It’s a sobering statistic, but roughly 50% of new start-up businesses fail within the first five years of trading.
What’s more, 43% of that total fail within the first twelve months. Why is it that some small businesses and start-ups seem to thrive, whilst others stumble and fail miserably? Is it purely down to luck and being in the right place at the right time, or is it simply a question of being able to provide the right product at the right price to a willing and receptive audience?
Well, in the experience of Steven Glicher, one of Stockport’s leading small business tax advice accountants, start-ups will need all of that, and a lot more besides.
It’s an indisputable fact that all new start-ups will need a certain degree of luck and good fortune when they first begin trading, but what appears to determine whether a business will ultimately be successful is entrepreneurial spirit and determination.
Here are the 5 key qualities we have found which are shared by all successful small business:
Any start-up will have to be determined. It must want success and be prepared to do everything in its power to make that wish a reality. If that means abandoning the 9-to-5 mentality, then so be it. Small businesses looking for trading success will need to go that extra mile to achieve it.
- Positive mental attitude:
All successful small businesses have a positive mental attitude, both towards themselves and their business. They see opportunities where others see obstacles, and their cup is always half-full. They look forwards, not backwards, and never let disappointments get them down.
Successful start-ups are totally committed to hard work. They appreciate that it’s this commitment and determination that will help them achieve the success they desire.
It might sound like a bit of a cliché, but Rome wasn’t built in a day. Every successful small business will need to be patient and see the job through step by step. Success is never guaranteed even for the most committed business.
Challenges and problems will always be encountered on the path to business success, but the successful entrepreneurs will persist with their ideas and never give up or change direction.
How can Steven Glicher accountants help your small business?
Steven Glicher accountants can not only assist you with small business tax advice and general accounting issues: we can assist you with all areas of general business advice. If you have any concerns over starting up or need advice on how to consolidate or develop your small business, then ring us on 0161 485 8007.