Factors that determine whether a business succeeds or fails

During the last two decades, small and new businesses have created two of every three new jobs in the United States. According to the National Economic Council, small businesses employ 60 million Americans - or half of all jobs in the country.

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

1. Experience
2. A plan
3. Money
4. Strong credit
5. Outside income
6. Bench strength
7. Strong financial controls
8. Friends. The business owner needs a lot of support
9. Energy. 
10. A good team
11. 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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