Making it Past Five Years: Keys to Surviving in Business

With the first steps into entrepreneurship, you feel exuberance from a dream fulfilled. Then, you are soon greeted with fear typically reserved for riding rickety rollercoasters. There’s good reason for this once you review the humbling statistics from the Bureau of Labor Statistics (BLS) which show us that nearly half of all businesses fold within their first five years.

Why do so many businesses stumble within the five-year mark? How do you ensure your venture doesn't become another one of these statistics? Here are some keys to increasing your business’s chance of survival and success.

First, approach your business with a clear, uncompromising vision. Understand your purpose and what you want to achieve. What is your definition of success for you and your business? The answers to these questions are your North Star, guiding you through the twists and turns of entrepreneurship.

Next, adopt a repeatable, proven process. Building a business may seem like you’re in unchartered territory, but the path to success often lies in repeating proven time-tested processes. Embrace this fact, roll up your sleeves, and get down to the details of running your business day in and day out.

Adaptability may be another critical component. In a dynamic business landscape, being too rigid or not rigid enough can quickly lead to failure. Know your market well enough to determine when you need to be flexible and adapt to change and when rigidity is your best friend.

Finally, remember that it's a marathon, not a sprint. Entrepreneurship demands not just financial investment, but also an emotional one. Burnout is real and can wreak havoc on both you and your business. Prioritize self-care, and ensure you're replenishing your energy reserves regularly. Running a business is a long game; pace yourself accordingly. When in doubt, remember the old adage that slow and steady wins the race. It's tempting to seek out shortcuts, but there's no substitute for hard work, perseverance, and time.

Each of these keys provides a cornerstone for your business. However, they are nothing without the foundation of belief - in your vision, your abilities, and the potential of your venture. Entrepreneurs who cross the five-year finish line aren't the ones who had it easy, but those who held on to their belief especially when challenges were encountered.

Building a business is not easy as there are many times where the odds are stacked against you. But remember, every successful enterprise we see today was once headed by folks just like you, facing the same daunting odds. They made it past five years and beyond, and so can you.

If you already have a tried and true process to use then you are likely well on your way to success to make it past the half-decade mark and beyond. If not, and you are looking for a process that worked for me and might help you, feel free to pick up my book. Click here to read a sample: https://a.co/bvFXici.

Most importantly though, brace yourself for an exciting ride - the adventure of building a business awaits you.