A year ago, had you asked small business owners what 3 things could put them out of business?, I would have bet a pandemic would not have been on their top 10 let alone their top 50 things. But a lot has changed in just over a year. According to the CFIB (Canadian Federation of Independent Businesses), it is estimated that 1 in 6 small businesses won’t survive because of Covid-19.
This is a guest post by Dennis Geelen of Zero In.
Take a minute and think of a few companies that pop into your head that were once seen as leaders in their industry but, for one reason or another, eventually came crashing back down to Earth. Maybe they have since been surpassed and are no longer a household name. Perhaps they filed for bankruptcy.
For many Covid-19 has temporarily changed the way business is done and for others those changes will be permanent. This is both good and bad. The good is that for those that adapt, they will find news ways to do business. The bad is that for those who remain steadfast in their ways, they may not survive. This brings me to today’s topic, discounts.
Burnout is one of the leading causes of small business failures. The thing about burnout is that it usually gets justified as just hard work. Of course, entrepreneur knows that being self employed is going to require sacrifices and therefore, burning the candle at both ends is the price of admission to a better life. To that I say, yes and no.… Read More
Reading time: 3 minutes
Many successful entrepreneurs get asked, “What was their defining moment?” or some similar question. Several have never even thought about it, nor can they easily identify that special moment. Those that do, will admit that they didn’t recognize it at the time as a defining moment, because no trumpets blared or some similar event. It was only through hindsight that it became evident.… Read More
Successful entrepreneurs share many things in common. Hard work, focus, belief in themselves, hungry for knowledge and so on. One trait that doesn’t get much mention is the ability to accept and overcome failure. As entrepreneurs, failure can be a daily occurrence, but the worse is when a business fails.
To be sure there is a lot of noise made on social media and from the start-up world about “fail fast”.… Read More
As entrepreneurs, we are faced with a daily buffet of decisions we must make. Some days the sheer quantity can overwhelm and dishearten an individual. Granted many decisions are simple and require little or no effort, however they all aren’t and this can really cripple an individual if they’re afraid to make a mistake.
The saying “I’ve learned more from my failures than my successes” is one often expressed by many successful entrepreneurs.… Read More