How many entrepreneurs do you know start a company with the intention of failing? We hope that this number is zero, but failure can be the result of a business even if it is unintentional. Serial entrepreneurs know many different ways to fail. This is because success in not guaranteed no matter what business you get into. They also share their tips to avoid failure to help you start a profitable business.

Surround Yourself With The Right People

The phrase "It takes a village to raise a child" also applies to a profitable business. Without talented individuals working for you, it will be very hard to survive. Surround yourself with amazing friends and successful business owners so that you can have access to different skills and knowledge that can help you grow a profitable business and make it thrive.

Build a Strong Foundation

Before starting your business, ask yourself why you're starting it in the first place. How is your product or service going to help your target audience's lives better? How does this idea align with your core values? Do you have a solid profitable business plan to make this dream a reality? The answers to these questions will help your business have a strong foundation.

Perfect Your Pitch

You should be able to describe your company in 3-5 words.  Think of AirBnB: a place to stay. Describing your business concisely will make it easy to understand. If it is easy to understand, it is also easier to sell. When working on your pitch, stay away from mistakes like using industry jargon that is hard to understand for the layman, asking the wrong questions to those who listened to you, not making the pith relevant to the listener or only talking about yourself.

Know Your Competitors

Keep your enemies close and your competitors closer. They are not the enemy but not knowing what they're doing could be harmful to your company. Don’t hesitate to use tools to analyze your competition. Tools like SEMrush, SimilarWeb or even Google Alert can help tell you what your competitor is up to and increase your chances of survival.

Build a "Must Have Product"

Sites like Hacker News have a ton of really cool startups ideas. However, if you really want to increase your chances of survival and success, build a must-have-product instead of a nice-to-have product. The difference between the two is easy to spot. The former is a product that is hard to live without while the latter is more disposable.

Build A Company That You Can Scale Independently of Your Staff

It’s better to grow a company that can be scaled using technology and automation. Take Groupon for example that did the opposite. They have a massive staff because they need it to keep new deals flowing everyday and to service their customers. Their company is not scalable because their growth is dependent on the number of staff their hire. This is why their balance sheet is awful.

Find Ways To Keep Costs Low

You can think of cash as your company's lifeblood and high cost is equivalent to a hemorrhage. Remember that all the cash in the world is not worth anything unless it’s a positive cash flow. Find ways to keep your costs low like going directly to the supplier or negotiating for better prices. Find better ways to finance transactions and ways to work out deals.

Focus on Sales and Marketing

Nothing happens in business unless a sale is made. From the start, find ways to get leads and ways to convert those leads into sales and make sure you are getting repeat sales from your customers. To do this you need an effective sales and marketing funnel that you can work, test and measure.

Always Find Ways To Increase Profits

Don’t rest on your laurels yet. Don’t just be happy with getting customers and making them buy from you. Always find ways to get them to buy more.

Embrace Creativity

Brands like Apple and Ikea stand the test of time because they have followers who are loyal to them. They also differentiated their companies from their competitors by embracing innovation and creativity. Reach out to your employees and don’t be afraid to use their ideas. Launching new products and developing a clever marketing campaign is a good way of retaining that competitive edge your company needs.

Test and Measure

Are your marketing campaigns increasing sales? Is your social media presence helping drive traffic to your website? Testing and measuring everything gives you perspective especially if you want to find ways to increase traffic and keep costs down. Use tools like Google Analytics and Unbounce to help you test and measure marketing campaigns.

Empower Your Staff

No matter how big or small you are, empowering your staff by letting their voices be heard can help boost your profitability. When they feel that they are contributing or when you give them freedom to work, you are making them feel wanted which can greatly affect their productivity and self confidence.

Whether you're going through a transition in life, starting a new career, ending a career, or simply looking for ways to improve yourself, there's likely a book for that. But today there are thousands upon thousands of self-help books from qualified authors to choose from, which ones do you pick? We've curated a list of some of the best self-help books for you to check out.

Think And Grow Rich

This comes as no surprise to anyone. Think And Grow Rich is one of the best self-help book ever written. To date, it's helped hundreds of millions of people discover themselves. The book is a practical guide that outlines some fundamental laws that govern success and has been released internationally in just about every language.Buy it here

How To Win Friends And Influence People

Dale Carnegie's work was released in 1936, but it still remains a popular choice nowadays. The advice and practical tips suggested applies today as much as it did when it was originally published. To date, it's sold more than 15 million copies and can be found on the shelves of many executives.Buy it here

The 7 Habits Of Highly Successful People

Originally published in 1989, Steven R. Covey's work became an instant bestseller and today still can be found in every Barnes & Noble. It's been reprinted and sold over 25 million copies in over 40 languages. The book provides valuable knowledge on how to be a more effective you whether at work or in your personal life.Buy it here

