In the first decade of the 21st century, less than half of all startups in the U.S. survived beyond three years. And of the nearly 44,000 companies founded in 2000 and listed in the Capital IQ database, less than six percent achieved more than $10 million in revenues by 2010. As venture capitalist David Lee once said, “It’s never been easier to start a company and never harder to build one.”
One of the main reasons for this failure rate is entrepreneurs don’t identify their target demographic correctly. Without clarifying your core customers, selling is ultimately a function of individual, heroic efforts in the field, not a scalable platform for growth.
The following four steps can reverse this downward trend…
