It’s not clear what you do
How do you answer the question, “What do you do?’
Do you know that most business people struggle to answer this question.
The inability to pitch what you do clearly is one of the key eight factors that inhibit business success. Between 2011 and 2013 over 400,000 new businesses started in the UK and over 80% of those failed. A survey of banks also showed that 54% of those businesses that applied for funding had a flawed business case … and the inability to clearly explain the business concept.
Essentially, the funding wasn’t given primarily because the loans office didn’t understand what the business did!