Thursday, October 14, 2021 / 12:47 PM /JosephineEriyo for WebTV / Header Image Credit: Forbes

Getting a lift on a business start-up has becomeincreasingly difficult. Despite a slew of digital platforms that provide accessto wider audiences, success is less about knowledge of the existence of thesemedia than it is about the use of these platforms.

The digital age has opened millennials (between 25 and35) to a world paint-brushed with new possibilities and opportunities incyberspace. Social media platforms such as Twitter, Instagram, Facebook, LinkedIn, and TikTok, are constantly bringingabout features that help people and businesses deepen and broaden theirengagements. Millennials have increasingly begun to pivot away from paidemployment to entrepreneurship by starting their own businesses.

Although the personal business bug has bitten deeper,there has also been a rise in the global percentage of failed start-ups.Figures from the U.S. Bureau of Labor Statistics (BLS) show that approximately20% of new businesses fail during the first two years, 45% during the firstfive years, and 65% during the first 10 years. Only 25% of new businesses makeit to 15 years or more.

So, where is the problem? Business education. Mostentrepreneurs do not understand the delicate craft of governing an enterprise.Learning how to run a business is critical to the growth and sustainability ofthe venture. As a millennial looking to start a business, a primary focusshould be getting correct data, using adequate and credible information, andacquiring the appropriate knowledge to foster the growth of the business. Notunderstanding the scope of a business is preparedness to fail, even before theenterprise takes off. Although failure at a business is not the most terriblething that could happen, millennials need to navigate around a potential fall.

Thanks to an expanding digital ecosystem, businessesnow have access to an extensive pool of knowledge - whether it is theirunderstanding of customers' needs and the business environment or the skillsand experience of staff. The way a business gathers, shares and exploits thisknowledge can be central to its ability to thrive.

Here are five ways to avoid failing at a start-upbusiness:

1. Investigate the Market: Imagine having a dream to start up a fashion business, and finally raising capital for it; and you get so excited that your zeal to open a business blinds you to the fact that there would be problems in importing fabrics to make quality designs, and there could be delays in delivery time due to the long-distance, which cause you to have a lousy brand behaviour from the onset. Investigating the market is one critical step that a potential business owner should not miss as they attempt to set up shop.

2. Have a Good Business Plan: A solid and realistic business plan is key to having a successful business. You need to outline achievable goals for your business, how your business can achieve these goals, and possible problems you could face and solutions. Once you have this plan, you must follow through with it; except you have found inaccuracy; then, find out what's wrong with it, fix it, and follow a new plan rather than change how you do business based on quick observations.

3. Location, Internet, and Marketing: Having the right site for your business is critical, as footfall is vital to your business growth. Except you are operating an online business, the location might not be a problem. Although the geographical area may be a concern depending on the type of business, you would be operating. The site could also impact the quality of internet presence, which could be detrimental to your business as a start-up. Marketing is critical to improving your business visibility. If your business is not visible enough, how do you intend to sell, and who do you want to sell to. Do not go blowing money on a business if you are not going to market it. That would be signing up for failure.

4. Change With the Tide: When you start up a business, certain trending factors may be the reason why your business is thriving. One constant thing is "CHANGE", as a business owner, you need to understand this and be ready to upscale, rebrand or improve your services to meet the new trends and demands. Failure to do so may result in your business going downhill. Just imagine using a 1990 tactic in the 20^th century. Do not be too rigid and make that change now!

5. Do Not Be in a Hurry to Expand: When your business has begun to flourish, you might think of expanding or having new outlets, but you must treat the expansion like you are starting all over again. If you choose to grow your business reach, be sure to understand the areas and markets you will now be reaching. If you decide to expand the scope and focus of your business, be sure to understand your new products, service and intended consumer as well as you do with your current successful business.

Although many businesses fail in the first two years,it does not mean that yours too will die. Through research, planning, andflexibility, you may be able to avoid many of the pitfalls of a new businessand be a part of the 25% that make it to 15 years and beyond.

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