This book is a guide to creating a profitable business. It begins by discussing the importance of testing ideas before launching them. The author argues that it is important to get feedback from customers and employees in order to improve your products and services. He also discusses the importance of staying hungry and having the best team possible. Finally, the author argues that it is important to put customers first.
According to the US Bureau of Labor Statistics, 18.4% of new businesses fail within the first year. By the fifth year, the number increases to 49.7%. Only 34.5% of small companies survive for at least 10 years. The oil and gas industry has the highest failure rate in the first year (25.6%), followed by administrative and waste services (20.9%), information (20.8%), and entertainment (18.9%).
The idea that if you keep running a business you will get lucky, someday, somehow, and the business will become consistently profitable is untrue. While some people may have gotten lucky, most business owners won’t experience this kind of luck. The data from the US Bureau of Statistics tells the true story: the longer people stay in business, the higher their chance of failure. There are so many things Chief Executives can do to ensure the business they manage becomes consistently profitable, chief among this long list of profitable to-dos is “deciding”.
The book is full of practical advice that can help you to create a successful business. The author’s insights are based on his own experience as an entrepreneur. He has founded several successful businesses, and he knows what it takes to succeed.
If you are thinking about starting a business, or if you are already an entrepreneur, then this book is a must-read. It is full of valuable information that can help you to achieve your goals.