If you have ambitions of starting your own business, you’ll need to be prepared for a lot of challenges and stumbling blocks. The road to corporate achievement is not a smoothly-paved one; there will be plenty of obstacles along the way, so the true test of an entrepreneur is how they react to unfavorable situations.
This infographic from All Finance Tax offers an intriguing first year survival guide for start-up business owners. While entrepreneurship is undoubtedly an unforgiving slog, the law of averages gives you a very good chance of at least making it past the 12-month mark, with 80% of businesses managing to survive for one year or more. Indeed, you’re as likely as you are unlikely to keep the business going for a minimum of five years; possibly a lot longer if you’re a shrewd entrepreneur who makes the most of whatever luck comes your way.
Getting over that critical first year usually boils down to avoiding some of the most common entrepreneurial mistakes, such as not having enough cash to meet short-term expenses, setting up in a badly-chosen location, marketing yourself insufficiently or trying to grow the business too quickly. Once you have the courage of your convictions to make bold choices and to learn from the mistakes that will inevitably be made, you have every chance of succeeding where many other entrepreneurs have failed.