How to Increase the Odds of Staying in Business

You’ve probably seen the scary statistical odds regarding starting your own business – over half fail within the first 5 years. Ouch.

So what can you do? What DO you do – to improve those odds and not become a statistic yourself? Well, you can start by doing some industry research.

Scott Shane on How to Start a Profitable, Long-Lived Business

Scott Shane, Professor of Entrepreneurial Studies at Case Western Reserve University explained how to beat the odds last week on Small Business Trends Radio.  Among his insights:  

  • Certain industries have higher failures rates than others. If you want to have higher odds of succeeding, the first step is to choose an industry carefully. Stay away from retail. B2B, on the other hand, usually has higher success potential.
  • Preparing a business plan increases your chances of success.  It sounds obvious, but it’s not just empty advice.  There’s a correlation between planning and success. 

Illusions of EntrepreneurshipAlso, check out Scott’s new book, Illusions of Entrepreneurship.  It’s the source of much of the material discussed in the interview. It’s also available on Amazon, too.

To hear the interview, click the red and yellow arrow below:

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