YOU CAN WATCH THIS VIDEO ON OUR YOUTUBE CHANNEL HERE!

Dive into the critical reasons why 70% of new businesses fail within their first decade with and how you can avoid the entrepreneurial mistakes make by so many other business owners with Gary Smith, of the StartUp Three YouTube channel a U.S. Army Veteran, business and marketing professor, and entrepreneur, explores the seven common mistakes that lead to business failure.

From the absence of a clear business plan to the perils of cash flow mismanagement, this video is packed with actionable insights to help you avoid these pitfalls. Whether you're a budding entrepreneur or looking to strengthen your existing business, these lessons are crucial for longevity and success in the competitive entrepreneurial landscape. Stay tuned until the end for an essential bonus tip that could save your business from becoming another statistic. - Gary Smith, MBA

This is the podcast version of our YouTube Video. You can watch this episode and all out videos at StartUpThree.com

Show Notes:

0:00 - Introduction to the high failure rate of new businesses and the promise of actionable insights.

1:22 - Mistake 1: Lack of a Clear Business Plan - Discussing the importance of a detailed roadmap for business success.

4:00 - Mistake 2: Ignoring Customer Feedback and Market Demand - The dangers of overlooking market needs and consumer insights.

6:40 - Mistake 3: Underestimating the Importance of Marketing - Highlighting the necessity of effective marketing and brand communication.

9:03 - Mistake 4: Trying to Do Everything Alone - The value of delegation, team building, and seeking mentorship.

11:25 - Mistake 5: Neglecting Legal and Regulatory Requirements - Emphasizing the significance of legal due diligence for business protection.

13:30 - Mistake 6: Lack of Adaptability and Resilience - The need for flexibility and endurance in the face of business challenges.

15:50 - Mistake 7: Cash Flow Problems - Unveiling cash management issues as the primary cause of business failure and how to avoid them.

19:27 - Conclusion and invitation to learn more about successful entrepreneurship.

YOU CAN WATCH THIS VIDEO ON OUR YOUTUBE CHANNEL HERE!