Codie Sanchez breaks down why first-time entrepreneurs fail: cash-flow mismanagement tops the list, but 90% of the 14,000 founders she's worked with are undercharging by 30-100%. She warns against quitting too early, ignoring data, handshake deals, and hiring mistakes.
Chapters
Quitting too soon. 3. Not measuring stats and data. 6. Handshake deals. 7, but just don't ever do them. That's a terrible idea unless it's been written in blood, you didn't actually do it. Hiring too fast. 5. You never hire fast enough. I don't know why, but first-time entrepreneurs, hire faster. Doing everything yourself. 4. Probably the same thing. Most businesses do not stay small by design, they stay small by default. Pricing too low. 2. We've helped 14,000 people build businesses. I can safely say about 90% of them do not have high enough prices. Typically, business owners are anywhere from 100% Underpriced to 30%. So if you're gonna go do one thing, say a little prayer to Jesus 'cause you're in entrepreneurship and go raise your prices right after that. Ignoring cash flow. One, the number one reason your business will fail is because you run outta cash.