70% of all businesses fail – and that failure rate has not changed much over the last 20 years or so. Why?
Today, President of the Business Thinking Institute and MIT graduate Ram V. Iyer shares his research and experience in answering this very question. What he has discovered goes beyond the external factors to the internal qualities of the individual leading the business.
In our interview, Ram outlines a few of the top reasons businesses fail, how to avoid them, and why a 21 year old is just as likely to be successful in business as a 60 year old. Excellent tips for new and seasoned business owners alike. Enjoy!
1) It’s not what you’re missing that causes you to fail; it’s what you have that causes you to fail.
2) One fatal flaw of business owners is assuming success up front.
3) Business is not a one-person game. You have to learn to collaborate.
4) What you believe you can do is exactly what you can do. You cannot do any more than that.
5) Without desire + motivation, you’re not going to go very far.
6) People know what needs to be done but they don’t how to take those steps to actualize what needs to be done. That’s what it takes to be successful.
7) In today’s market, you must learn to define yourself, or others will define you.
Ram V. Iyer Bio
Ram Iyer is an expert on succeeding (and failing) in business. He has done both and is constantly figuring out WHY.
He is also an expert on the American midmarket and the host of the MIDMARKET RADIO podcast. He has interviewed over a hundred midmarket CEOs and experts across the US, Germany and Asia.
He is an engineer-turned-businessman who has two masters’ degrees including one from the Massachusetts Institute of Technology.
He is currently active at the Business Thinking Institute figuring out how individuals can be more successful in business – and what impedes their success.