How To Avoid Business Failures

"Out of clutter, find simplicity." - Albert Einstein

If a business has all of the above-mentioned ingredients of success, please point me in that direction so I can make an equity investment.

It is easy to recite the right ingredients to make your business work, but it is not easy to execute them. To ensure that you really have the elements of success, research your concept, get sign-off from your attorneys, make sure you understand the demographics in the service area you have identified, and be certain that referring physicians will send you patients or, at least, give you a try—if you can lock in those referrals in a legal fashion, even better. Due diligence, research, and many hours of time spent discussing your concept with users and payors will pay off in the long run.

A monumentally key ingredient to developing your business strategy and seeing if it works is to not be emotionally tied to it. That will hurt you. For the most part, the problem with "seeing it coming" is that you simply cannot imagine that you are going to fail: "Not me; it's unimaginable." It is important to remain emotionally uninvolved (very hard to do) when the warning signs appear: when your cash is starting to run low; when referrals are not coming as quickly as you like; and when the leading payors in the market are ignoring you

Keep a clear head and realize you have a problem.

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