Episode 22 - Why Businesses Fail

Traversing Entrepreneurship

Join Derek Dall'Olmo and Melissa Niedzielski on the latest episode of the Traversing Entrepreneurship podcast as they delve into the reasons why businesses fail and provide practical advice to avoid common pitfalls. Discover the importance of market research, self-management, and leadership, as well as the benefits of having a solid business plan in place. They also explore the notion that starting a business doesn't necessarily require a pile of cash, as there are numerous businesses that can be started with little to no capital.

Join our hosts as they discuss the interplay between brains and effort, emphasizing that starting a business requires both in order to be successful. Don't miss out on this informative and insightful episode!

"Starting a business can be an exciting and rewarding endeavor, but it's important to be aware of the common pitfalls that can lead to failure." - Melissa Niedzielski

This week on Traversing Entrepreneurship:

• The most common reason businesses fail. 0:00
• There’s never a vacuum of competition. 2:03
• What does it mean to have a business plan? 3:48
• How to get started with your business. 6:14
• The importance of mentoring your employees along the way. 8:01
• Do the right thing and it’s going to pay off. 10:03
• How restaurants have had to adapt to the changes in the industry. 11:57
• How do you differentiate yourself from your competition? 14:09
• The key points of owning and operating a successful business. 15:46

Our Favorite Quotes:

• "Lack of market research is brains and effort, you have to put in the work to understand what your competition is and what you're doing differently." - Derek Dall’Olmo
• "If you're starting a business and you have an idea, there's already somebody else out there that knows your business and your customers, because they're already in the business more than you do." - Derek Dall’Olmo
• "Everybody thinks that you need a pile of cash to start a business, that's not true." - Derek Dall’Olmo

About TreMonte Tax Solutions and Traversing Entrepreneurship Podcast

Traversing Entrepreneurship is a show for and about business owners in Traverse City, Michigan, and beyond. In each episode, host Derek Dall’Olmo sits down with local business owners and the professionals who serve them to talk about business building, life, money, taxes, family — and all the ups and downs that come with doing something different. Join us to hear their stories and lessons learned — and to get inspired about what might be possible in your own business.

Derek Dall’Olmo is the founder of TreMonte Tax Solutions, a tax planning firm that serves business owners and entrepreneurs. This show is for informational purposes only and should not be relied upon for investment decisions.

Email Derek Dall’Olmo at [e-mail] with questions, comments, and to schedule a one-on-one conversation.

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