Apr 2, 2023
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Why do 90% of businesses fail?
One thing that I've always touched on in my experience, whenever I talked about, whenever I talked to people, is 90% of businesses just fail. I was wondering why you believe that is one of the reasons and how can we. You know, I love that question and absolutely true. Most businesses fail to make it past three years, right?
I've seen lots of businesses fail. We all have. And if you dissect that, you, you kind of reimagine re-engineer from the beginning to where they failed.
People, product process, and you can have a great process and a great product, but if you don't have great people, you're gonna fail. You're gonna struggle. Uh, you can have great people, and you can have a great product, but if you don't have a great process to deliver it, You're gonna fail. It's putting those three things together that create the success of an organization.
But very often, business owners don't know what they don't know, and they go into it with dreams and ideas and opinions Maybe. Bad advice from their cousin Eddie. Uh, you know, we are cousin Eddie, don't we? he's a villain and thinks he's really smart, but may not be.
And those aren't always the best decisions. And, if the business owner really wants to be successful, they need to surround themselves With Great People. However bright most entrepreneurs are, many if not most, have no experience or skill in hiring and choosing the right people to surround themselves with. They very often make the mistake of hiring experience instead of hiring the best person for the job. They must learn to hire using a behavioral interview process, not the old, worn out and ineffective interview process. Learn to interview to be successful.
I've never, in a 40-year career, fired somebody because of their experience, and nobody has.
Your fire them for everything else. How do you discover if you should hire a person or not?
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