The Road Less Traveled

Over 7 million copies sold in it's most recent print, translated in over 23 different languages, and being on the New York's Best Seller's list for over 10 years, this is a rare gem you don't want to miss out on. Dr. Peck's teaches his reader how to live a full and complete life, how to differentiate dependency from love, and how to find your true self.Buy it here

The 5 Love Languages

Who knew there were 5 different languages of love? Dr. Gary Chapman did and his work has helped millions of people all over the world to renew their intimacy, learn how to love, and most importantly - learn how to receive love better. Beyond simply helping with personal relationships, learning the 5 love languages will also give readers better insights into dealing with people both at work and at home.Buy it here

The Art Of Happiness

Who's more qualified to write a book about happiness than the Dalai Lama? Despite the great loss his country and he personally have suffered, the Dalai Lama remains positive and enthusiastic whenever you see him. Those who have been fortunate enough to be in his presence reported feeling lighter and even happier within just a few short moments. Coauthoring with Dr. Howard C. Cutler, The Art Of Happiness is a book that will arm you with the knowledge and tools to overcome everyday challenges and discover a better version of you - one that is happier and more fulfilled.Buy it here

Being an entrepreneur is a high-risk and high-reward journey that only few can withstand. Nowdays, becoming an entrepreneur seems like a worthwhile pursuit. Afterall, you get to be your own boss. You make lots of money, right? And best of all, you get to wear the much sought after badge of honor - that you're a part of the 1%. Much of that is fiction and the reality of entrepreneurship is hardly anything like what the media and entertainment industry portrays. Everyone knows entrepreneurship is difficult, but very few know just how difficult and what the journey is actually like. Here are the 7 Truths about entrepreneurship that very few people will tell you.

1) No One Cares That You're An Entrepreneur

One of the perk of being a self proclaimed "entrepreneur" is that you're among the special few. Nothing could be further from the truth. Once you become a recognized "entrepreneur", you'll realize just how many of you there are. And no one really cares about one another. No one thinks about you, cares about you, or believe your idea is special. At least not yet. As hard to swallow as it is, people don't care that you're an entrepreneur as much as you think.

2) You Never Escaped The 9-5

Another common reasons people become entrepreneurs is to escape the traditional nine to five work week. I hate to disappoint you, but that's literally the complete opposite of what will happen. Not only are you not going to escape it, you end up having to work the ten-to-two in addition to the nine-to-five. You'll miss the days where you get to relax and stop thinking about work after 5PM. And you'll certainly miss only having to work 40 hours a week.

3) Someone Already Did It

You became an entrepreneur because you thought you were doing something unique and cool. And you also thought that you were the only one in the known entire universe that's ever thought of that idea. Oh boy, you couldn't be more wrong. Little did you know, you've been typing in all the wrong keywords on Google to find your competitors. The moment you begin to seriously research your competitors, you start to find them. And you'll also realize that in many cases, your competitors are older than you, more experienced, and have more funding. Prepare to be demoralized.

4) No One Wants To Give You Money

To make matter worse, no one wants to invest in your idea at this stage. If you're just starting out, you likely have very little to show for. And savvy investors want to put their money where they will have the highest chance of getting a return of investment, and you're just not it, not yet at least. But along the way, you'll realize just how difficult fundraising can be. For most entrepreneurs, it takes anywhere between 6 months to a year to secure their first round of funding. For some, it will take even longer. So if you're in need of capital, be prepare to play the long game.

5) You Stopped Loving It

And the tragic truth will seek you out one day. One day, you'll sit at a coffee shop waiting for your next meeting to show up. You've hardly slept the night before. You can't even sort out all the tasks you haven't done this week. As you're sitting there, you can feel both your energy, hope, and aspiration dwindling. That's when you realized you no longer love what you do. You started this journey because you believed that it was something you loved and that you could spend the rest of your life doing. After all, that's what everyone's been telling you, that you need to pursue your passion. And here you are, out of money, out of luck, and out of fuel.Every entrepreneur will eventually come to the point where passion no longer fuels the journey. This is the most critical point in your entrepreneurial pursuit. Because this is where most people get up and walk away. The ones who succeed recognize they need to seek out something more than just a passion, they need a real purpose.

6) Everything Works Out As Long As You Stay In The Game

And for those with unbreakable will and perseverance, you'll be rewarded in the end. You'll soon realize that as long as you stay in the game long enough, you can succeed. Sure, there's likely to be a lot of pivoting and changing your business plan. But that's all a part of growing and evolving your company. One day you will get the funding you want. One day, your product will finally find a place in the market. And one day, you'll be living the life you once dreamed of.

7) It's All Worth It In the End

This is what every successful entrepreneur will tell you. And that it's all worth it in the end. You'll realize it's called a journey for a reason. It's a long, tough, and challenging journey that's meant to break even the bravest adventurers. You'll look back and miss all the fun and excitement of figuring things out. And you'll laugh at all the silly failures you didn't see until much later. If you stick with it until the very end, you'll find out that it was worth every ounce of sweat and tears.