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What It Takes To Be Successful in Business

Did you know 80% of businesses started by experienced businesspeople succeed? That’s an incredibly high statistic, but did you notice how I said “experienced” businesspeople are the ones who succeed?

Experienced entrepreneurs who’ve “been there, done that,” have a good understanding of what works and what doesn’t work in business.  Those who are fully committed to knowing what to do, when to do it, & know how to purchase and market the products/services offered, can and will survive in any economy. They know how to negotiate with their suppliers, they know how to raise money, they know how to sell & market and they know how to add continuous value to those they serve. “Experience” is the key.

Most businesses started by inexperienced people fail. Ninety-nine percent of businesses started by those who lack business experience, fail within the first two or three years. Why? Because they haven’t the slightest idea how to make it successful. They may have an idea for a product or service, but don’t have the experience to know what the key requirements are for building, sustaining or growing a successful business.

Carrie2

Coach’s Corner #1

carrie This entry was posted by Carrie Nicolini on Saturday, June 19th, 2010 at 2:17 PM

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  • http://www.astekweb.com aswindler

    Some very interesting stats, Carrie! I had no idea it was that high for experienced entrepreneurs, but it makes sense. Live and learn, as they say. Interesting tie-in with 80/20, a common ratio in business success. Of course that doesn’t mean that starting a new business will even be easy, but perhaps part of the success ratio is related to knowing which challenges are worth taking on and which ones have a greater chance of success rather than riding on pure emotion or vision outside of the context of market conditions, etc. I imagine that is more common with less seasoned entrepreneurs who move too quickly.

  • http://www.getgoalsdone.com Carrie Nicolini

    Andy-

    Yes, I agree with your comments and also believe this would probably be more so with less seasoned entrepreneurs who, although they may have the degree, are lacking the experience necessary, to achieve the overall desired results.

    Speaking from my own past experience in leadership roles, when searching for candidates to interview for a particular position, I was often more inclined to choose someone who had good-solid experience as it related to the position, over someone with a college degree/very well educated and no past experience. Understandably, we all have to “acquire that experience” somewhere & at some point and time in our lives and depending upon the situation, timing, and the job that was available, I was definitely open to giving people their first opportunity to do so.