Every start-up needs a support network.
WE ALL KNOW the disastrous success rate of start-ups. I’ve spent the past 20 years working with thousands of entrepreneurs trying to understand the key factors that determine whether a business will be one of the 4% that succeed or one of the 96% that fail.
One of my observations has been that most successful entrepreneurs deliberately surround themselves with a support ecosystem during their early growth years. US research firm, Dun & Bradstreet discovered that only 10% of all businesses that fail close down involuntarily. In other words, 90% of entrepreneurs who close their businesses simply give up.
Anyone who has been on the entrepreneurial journey knows how many times we wake up in the morning wondering if it’s worthwhile continuing. It’s particularly difficult when we’ve lost a major client or a key staff member, or we’ve had a quarrel with our partner, not to mention the stresses of managing that all-too-elusive cash flow.
Many entrepreneurs interpret having a support system as simply having a mentor. Although this is part of a support ecosystem, it is by no means the entire thing. Below are five types of support that I believe every entrepreneur should deliberately build into their journey.
1 STRATEGIC SUPPORT
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Denne historien er fra July 2018-utgaven av Entrepreneur Magazine South Africa.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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