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Starting a business: Why does only 3% succeed?

Starting a business: Why does only 3% succeed?

Wednesday 03, 06 2020
To start a business successfully, you must be an "entrepreneur", meaning that you must have the characteristics of one.

However, after only about 1 to 2 years, the atmosphere would be mixed, some people may choose to give up, some turn into a business to make a profit, only a few will manage to maintain their original spirit. After 3-4 years, it can be said that the number of successes or the right steps on the path of starting a business is very small. There are no accurate figures but many in the startup community estimate that only 3% of startups are truly successful. The term “success” here can be understood as having built a business, owning a brand known and trusted by customers, having a stable number of customers, and creating a stable monthly income.

Are successful entrepreneurs more intelligent than the losers? Do they have more money than the losers? Or do they have better ideas than those who fail? The answer is "No!".

To start a business successfully, you must be an "entrepreneur", meaning that you must have the characteristics of one.

A person who has gotten used to a 9-5 job will definitely fail in starting a business if he keeps that working habits.

An employee feeling the working environment too restrictive, not wanting to be told, and forced to do things that he does not like by others, thus resulting in his decision to quit his job in the hope of being freer and happier will likely share the same fate.

True entrepreneurs are people who are willing to work 16 hours a day, 7 days a week continuously for a long time, maybe during the first 3-4 years of starting a business.

However, the willingness to work for many hours and days continuously is not enough for you to succeed when starting a business, as entrepreneurs need the following important qualities:

Starting a business: Why does only 3% succeed?

Hard-working

Starting a business is the most difficult time as there are thousands of things you have to do by yourself, while you have no experience and no help. When you first start your career, everything is very new to you, you have not proven that you will be successful, so few people are willing to follow and support you. It all depends on your ability and the kind of person you are. You must overcome this period if you want to be successful.

Focus

As soon as you step into the market, you will easily fall into a situation of shifting products as soon as you see something more profitable, which may result in you getting nowhere. It is recommended that you must carefully invest in product selection, and after having chosen the product, you should focus on developing it, as well as branding, marketing, and sales. There is no power greater than the power of concentration, and only when truly focused can you start a business successfully.

Perseverance

True success never comes in a short time, nor is there a shortcut to success. Everything takes time. You have to be persevered day by day, month by month, year by year to expect to get a glimpse of success.

Bravery

You work hard, you concentrate, you persevere, but the difficulty goes on, as those are the "specialties" of starting a business. Starting a business is always full of difficulties. There will be times when you are tired, having no one around, the whole world may turn their back on you, and you may want to give up everything.

You must not be afraid! Instead, you must slowly solve things one by one, and eventually, it will get better after the storm. At such times you have to be "brave”, showing your start-up spirit, and if you manage to do so, then you deserve your upcoming success.
That is to say, 97% of startups fail because they are not "entrepreneurs”. The good news is that we can all train to get the aforementioned characteristics and become true entrepreneurs. Only then can you start a successful business.

Source: moitruongvadothi

 
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Business

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