The numbers are impressive and the success stories are many, but even long hours of hard work and steadfast dedication don't guarantee success. In fact, more than half of small businesses fail within the first five years, according to the U.S. Small Business Administration.
What makes the difference between success and failure? several fundamental factors...determine whether a business succeeds or fails
- A plan
- Strong credit
- Outside income
- Bench strength
- Strong financial controls
- Friends. The business owner needs a lot of support
- A good team
- A realistic perception of success
The best part of starting a new business is that there are a number of resources to help with the process, including a personal banker. Remember, they've been there before and have helped many other businesses get off to a successful start.
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