Forbes has an article posted on How to Bounce Back From Failure:

Anyone who claims to have built something of lasting value–be it a business, personal relationship or a body of critical knowledge–without suffering serious pain and disappointment is either a liar or dangerously naïve. At some point on your journey, you will stumble and fall.

As the article mentions only 45% of startups make it to their 4th anniversary. In today’s troubled economic climate the challenges faced by new businesses are even greater. What separates successful entrepreneurs from the crowd is not a lack of failures, but the resiliency to pick themselves up and try again when things don’t go as planned.

Of course, when starting a new venture it is always worthwhile to do everything you can to increase your odds of success. Two great ways to do this are by adopting a properly written Business Plan and Automating Your Business. Franchises have a much, much higher success rate than general business startups, so Automating your Business to make it run like a franchise will give you an advantage over other companies that have not taken this crucial step.

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Related posts:

1. Top Reasons for Business Failure
2. The Myth of Business Failure Rates
3. Tips on Developing an Effective Marketing Plan and Avoiding Common Mistakes

This entry was posted on Thursday, August 20th, 2009 at 11:28 am and is filed under Incorporation, New Business Ideas, Small Biz Management, Starting A Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.