Failure = Success – Strategy – Capital – Opportunity – Time
Businesses set out to be successful, they don't set out to fail, yet according to the SBA, 50% of new businesses fail within one-year. That number jumps to 66% over two years. Where businesses fail is that they know how to do one thing and they think that is enough. It is the "Field of Dreams" approach, "if we build it they will come." This is simply not true. You have to have a strategy to differentiate, promote, attract customers and establish a brand. You have to have capital to survive a minimum of 12 months while fully supporting your strategy, and you have to be committed to making this work. That means putting in the time and creating the opportunities, but it also means be willing to make the necessary changes to make it work.
The statistics show you have between 10 to 24 months to get your business established and moving forward before you run out of capital, opportunities and time. If you make it past year two, you have great shot at making it. Roughly one-third of the businesses started this year will be around in year 10, make sure your business is one of them.