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Here is Lesson Six in my video series in which I talk about diversifying your business in order to maintain success. Enjoy, and please share and comment -

Lessons Learned:

Every business has a finite life cycle and must be reinvented periodically to survive.
An ideal diversification is a complementary business in terms of seasonality and the use of shared resources — like bookkeeping, payroll, financial services, real estate.
A profitable, seasonal and complimentary business can do wonders for cash flow.
In order to survive, a business must constantly adapt and change to ensure growth in a competitive environment.

No Man’s Land by Doug Tatum is a truly unique book for entrepreneurs with established high-growth businesses who attempt to cross the hazardous chasm necessary to grow to the next level and survive.  These are typically high-growth businesses with 20 to 100 employees and revenue of less than $5 million. The pitfalls of crossing “No Man’s Land” result in failure to attain the next level by 95% of emerging growth businesses that attempt this journey.  Many go out of business along the way.  Only a small fraction become “Gazelles” and emerge as “business breakouts.”

Tatum dissects the reasons for failure, dispels common myths and provides a roadmap for entrepreneurs who are willing to be guided by his wisdom to successfully navigate the treacherous chasm of No Man’s Land.  He knows how survive this journey because he has lived through it himself.  This is one of the most relevant, insightful and invaluable books for entrepreneurs that I have ever read!

Categories : Entrepreneurship, Misc
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