What Super Bowl 2014 Teaches Small Business Owners
Peyton Manning and the Denver Broncos showed us on Super Bowl Sunday that sometimes being ready mentally or physically doesn’t fully prepare you for what’s to come. A strong defensive line, a couple of failed throws, a picked-up fumble and an interception led the Seattle Seahawks to a 43-8 victory against the Broncos.
According to Yahoo! Small Business, to avoid failure, small businesses should be careful of these missteps in the first year of business:
- Ineffective marketing
- Failure to change with the times
- Unexpected growth
- Underestimating the competition
- Inadequate business plan
Peyton Manning, quarterback for the Denver Broncos, states, “It’s a difficult pill to swallow but you have to find a way to deal with it and process it. Fuel it to make you better for next year. The guys put a lot it into the season, put a lot into it these past two weeks to lay it all out there. So when you come up short like this, it is disappointing. It’s not embarrassing and I would never use that word. There was a lot of effort out there.”
Just as Manning and the Broncos will learn from this game, a small-to medium-sized business can turn failure into success. How? You look at what did not work and fix it. Let’s take the reasons above why businesses fail and discuss what you can do.
Ineffective marketing and failure to change with the times
“My restaurant failed because I solely relied on word-of-mouth for my marketing plan,” states Walter