Success through Failure
by SmartSamantha
Did you know that most small business owners fail several times before they succeed? A 2006 empirical study entitled “Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs” reported that whereas first-time entrepreneurs have only an 18% chance of succeeding, the chance of success increases by nearly 50 percent for each successive business attempt. By the fourth attempt, the chance of success is over 60 percent. In fact, the typical successful small business owner starts 3.6 businesses is his/her lifetime. Most business owners attribute much of their success to building on earlier failures. As Henry Ford said, “Failure is simply the opportunity to begin again, this time more intelligently.”
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