Many first-time business owners will fail.
It’s a fact that the Small Business Administration has backed up. Close to half of small businesses fail before they reach their fifth year about business.
Here are six ways to avoid small business demise:
Check your founder readiness. “It’s so much easier to start a business these days at a low cost – particularly in technology,” Bradberry points out. “And so there is an argument where people say ‘Don’t wait, just jump in.’” However, he suggests first establishing why you want to start the business, and set goals and self-evaluating to determine your entrepreneurial personality and see how to leverage your skills, assets, resources and relationships.