2016 survived their first year of activity, half of them survived at least 5 years and a third survived 10 years or longer. Not too bad seen from that angle.
It also means that 50% closed within 5 years of their existence. I am in my 3rd year of existence so I have already done better than 20% of the ones that started in 2016 and I surely hope to beat the odds and still be there passed 10 years of activity.
So, what did I learn out of this and how could this help you keeping your business running…. Let’s check out the 3 golden rules for business survival that I have learned from my experience so far.
In an article published by the BBC about standing seats in airlines in July 2010 and another one in CNN’s article “Here’s what it might be like to travel on a stand-up airplane seat” on April 3rd this year, I just cannot imagine how far low cost could come before people say “Enough!!”.
Some will just lock themselves in their office, workshop or lab and start hacking it down, assembling, soldering, coding… it has to be done today!!
Others will take a piece of paper and start drawing, making a shopping list and evaluating how it can be done.
At the end, all of the above is okay as long as you include project sizing as part of your thought process. Read More…
- Business Development
- Business Models
- Customer Service
- Easy Rules
- Knowldege Transfer
- Maker Faire
- Mass Market
- Product Launch
- Project Management
- Raspberry PI
- Social Media
- Teaching Lab