How can you tell that you stand a good chance at succeeding at a business venture? New statistics from the Small Business Administration show that at least 2 of every small business establishment has survived the first two years and about 45% go pass the five years. This in itself is a remarkable improvement over past numbers which showed 95% of small businesses did not make it pass the first five years. With the explosion in the number of people now becoming entrepreneurs in the current world economy, it is important to carefully evaluate your chances of success if you are already on the boat or looking to get on.
Obviously, no one starts a business with the intention to fail. Everyone expects and works to build a successful establishment, whether in a home-based or traditional retail setting. Failure, we must admit always remains a real possibility, which is why we must do everything to eliminate it. Many people we know have started ventures which either never really took off, or never got to the level they expected. And so, how do you evaluate your chances of turning an idea or a dream into a million dollar opportunity?
Here are some early indicators of your success potential.
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