Each year, businesses that looked lucrative when they started fail. In these, there could be ideas that may have been drafted on boardrooms for several months. On the other hand, a few businesses that start from scratch thrive to form world-class companies with branches spread every continent. In view of what has happened in the world lately, Dylan, Fresh Thinking Group co-founder says that history shows that nearly 66% of all the businesses started actually collapsed in the first ten years of their starting. If what Scott Dylan, the Fresh Thinking Group partner is speaking is true, then it means only 40% of the business make it past ten years of their founding.
However, in helping young entrepreneurs make a kill from their investment, the Fresh Thinking Group co-founder Scott Dylan highlights some of those intending to jump into business observe. To start with, Scott Dylan says, “The first thing any entrepreneur starting out should ensure is whether he or she has enough finances. Yes, it is impossible to do proper mathematics to ensure you have all the finance that is needed to kickstart your business.” From experience, Scott Dylan says many businesses fail to go beyond the first few months because the entrepreneur underestimated the amount that would be needed. The second thing that the Fresh Thinking Group partner admonishes young entrepreneurs is to be aware of the legalities that may be involved in starting a business. Whereas Scott Dylan knows that legal requirements differ from country to country, he reminds entrepreneurs that it is a wise thing to educate themselves with things such as trademarks, LLC filings, copyright and patents, and sales tax filings.
Before he crowns his advice to the young entrepreneurs, the Fresh Thinking Group co-founder speaks of having practical connections. “Business is all about finding practical connections. You may have an exceptional idea, enough money to inject into the business and the best workforce but if you do not know who are the mover and shakers of this world, your ideas will be a waste. You must know how your products and services will reach your prospective clients,” said Scott Dylan, the co-founder of Fresh Thinking Group.