Jasmine
VIP Contributor
When you have decided to start a business you need to try a business that has low risk.
According to the Bureau of Labor Statistics about 20 percent new businesses fail within 2 years, 45 percent within the first 5 years, and 65 percent within 10 years.
These figures should not deter you to start a business, in fact, you should use these figures to study which 35 percent business can survive beyond 10 years.
When you have decided on the business, you need to check whether the idea is right or not.
A business that solves problem will never go out of business. Does your business pass this rule of the thumb?
If you want to start a business, look for the problems others are having and think about how you can solve those problems.
You also need to make your company transparent, recruit proper people, and maintain high level of ethics.
Try a sustainable business model.
According to the Bureau of Labor Statistics about 20 percent new businesses fail within 2 years, 45 percent within the first 5 years, and 65 percent within 10 years.
These figures should not deter you to start a business, in fact, you should use these figures to study which 35 percent business can survive beyond 10 years.
When you have decided on the business, you need to check whether the idea is right or not.
A business that solves problem will never go out of business. Does your business pass this rule of the thumb?
If you want to start a business, look for the problems others are having and think about how you can solve those problems.
You also need to make your company transparent, recruit proper people, and maintain high level of ethics.
Try a sustainable business model.