There have been many attempts to define what makes businesses successful, and unfortunately no one has found the secret formula to guarantee success. Certainly there are some common traits among high performing businesses such as passion, vision, unique marketing position. However, the jury is still out about what exactly will ensure market domination and long term success.
Luckily there has also been a lot of research done on why businesses fail, and here there does seem to be a far more quantifiable theme. Research done by Seattle-based Business Resource Services (BRS), indicates that approximately 60 percent of all new businesses will disappear within the first three years, and 90 percent in the first 10. This doesn’t necessarily mean that they all went broke, and many business owners will have simply have given up because it’s all too hard and gone back to working for someone else. Others will have been taken over by their competitors, moved into other markets etc., but the cold, hard statistics are still very sobering for anyone considering venturing into the heady world of business ownership.