Trey Sned is the founder, CEO, and creative director of Harmen & Co, a men’s clothing brand located in West Palm Beach, Florida. When he is not focused on branding, marketing, and sourcing supplies for his startup, Trey Sned enjoys reading Sir Richard Branson’s books on business.
A billionaire businessman, Richard Branson has plenty of experience starting companies. The entrepreneur recently took to his blog to explain why he thinks 2017 is the perfect time to start a business, also offering advice for fledgling business owners regarding their startups.
Branson starts off his post by musing that there are more millennials alive today than any other generation, which he thinks is great for business. He suggests that the new technology available to business owners in 2017, like social media and online shopping, coupled with this generation’s wide acceptance of this technology, removes many barriers that once stood in the way for startups and entrepreneurs.
Branson warns, however, that staying on top of your business’ finances is crucial for success, calling “poor cash flow” the “biggest killer” of new businesses. The entrepreneur cites a study that found up to 82 percent of startups fail for this very reason.
Poor cash flow is an issue Branson himself has faced. He revealed that when Virgin was still a young company, selling off Virgin Records was the only way to keep the banks from shutting Virgin down. Now, with a net worth of $5 billion, it is safe to say Branson’s sacrifice paid off in the long run.
