Things I've Learned for Sure!

Things I’ve learned for sure:

As a relatively new business owner, I, like others have learned that 8 out of 10 new businesses fail within the first three years. In his article “What Causes Small Businesses To Prosper”, Moya K. Mason, has said:  “A study of firms found that 85% were still in business after three years, if they had developed a business plan at the outset.”  http://www.moyak.com/papers/small-business-success.html

So what does it take to be a successful business owner?  One must be a self-starter, have great stamina and drive.  One must be able to develop relationships with others, be able to choose strategic partners, and market a consistent message with a comprehensive plan.  The ability to plan, organize and prioritize is needed.  One needs a few great mentors and a tough accountability partner.  One must have a supportive family and network of like-minded business friends.  One must understand their competition, have passion for his/her products or services, and focus on success.  Congratulations to all those businesses that have passed their five year mark! 

Submitted by Pat Millfelt, www.SerendipitousConnectionsMarketing.com, pmillfelt@comcast.net, June 12, 2013.