3 Reasons Why ONLY 5% Of Businesses survive Their First Year!

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I came across an interesting statistic yesterday. Did you know that 95% of businesses don’t make it past their first year of trading? Whilst I knew the statistic was high, I didn’t expect it to be this high. Whilst anyone can set up a business, NOT everyone is cut out for business. Running a company requires versatility. It also requires an investment of time, energy and money. Here are three reasons why only 5% of businesses survive their first year of trading:

RESILIENCE

Entrepreneurs that survive their first year of business are resilient. Why? Out of necessity. Business isn’t easy. If it was, then everyone would do it. There’s a reason why the likes of Oprah, Jim Carrey and other high profile figures holla about mindset. Your mind dictates everything. It tells you when to breathe, when to eat, when to swallow and when to sleep. In the same way it’s responsible for your involuntary functions, it also determines what you can and can’t do. Working on your mindset daily is non negotiable because our only limit really is our mind!

KEEP SHOWING UP

Surviving your first year in business isn’t about being the smartest, the richest or the most intelligent. It’s about standing the test of time and persevering even when you feel like giving up. There will be moments where you feel unstoppable and moments where you don’t. Whilst I’m not LIVE every day, I still show up in the form of “posts” or “stories”. The public figures that you look up to, are where they are because they kept showing up. So be relentless in your pursuit of business success.

BE OPEN TO ADAPTING

If something isn’t working, change it up. Don’t wait for a year then close your business because things aren’t working. There isn’t a ‘one size fits all’ approach. There will always be a million different ways to do things and a million different people sharing with you what worked for them. What you need to remember is that what works for one person, doesn’t necessarily work for the next. We are all unique and so are our businesses. Listen to your gut. Follow your intuition and be open to adapting things as you see fit. My business model now for example is very different to 18 months ago. Hell I’ve even undergone a full rebrand and name change! Was this scary? No quite the opposite. It gave me the clarity I needed because I am now 100% clear on my vision, my mission and how I plan on scaling Think Like a BOS$!

Maggie ColetteComment