Unfortunately, many new business startups follow ‘so-called must-do new business creation strategies’, and end up failing. That’s because they repeat the traditional process to failure over and over again.
In fact, according to the Small Business Administration, 25% of new businesses don’t reach their 2nd anniversary and more than 50% don’t survive 5 years. And these numbers hold true across different countries.
If new businesses were widgets made on a manufacturing line this defect rate would cause a management crises and the line would be shut down. Yet, entrepreneurs continue to start new business the same traditional way, leading to the same disastrous results.
So, what should they do? Entrepreneurs should ditch the traditional business plan and replace it with a concept plan and a strategy for business experimentation. Why? Because most business plans are filled with baseless estimates, guesses and wishful thinking.
Our special guest on today’s show is Cynthia Kocialskiand she will share:
- Why all business startups should ditch the traditional business plan and what they should do instead
- How to attract investors before you even get to the stage of actively seeking funding and why most start-ups eliminate themselves from securing funding because they don’t understand investors and what they want
- The common mistakes entrepreneurs make over and over again and what you should be doing instead
- and much more!
About Cynthia Kocialski:
Cynthia Kocialski is the founder of three companies, has been involved in numerous startups, and has also served on advisory boards. Prior to this she held technical, marketing and management positions at corporations including IBM and Matrox Electronics. Cynthia is also the author of several business books on start-ups and entrepreneurship.
Contact Cynthia Kocialski:
What about you? Is your business plan sitting in your drawer collecting dust? Has Cynthia inspired you to create a business concept plan? Let me know in the comment box below. It’s always so nice to hear from you!! And, remember to ‘Like’ and share the podcast with your friends.