Building a business that will last through economic downturns and unexpected surprises is tough.
Every year, millions of Americans take the chance of a lifetime by starting their own businesses. Unfortunately, every year, many of them fail because building a business that will last through economic downturns and unexpected surprises is tough.
Less than 20 percent of new businesses survive past five years. Read on to discover how they do it.
Successful business owners are committed not just to a single product or business model, but to entrepreneurship itself. They are dedicated to growing a successful business, which helps them adjust business models or products that aren't working and respond to the market quickly.
Thinking Big, Thinking Again
You may not make the next Google or Twitter, but successful business owners strive for that level of scale and innovation, and they don't stop until they get it right.
Successful businesses are run by teams that trust each other. Two or three co-founders come together, each bringing something unique and valuable to the table. This partnership works because of the founders strengths and differences, and it is what helps ensure a business will last beyond the first five years.
Learning to Lead
Launching a startup requires strong leadership, but so does long-term business success. Committing to growing continually as a leader will help your business itself grow.
Learning to Sell
Sales ability is one of the most important attributes for entrepreneurs, but few people have it. Learning to make compelling promises you can follow through with is a skill, and successful business people spend a lifetime mastering it.
Persisting and Prevailing
All business people fail at some point, but that does not mean they are doomed. The most successful entrepreneurs know this, and they concentrate on learning and overcoming challenges so failure is not the end of their business's story.
Staying in for Life
Many entrepreneurs leave when they get rich, but the most successful are in the game for life. They want to create, make a difference in the world and leave behind a legacy. This motivation is part of what makes them successful because they are committed to something bigger than a paycheck.
To build a long-lasting business, you need to make sure that your ideas are long-lasting. By testing your concepts and products before going full-bore into them, you limit risk while boosting the likelihood of reaping great rewards.
The key theme in each one of these points is that successful businesses are run by thoughtful people. The most successful entrepreneurs have a plan, are committed to seeing it through and think about the bigger picture. It is these traits that increase their likelihood of surviving past the first five years.