Don’t be a start-up failure. Defy the odds and create a successful business by using these tips.
Starting a business is risky. One study found that 25 percent of new businesses fail within their first year, and 50 percent fail by their fourth year. For U.S. venture-backed start-ups, another study found a more shocking figure-a failure rate of 75 percent. If you plan on defying the odds and creating a successful business, you need all the help you can get. Here are five tips:
1. Pick the Right Industry
There’s a great book called Delivering Happiness by Tony Hsieh, the CEO of Zappos. The book describes how before Zappos, Hsieh created a company called LinkExchange that he sold to Microsoft for $265 million. Afterwards, he didn’t know what to do with his time, so he became a professional poker player.
What he learned in Vegas was that his job was not to be the best poker player in the world. His job was to pick the right table. If he sat down against eight other professional poker players, he would get up and find another table with weaker players.
…to read this article in full, visit leading US small business resource, Inc.