Ronald Osborne asked 675 successful business owners what it takes to succeed. Osborne discovered that the majority of successful entrepreneurs believed that anyone could start a business with only $10,000. 68% of entrepreneurs believed that you should stick out your new business venture for at least 24 months before closing the door.
One out of five startups don’t last longer than five years in the U.S. But, you don’t want to stick with a sinking ship. The data collected from Osborne’s entrepreneur research is extremely insightful. 24 months appears to be the appropriate amount of time before closing down an unsuccessful business.
Osborne discovered that the majority of founders were not utilizing their website (71%) for lead generation. However, 94% of successful entrepreneurs suggested investing in marketing is a requirement if anyone wants to achieve brand recognition and achieve success.
With all of this data collected, Osborne put together a list of comprehensive advice for the best business tips for success:
1. Your Business Needs Strong Leadership To Be Successful
2. You Need A Plan To Succeed
3. Marketing Is Important For Your Small Business
4. Cash Is King
5. Stash 12 Months Of Cash
6. Grow Your Network
7. Work Harder Than Your Competitors
8. Create A Free Lead Magnet To Attract Potential Customers
9. Hire The Right People
10. Constantly Work On Your Company
11. Care About The Customer
If you follow that insightful, data research advice, you’re increasing your chance of business success.
Osborne is an award winning business coach who has helped dozens of small business owners achieve their version of success. He has built multiple successful companies across the globe and is extremely passionate about helping others achieve their goals.
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