Starting Your Own Successful Business

Name: Starting Your Own Successful Business
Uploaded: 2013-01-28T21:03:26+00:00
Duration: 2 min 21 s
Channel: Brian Tracy
Description: Brian Tracy explains that starting a business is difficult and that experience is the primary determinant of success: inexperienced founders face very…

28 Jan 2013 · 2 min

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2:21

Brian Tracy explains that starting a business is difficult and that experience is the primary determinant of success: inexperienced founders face very high failure rates while experienced entrepreneurs succeed much more often. He emphasizes learning practical skills (purchasing, negotiation, raising capital, sales/marketing, finance, cost control) and warns that poor cost control accounts for a large share of failures. The clip ends with a brief call-to-action to like and subscribe.

Questions this video answers

99% fail within the first two or three years.

80% succeed.

46%.

Chapters

The high road to becoming a self made millionaire in America is starting and building your own business. But this is not as easy as it sounds. Starting a business is definitely not easy. And 99% of businesses started by people lacking experience fail within the first two or three years. And why is that? It's because they don't know how. They haven't the slightest idea how to make a business success successful. They may have an idea for a product or service, but they don't know all the things that they need to know to run a successful business. However, surprisingly enough, 80% of businesses started by experienced business people actually succeed. Now why should this be so? The reason is simple. It's because experienced business people know what they're doing. They know how to purchase their products and their services. They know how to negotiate with their suppliers. They know how to raise money. They know how to negotiate leases and purchases of all kinds. They know how to sell and how to market. They know how to manage their finances. In other words, experience is the key. In order to start your own business and succeed, you've got to learn how. The second reason that businesses fail 46% is because of poor cost control. They may be selling enough on the front end, but they're losing so much on the back end that they go broke anyway. Sales and marketing, financing and cost control both require experience. And if you're serious about becoming financially independent, you have to learn how to do both of these. You must learn the skills you need to be successful. Business success is not a matter of luck. Business success is a matter of application. It's a matter of ability. It's a matter of experience and skill and intelligence. And wonderfully enough, you can learn whatever you need to know to be successful in almost any business that you can start for yourself. So thank you for viewing this video on starting your own business and achieving business success. If you enjoyed this video, please press the like button below and and click on the link on my screen to subscribe to my YouTube channel.