here, you should not measure your business’s success based on the amount of likes on Facebook. These kind of statistics only show you how good your marketing department is at making people click the like button. Better ask yourself what value you’re adding with your company? This will grow your chance of becoming part of the 10% of successful business owners tremendously.
Reason 2: The second reason many businesses fail to get sales is that they focus on themselves away too much.
I’ve seen countless of examples of this Entrepreneurs that keep on talking about how amazing their ID or product is, but wait a minute Christian, five minutes ago – you told us to focus on creating value, right? yes, but what do you do after creating value – many people start talking about how amazing their product is, or even worse how amazing they are for coming up with it. The secrets with great marketing and sales is to make the customer feel like they’re making the decision to like your product themselves.
What’s the beauty of a YouTube video like this? It adds immense value to a lot of people’s lives, we are free to choose if you want to watch it or not. You’re free to choose whether you like it or not, comment on it or not. There’s a free transaction of value and you get to form your own opinion about it. This makes you feel a stronger connection to the you tuber than if I were to force my opinion about this.
YouTube video on you Imagine following this video is not about anything you can implement in your life today, instead It’s about how amazing my knowledge is. What’s the point of watching it than you would feel like sfd video wasn’t made for you It feels like as if it was made to convince you of something. Don’t just create value explain to people how your product s value to their lives.
Mistake number 3: Keeping info classified:
The final mistake I want to bring up is about transparency or rather the lack of it. Being transparent about what your business does and how it does. It is the easiest way to win trust and loyalty from your customers. Most entrepreneurs are afraid to tell customers their secrets because they fear that someone will copy their products. The reality is that your customers will love it when they understand what you do, it makes them feel in control when buying from you.
Being transparent about what you do also proves the value you bring to the table a customer that doesn’t completely understand. What is buying were always experienced buying as a negative transaction? It feels like something they have to do instead of something they want to do.
Be aware of this and be transparent about everything you do for your customer. An example in 2015, I was heavily involved in a start of a new Jean Brent to make the bottle look great. We decided to work together with a local design agency on the first meeting; we discussed what type of design we were looking for and what kind of target audience it was supposed to speak to you. About a week later the design agency invited us to discuss the progress, they showed us all of their ideas asked us questions about what we liked or what we didn’t. They showed us different ways to move forward and even invited in all personnel that had worked on the project. I remember this meeting as one of the best meetings in my life. We felt extremely happy about the results and realized that the design agency brought real value to the table. They shared their secrets with us, which only made us realize even more how important it was to work with them.
THREE MISTAKES ENTREPRENEURS OFTEN MAKE
To sum it all up, there are three mistakes entrepreneurs often make
- Most new businesses aren’t needed because they don’t add value to anything: Too many businesses exist with the sole purpose of making money while they should focus on becoming worth money. Creating value and finding a way to give this value a place in people’s lives is the only reason any company should exist.
- A lot of businesses fail to get sales because they focus on themselves way too much: Instead, try focusing on how your product can be valuable to your customers. The secrets of great marketing and sales is to make the customer feel like they are making this decision to like your product themselves. This part of the sales process cannot and should not be rushed.
- Keeping info classified: Being transparent about what your business does and more important how it does It is the easiest way to win trust and loyalty from your customers.
I Really? Hope you enjoyed this video I’m planning to do a lot more Make sure to leave a like and a comment in the comment section down below Oh and please subscribe to this channel to help you grow
See you next time