I have the privilege to share my experience with many entrepreneurs, small business people and some just thinking of starting a business. My first question, put to them in various ways, is always...why? The answer is not easily derived and is often buried deeply in one's psyche.
New businesses are always failures when the sole or main reason for their existence is "to make money". All successful businesses I have been associated with are successful because they meet a need in their marketplace sufficient to return a profit and thus continue in business. Every business I have been associated with that has failed has done so because they lost track of their importance to their market.
The answer to why you are in business should always be centered on your targeted customers. You must understand their need for your product/service and be passionate about your company's ability to provide such. In support of that basic mission must be realistic plans to provide those needed products and services; thus your marketing strategy and financial plan are your highest priorities and must be kept current. Too many times, I have seen good business concepts fail because the entrepreneur became embroiled in daily details and lost sight of the company's performance to plan or the plan's relevance to its target market.
