News & Insights

Phoenix’s manufacturing sector has experienced impressive growth. From 2013 to 2023, the city saw a 14.9% increase in manufacturing jobs, far outpacing the national average of 6.7% during the same period, according to the U.S. Bureau of Labor Statistics. As stated by Jevan Capital In 2023 alone, the city added nearly 15,000 new manufacturing jobs, pushing the total number of manufacturing positions to approximately 180,000.

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If your business has ceased to grow, it may be time to consider a pivot. According to CB Insights, 17% of startups fail due to flawed business models. Therefore, if you are not making progress, it's important to reconsider your strategy and explore new opportunities. Market trends also play a significant role. The business landscape is constantly evolving, and 42% of startups fail because their products become obsolete. If your offering is becoming outdated, a pivot could help you remain competitive.

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2.9 billion records, including Social Security numbers were potentially compromised according to USA Today. This breach highlights the increasing vulnerability of personal information in today's interconnected world, raising critical questions about how to better protect such sensitive data.

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Embracing failure, understanding what went wrong, and using those lessons to drive future success are vital steps in recovering from a setback. The first step in bouncing back from a failed business idea is to accept and acknowledge the reality of the situation. Denial or avoidance will only hinder the learning process. Recognizing that the idea didn't work out is important since it's a common experience in the entrepreneurial world.

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It's important to differentiate between perseverance and the costly pursuit of a failing idea. Recognizing when your business idea is not working can save you from financial loss, emotional burnout, and wasted time.One of the most telling signs that your business idea may be doomed is the absence of market demand. No matter how innovative or exciting your product or service is, if there isn’t a significant market for it, success will be hard to come by. According to a CB Insights report, 42% of startups fail because there’s no market need for their product​. This is a clear indication that market research is critical before fully committing to an idea. If you're not seeing customer interest or market traction, it might be time to reassess.

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The sunk cost fallacy is a cognitive bias that significantly impacts decision-making in business environments. This phenomenon occurs when individuals or organizations continue investing in a project or venture simply because they've already invested heavily, even when it's no longer rational. A study by the Project Management Institute found that organizations waste an average of $97 million for every $1 billion invested in projects and programs due to poor project performance, often linked to the sunk cost fallacy.

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