According to the U.S. Dept. of Labor, Bureau of Labor only 49 percent of new businesses survive 5 years or more; 34 percent survive 10 years or more; and 26 percent survive 15 years or more. Those statistics are valid for all 50 states, and for most industry types. That’s about a 50% chance that your small business will succeed by the 5 year mark (and conversely a 50% chance that it will fail). If you’ve managed to create a cash-flow positive, profitable, and sustainable business before that 5 year mark—Congratulations!
Now you need to turn your attention to building on your initial achievement, and making the business a long-term success so that you join the elite 26% of businesses that thrive for over 15 years.
A recent Forbes post, 10 Rules From the Trenches to Help Build Your Business, provides some great advice to “help you navigate the shark-infested waters of turning a profitable micro business into a sustainable long term business.” Written by a former Navy SEAL turned serial entrepreneur, the post provides 10 rules that entrepreneurs can use to guide them through the business challenges they face every day.
Covering everything from personal fulfillment, to customer strategies, management strategies, mentorship, and business ethics, these rules ring true as a foundation upon which to base many small business decisions.
Take a few minutes, and read 10 Rules From the Trenches to Help Build Your Business now.