Surviving the First Years of Entrepreneurship

The decision to start a business is a life-changing one. Many well-educated individuals, with degrees in business, have launched businesses that fail in the first year. People with no previous experience or business knowledge can develop a new product and be successful in a short period of time. There are numerous examples that fall in between both those extremes. The point is there are no guarantees when it comes to launching a business. Some business plans that look excellent on paper have never reached the stage of a grand opening. Others that were destined to fail take off against all odds.

The secret to success is that there are no secrets. All the information needed to develop a plan, launch a business, and be successful is available in one form or another. That may be a college education, a few business courses, an internship, a mentor, inheriting a thriving business, or learning the ropes from the ground up. The difference between a business that thrives and one that fails lies in several other factors. Timing, changing marketing trends, the economy, technology advances, competition, and even the weather can be contributing factors to success or failure. Surviving the first years of entrepreneurship has more to do with tenacity, thinking fast, and being proactive instead of reactive than it does with education or a great new product.

The best places to gather practical tips and advice from experienced business owners are professional conferences, guest lectures, trade publications, and websites. Most are designed to provide clear and direct information to new business owners. Compare resources on the internet to be sure information is based on real situations rather than concepts and theories. Theories are fine, but they are not always applicable in actual business situations. Articles writing by owners, guides provided by those who have launched businesses, and tutorials conducted by experts who have failed before becoming successful will be the most helpful information available. Some sites, such as Excellence Expected, also offer coaching or mentoring in specific topics. Utilizing pod-casts to maximum effect is an example of a coaching program offered. Two tracks, one for beginners and one for those who wish to build on skills, are offered online. Subscribing to sites owners find beneficial is recommended in order to get frequent updates.