What Is The Probability Of Your Business’ Success? (Startups)

Reading John Mac’s Freedom Formula gave me an insight to write this article. Have you ever wondered about the probability of your business succeeding and how you will achieve it without failing in the process especially as a startup? Then continue reading and you will find out more. Statistics rightly shows that about 90% of businesses never make it past a 5-year growth period and chances that as a Startup, that has been lingering at the back of your mind.

Being successful is a mindset you have to achieve. As a Startup, the success of your business is not just determinant on what your company does. IT STARTS WITH YOU! It is a lifestyle that you have to create and build as an individual before you can achieve the success you expect. The probability of your business’ success can vary from 0 to 100 or from 100 to 0 depending on your choices, values and goals.

One major thing to consider as a Startup is that failure is an option but it is dependent on how you are receptive to it. The truth is every Entrepreneur faces failure in one way or another, but it doesn’t always translate to the failure of the entire business, that’s where the difference is. How you fuel the knowledge and experiences is what makes you successful or not. 

Consider the following when thinking about the probability of your business surviving in the competitive world of business - Your environment is a contributing factor to the success of your business. As a Startup, your physical environment can break or mar your business. The question to ask yourself is, what kind of environment would be suitable for my business? Do you need a marketplace, a business district, a quiet surrounding or a night club area? If your business needs a business district for clients and customers and you locate your business in a quiet surrounding, how do you expect to succeed? Positioning yourself and your business is integral to your business’ success.

As a Startup, you also have to look at your social environment. Individuals, employees you surround yourself and your business with will determine how successful your business would become. You can’t place your business with people who do not have the same vision of your business, neither can you discuss business solutions with social contacts who have nothing positive to contribute or help with problem solving solutions from the ideation stage to the implementation stage. Being positive about your business will bring success.

The pathway of every business is different just as it is different for every individual. This is where the values and goals of your business comes in. What works for Company A may not necessarily work for Company B. Hence, if you outline your business goals with a competitor’s goals, it most likely will not work for your business, as what you want to achieve is different from what your competitor wants to achieve, even when you are both in the same industry and targeting the same audience. It is not enough that a business should be created through an idea, it is also important to follow precepts and guidelines in achieving success. This brings the next probability of success, Consistency. Many businesses fail because they lack consistency. It leads you to being an expert in your field. What is that one thing that makes your business different from other competitors. That is what you ought to keep be doing until you are recognized for it.

All of these will not be achievable if you are not intentional about your business. Look at what you want to achieve with your business and surround yourself with a team that can achieve your goals. Your team should be able to understand every step of the business journey. Allow their creative juices to flow, as long as they don’t go against the values you have set and work through it with them. Know what your business needs and find a way to provide it,

Let me tell you this, do not listen to the statistics. It is established that businesses fail. You don’t need to concern yourself with this. The probability of success is a game of chance and you have to be strategic about how you want to overcome the challenges that come with owning a business. Those who have successful businesses didn’t achieve their success in one year and they can tell you that every business decision they have had to take may lead to their continued success or failure. What they do not do is give up.