Small business surge necessitates strategic planning

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The aftermath of the recent international public health emergency has led to several individuals launching their own small businesses. Statistics from the Center for American Progress indicate a significant 34% rise in new business applications from 2021 to 2023, demonstrating the resilience and innovation of people even in trying times.

This shift marks a departure from traditional salaried jobs towards independent entrepreneurship. However, facing challenges like survival in a saturated market and customer acquisition are just part of the equation. Support mechanisms from government and private sectors are needed to ensure these emerging businesses thrive.

Unfortunately, about 20% of these new businesses will likely fail within the first two years due to insufficient planning, insufficient funding, and market saturation. This highlights the importance of preparation and strategic decision-making. Despite the risks, a strong strategy can increase the chances of success.

Career coach Marlo Lyons believes that success in entrepreneurship comes from launching a business in a space where the entrepreneur has expertise and passion. Lyons also underscores the importance of digital presence in business, urging entrepreneurs to use online platforms to showcase their unique skills and increase visibility.

Strategic planning vital for new businesses

Lyons posits that having clear, concrete objectives and maintaining resilience in the face of challenges is critical to business success. Regular review and refinement of short—and long-term objectives can help keep entrepreneurs on track. Networking and constantly reassessing strategies can keep businesses competitive and adaptive in the fast-paced industry.

Lyons also advises accepting uncertainty as part of the entrepreneurial journey. She believes the unknown encourages innovation and creativity and can be an asset when approached with the right mindset.

In conclusion, Lyons suggests that sustained effort, innovative thinking, strategic planning, and adaptive mentality are key for budding entrepreneurs to beat the odds and ensure the success of their businesses.

Lyons’ advice focuses on persevering and adapting even in the face of uncertainty. According to Lyons, a well-defined vision, strategic planning, learning from setbacks, and continuous adaptation are crucial for steering a venture towards sustained success.

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