12-31-2023, 01:07 PM
When you're thinking about starting a business, it's a good idea to pick one with low risk. Some statistics say that around 20% of new businesses don't make it past 2 years, 45% fail within the first 5 years, and 65% close down within 10 years.
But don't let these numbers scare you away from starting your own business. Instead, use them as a guide to find out which 35% of businesses manage to survive beyond 10 years. Once you've decided on a business, make sure your idea solves a problem because businesses that solve problems tend to do well.
Ask yourself if your business idea passes the "rule of the thumb" test—does it solve a problem? To start a successful business, look for problems that others are facing and figure out how your business can solve them.
It's also important to be transparent about your company, hire the right people, and maintain high ethical standards. Consider adopting a sustainable business model for long-term success.
But don't let these numbers scare you away from starting your own business. Instead, use them as a guide to find out which 35% of businesses manage to survive beyond 10 years. Once you've decided on a business, make sure your idea solves a problem because businesses that solve problems tend to do well.
Ask yourself if your business idea passes the "rule of the thumb" test—does it solve a problem? To start a successful business, look for problems that others are facing and figure out how your business can solve them.
It's also important to be transparent about your company, hire the right people, and maintain high ethical standards. Consider adopting a sustainable business model for long-term success.
