Although entrepreneurship is at the heart of the US economy, business fail rates seem to be increasing and are currently 30 percent higher than they were in the late 1970s. There are other figures that confirm this trend: the latest US census shows that the annual business creation / business fail ratio is 400,000 / 470,000; and according to the Bureau of Labor Statistics, only half of all new businesses survive their initial 5 years, whereas the 10-year survival rate is even lower at 33 percent.

In this article we offer seven tips that can help US entrepreneurs launch a successful business.

1. Focus on strategic planning

Many entrepreneurs fall into the trap of investing most of their time and resources into planning and running successful operations. However, concentrating all efforts on the day-to-day running of a business often leads to missing the forest for the trees. To avoid that, you should ensure business strategy (whereby mid and long-term goals and action plans are defined) is a top priority and underpins all business operations.

2. Create and nurture an organizational culture

When it comes to achieving long-term business success, a strong organizational culture is as important as strategic planning. Contrary to popular belief, organizational culture is not the exclusive prerogative of large firms, as it also plays a key role in the success of small businesses by permeating every aspect of their operations with motivating values and a compelling mission.

3. Look after existing customers

Although this may seem an obvious suggestion, the truth is that many new businesses tend to focus their efforts on acquiring new clients, and sometimes do so at the expense of existing ones. A 2015 Customer Experience Index revealed that as few as 1 percent of all US companies deliver customer service that is rated as excellent, therefore missing an opportunity to turn existing customers into loyal advocates who generate new leads on their behalf.

4. Build a winning team

To put it simply: your team should be as strong as your overall business plan. Team building should be done in the initial stages of a business operation instead of as an afterthought. Moreover, it should guide the recruiting process to ensure that the personalities and skill set of team members are a perfect match to the company’s organizational culture. Don’t limit yourself to recruiting staff who have the right experience, but also look for those who enthusiastically share your vision and believe in your business concept. Read more »

In honour of International Women’s Day we would like to celebrate the great strides women have made in the business world. Across the UK, successful female entrepreneurs are making headlines for the role they play in transforming their respective industry sectors. Names like Alice Hall, Brynne Hebert, or Rachel Bell are often used as examples of the transformational current that has been sweeping the business world for a while. However, the fact remains that the entrepreneurial scene is largely dominated by men. According to a Centre for Entrepreneurs report, only 19 per cent of successful serial entrepreneurs are female, despite fact that women account for over 50 per cent of the country’s population. But how exactly is the female entrepreneurial scene changing, and what can we expect in the near future?

Female Entrepreneurs: Signs of Change

The UK’s female entrepreneurship scene has changed along five main dimensions:

- Higher participation in labour market that has nevertheless not been matched by higher entrepreneurial rates.

- Entrepreneurial activity is twice as likely among men, but things have been improving in favour of female entrepreneurs since 2001. Currently, entrepreneurial activity rates are 4.7 per cent for female’s vs 9.5 per cent for males.

- Female-led businesses experience higher churn rates and the female share of business ownership has not changed significantly since the mid 1990s.

- Female entrepreneurs are more likely to be involved in management consultancy services, events organising, and PR, although the number of female-led ventures involving technology, science and engineering is on the rise.

- An increase in the number of female-led firms that make a significant contribution to the local economy. For instance, the sales volume generated by female-led mid-sized firms has increased by more than £2bn in just 12 months.

Challenges and Solutions

The key challenges affecting female entrepreneurs relate to support, funding, mentoring, training and skills development, work-life balance, and access to new markets. Over the last decade, several initiatives have been launched to address these issues. Examples of policy initiatives created to increase the relatively low numbers of female entrepreneurs across the UK include:

- The establishment of the National Association for the Promotion of Women’s Enterprise (2002)

- The Women’s Business Council (2012) Read more »