Will your startup business fail?
Everyone has failed at some point, it's part of life. If you haven't failed at something your probably not trying hard enough.
But, can you do things to minimize your failures? Absolutely!
Most entrepreneurs have heard the scary stats, people quote failed business statistics everywhere, but the numbers are all over the map.
A recent Harvard University study claims that 3 out of 4 venture-backed businesses fail.
The U.S. Bureau of Labor Statistics shows about 50% of all new businesses survive 5 years or more, and about one-third survive 10-years or more.
This is an interesting statistic because it shows you that a more mature business has a better chance to survive.
According to the Small Business Administration (SBA) close to 66% of small businesses survive their first 2 years. What that means is that only about one-third of total businesses will fail during the first 2 years. The SBA also tells you that about 50% of businesses fail during the first year in business.
This is much more encouraging than the 9 out of 10 failures that some studies claim.
Regardless of which study you believe, when you start a new business there is a chance that you will fail. Your job as an entrepreneur is to maximize your chances to succeed.
What you can do to improve chances
One of the greatest things about starting a business today is the availability of information to help you succeed. You can learn from other entrepreneurs that failed, and avoid those mistakes.
How do you do that?
You get advanced training, you join a mastermind, you surround yourself with successful entrepreneurs, and you listen closely. You can minimize your failures by being prepared and learning from your mistakes (and others). And above all, you must take relentless action.
Are you ready?