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Big myths about entrepreneurial failures


Whenever a business fails, it seems that eeryone and their mother has an explanation for it. CBS offers the top five bogus explanations, which, if you’ve ever suffered the loss of a business, you might find comforting. For example:

Busy entrepreneurs fail to grow their businesses through one of the easiest and least expensive strategies: networking.
The truth: While networking does occasionally pay off, count on networking to drive results at your own peril. Why? Networking is hard work. Successful networking requires a lot of time and effort and consistent, focused follow-up. Attending networking events, asking for referrals, passing out business cards, doing favors in hopes of building positive word of mouth… all can be valuable but the payoff (if any) is very hard to predict.

Instead, focus on sales. If you spot easy opportunities to network, fire away, but allocate at least 90% of your time on direct sales activities and 10% on networking. Your business needs sales, not just a list of contacts.

Full story at CBS.

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