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It’s no secret that most small businesses fail within the first five years of their existence. Of those that do make it through those early years, most of them fail in the next five years after that. In other words, although entrepreneurship can result in tremendous rewards, it is by no means a cakewalk.
This brings up an interesting question: why do so many small businesses fail? Based on our experience running our own startups and looking at our research of small business success and failures, the answer is much simpler than most believe. It is simply because the owner of the company gives up.
Now, don’t get me wrong – most entrepreneurs don’t give up easily. However, they often times find that small business ownership requires a lot more work, patience, and financial commitments than they had thought, which leads them to revert back to their Plan B.
The most successful entrepreneurs, on the other hand, burn all the bridges behind them. They don’t look back. They don’t even consider that their business may fail. They don’t keep a Plan B in their hip pockets in case things don’t work out. In other words, they burn all the bridges behind them and fully commit to their startup’s success – and eventually translate that success into small business growth. (more…)
As the optimistic, positive-thinking entrepreneur types, we typically like to think about the upside of being small business owners. However, there are often struggles and landmines along the way – and plenty of small business failures – that often get overlooked in our culture of glorifying the seemingly “nothing but success” stories of the Mark Zuckerbergs and Bill Gates of the world.
What many don’t realize, though, is that most entrepreneurs struggle immensely at some point along the way. Even for those that are fortunate enough to become successful, the entire journey can be a long grind. Despite this fact, most popular business publications, training courses, and Small Business Administration recommendations don’t prepare entrepreneurs and small business owners for the difficult scenarios to expect.
Based on my own challenges and failures – combined with what I’ve seen countless other entrepreneurs struggle with – small business owners make a number of common mistakes along the way. I certainly have, having unintentionally run one of my companies into the ground, only to recover and grow the company to heights that I had never seen before.
Below are several things that I learned in my rise, fall, and rise again cycle as an entrepreneur: (more…)