YOUNG BUSINESSES include NEW and START-UP businesses and business that have been trading for less than 2 years.
Statistically, the failure rates for NEW businesses are:
20 % fail within 1 year
30 % fail within 2 years
90 % fail within 5 years
Over a 17 years approximately 90% of the young businesses I have worked with are either still trading profitably or have been successfully sold. I attribute this ‘statistically unlikely’ success to 2 key elements!
Firstly the entrepreneurs I have worked with are driven predominantly by their authentic core values rather than their egos.
Secondly, the entrepreneurs I work with follow the 7 Fundamentals to Build a Successful Business!
The below video was filmed to promote a talk that I was asked to deliver to a group of young business owners and start-up investors and where I summarise the 7 Fundamentals to Build a Successful Business!