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Entrepreneurs are extremely energetic and enthusiastic, especially when it comes to their first time of launching their businesses. They think that they have developed a fascinating business idea and gathered a great team. They are so ready to craft the possible best products that have ever existed in that category. Apparently, they are all 100% hopeful for the success.
Unfortunately, success of a small business doesn’t happen all the time, or to be precise, the majority of the time. Here’s the stats. According to a recent study in May, one fifth of new small businesses failed during the first year. If you’re lucky to survive the first year, it doesn’t mean that you’re destined to success. The failure rate keeps increasing over the next several years. By year 4, 40% of small startups have already quit their businesses.
Just a quick disclaimer, I’m here by no means to discourage you from launching your own startups. I fully support entrepreneurship, and actually encourage you to start your own business. Because I do believe that although startups are very vulnerable to failure, it doesn’t mean that you shouldn’t try it at all. The reason is simple: if you don’t dare to take a first step, success can never happen.
After reading the negative stats for the success likelihood for startups, if you still decide to launch…
