The sad fact is that...
- 20% of these new businesses will fail within one year.
- 60% will not be trading in 3 years' time.
There are '6 Golden Rules' for business survival. These are:
Rule 1 - Every business should be launched to solve a problem or address a need.
Rule 2 - Listen and learn instead of telling and selling.
Rule 3 - Be creative and think laterally.
Rule 4 - Act with empathy and integrity. Never forget that trust and reputation are more valuable than your actual products and services.
Rule 5 - Wherever possible say ‘yes’ to opportunities. Business is all about taking calculated risks but also being prepared for things not to work out as planned.
Rule 6 - No matter how well - or how badly - things seem to be going, be ready to change and adapt. Nothing is forever. Everything changes. Adaptability is the key to survival, growth, and renewal.
Find out more about the 6 Golden Rules and the key questions that all entrepreneurs should ask here.
If you're looking for advice or support for your business start-up, Chris Dunn Consulting provides:
- Business Coaching
- Business Consulting
- Business Mentoring
We know what it takes to succeed.
Book your free no obligation Teams Meeting now.
Ps: If you're wondering where the stats in this post come from, wonder no more.
According to Enterprise Nation, 431,060 businesses were registered in the first six months of 2023.
According to Fundsquire 20% of businesses fail in their first year and around 60% will go bust within their first three years.
