A survey of 2,000 small business owners from the US and UK reveals some patterns about who succeeds and who fails. One possibly surprising trait of succeeders is that they don’t work around the clock. Indeed, 58% of them say spending evenings with family is crucial to their success. Other traits which distinguish successful entrepreneurs from failed ones include the former’s inclination to seek advice from mentors, and their willingness to spend money on marketing campaigns. One common trait among the failures: financial mismanagement, blamed by two-thirds as a reason for their struggles.
- The statistics about the rate of success and failures of small businesses are daunting. It shows that many small businesses tend to fail.
- It is believed that the average life span of a small business is five years, yet the entrepreneurial spirit is still driving many people.
- The patterns that were discovered were that successful business owners rest and relax rather than work around the clock all the time.
“We surveyed 2000 current and former small business owners from the US and UK. Some had succeeded, others had failed. We took all their answers and looked for patterns.”