18th May 2007 - Well we're still here!
18th May 2007 - Well we're still here!
I used to joke about the fact that we're still trading on a regular basis. People would ask how is busines and I would reply, "we're still here" with a smile on my face. In reality many many business fail, many more than those that succeed.
The other day I saw an advert for a competitor site on the internet. They've only been trading a year which is clear indication that the sale is due to failure not success. Oddly, I took a call from said gentlemen yesterday looking to sell me two websites! We had a good chat about the market and the difficulties competing with in it, but it was clear they had really gone into with very little thought about the chellenges which lay ahead. Sadly, but in some ways encouragingly, this is common, and hence many businesses fail within their first year.
There are a number of 'off shoot' thoughts from this. Firstly, it can seem daunting to enter markets where there are already several players. However, when you get close up, it's surprising how many of them are doing a truly awful job, which presents huge opportunities for a new player.
The second thought is a reminder of how much planning, thought and preparation you should put into business ideas. You really do need to pull your concept apart and re build several times, asking 'what if' from every angle before your proceed. My friend above could have forseen all the problems he has encountered which finished him off, if he had put thought and research into it.
The final thought is to never stop slapping yourself on the back for remaining in the game. The stats for business failures are startling, if you've been up and runnning over a year, your amoung the elite!!
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Concern over medical sales at pharmacies
