10 Reasons Why Your Small Business Will Fail - and How To Avoid These Tragic Mistakes

Owning your own small business is the dream of millions around the world - but with all the hype about the fortunes being made by entrepreneurs and startups it’s important to remember that launching and growing a business is hard work. In fact, 22% of new businesses fail in the first year and a full 50% fail by year 5! Why do so many businesses fail? In this video I share 10 of the most common reasons small businesses fail and what exactly you can do to avoid those tragic mistakes.

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This video is for entrepreneurs, designers, creative professionals and anyone interested in brand strategy, business planning, graphic design, design trend, marketing and communications.

Philip VanDusen is the owner of Verhaal Brand Design, a brand strategy and design agency and the founder of Brand Design Masters, an ecosystem of mastermind groups, courses and networking communities for creative professionals and digital entrepreneurs seeking to build bullet-proof personal brands, agencies and businesses.

Philip is a highly accomplished creative executive and expert in brand strategy, graphic design, marketing and creative management. Philip gives design, branding, marketing, career and business advice to creative professionals, entrepreneurs and companies on how to build successful brands for themselves or for the clients and customers they serve.

[PhilipHarperGraphicDesign]

Kodak actually make high-end digital camera sensors which are bought by other high-end manufacturers. So, they're still going, just less of a b2c model and now b2b. In a way, you could say this is changing direction and innovating.

[labanlefleur]

This was really informative and came at the perfect time when I want to start focusing on my company on a serious level.

[williamrogers]

Did not learn anything new. It is like all the other, telling you things you need to do but never how to do them. And so you are off through a maze of info trying to figure out where you need to go to find the info you need but never finding it because of all the other list like this.

[deltahomicide]

I have little overhead, no employees and starting to become competitive in the industry. No more excuses. Thank you this video rings true.

[cherrybattung]

I just finally admitted my 7 month old business loss yesterday. I have lots of sleepless night and keep wondering why and where I went wrong. Now I in deep debt and depressed. Sometimes I wish I just d!*

[ManuManu-kvxn]

Please explain about income tax strategies of small business owner

[ka-trks]

Awesome summation Phil. Launching small business and doing it right 101 :)

[corallall]

Philip, where does the name Verhaal originate from? Tell us yr story!

[FannyDiazIsrael]

Just in time! Hope soon to be able to hire a branding specialist 🌺

[dashiajames]

Great stuff to know...!! I'm just starting my business I'm selling clothes but I kinda changed it cuz I think ppl only think I sell clothes. I don't know if it's a good thing or a bad thing. I don't want ppl to think I only sell clothes. Great video..!!

[katelewis]

I am so glad I found your channel. Your delivery is so clear and for the first time I feel like I now have tangible, attainable focus points to work on my business. I find so many other advice pages over-whelming and intense that I come away feel like a deer in the headlights. Your content is so clearly delivered and in a way that encourages. Thanks Philip :)

[yasinnabi]

I love your contents and wonderful shared sir.... subbed and liked, a fellow creator

[VelvetAnnn]

It's insane that literally EVERY mistake you pointed out, are the exact ones that I've been making. You clearly know your shit babe. I just started up a little lipgloss business and I know I know 'Rome wasn't built in a day' but man I cannot seem to reach anyone. I've done my research and follow some of the most successful young women who do AMAZING with their lipgloss business and took all their advice when it comes to promoting on all my social media's. I even just designed my own website. I don't wanna get so discouraged to the point where I throw in the towel bc I finally got out of the dark place I was stuck in for years and I actually found something I enjoy doing. But I'm stuck 😞

[collettlitchard]

As always, your knowledge and insight is invaluable 🙏 thank you

[therefinedbusinessblueprint]

Spot-on video highlighting the challenges of owning a small business. The stats don't lie, and the insights into common pitfalls are crucial.

[masterarziod]

Thank you very much! God bless you! 🙏❤⭐

[patriciahmuthonimaina]

This is very very informative. Great advice.

[Felicia-pkoz]

Thanks for this amazing information !! If you don't find a means of multiplying money, you will wake up one day to realise that the money you thought you had, has finished. Investment is key, I pray that anyone who reads this will be successful in life

[joshkaye]

And at the same time we ask "what's your 5 year plan?" in other words - things change

[Redspytotallynotinthebase]

I’m looking to start a museum, no museum within 100 miles of me, well over 150, 000 people within 40 miles of me