Establishing a new business is brings about a feeling of excitement to any entrepreneur. Despite that this is an excellent juncture, it can also be the beginning of a harsh and challenging journey. Despite that entrepreneurs do all their best to succeed in their endeavors, the reality is that most of the businesses fail. Miami is one of the states where small business startup rarely succeeds. According to the professionals’ research study, the rate of new startup business failure ranges between eighty-five to eighty-eight percent. Some even have a feeling that this rate is even lower given that the research was done some years ago. This may appear like it’s scary, but it’s important to accept it to get the spirit to work towards success in case your business happens to fail. Glen Wakeman who is recognised as an expert investor has devised some mechanisms that can be implemented in any small business venture to minimize the rate of failure.
Glen Wakeman is the founder of the startup Launchpad Holdings. This company is concerned with the provision of business planning services all through to the initial stage of entrepreneurship through the use of the various software. Glen Wakeman works towards preparing business plans that deals with financing opportunities as well as set entrepreneurs for the best chances of success through questioning every section of their business plan.
There are many reasons behind the business failure. However, there is a prevalent feeling that many businesses fail due to financial issues. Financial issues may either result from poor financial management or under-capitalization. Despite that this may look like a real and genuine reason, the fact is that it’s not a primary cause of business startup failure. A reliable and credible research study shows that most of the businesses that fail would still fail even if they had good financial background. In fact, there are many businesses that have to end up failing even with great financial management plans. The point is that money is not a determinant factor towards business success or failure. The more problem that causes business failure is grounded in the business plan. The other cause may be the execution of the business plan.