In 200 words or more Survival rates for new businesses were

In 200 words or more

Survival rates for new businesses were the focus of several different studies.One of the most thorough was done at the U.S. Census Bureau by Alfred Nucci, who calculated the 10-year survival rates of business establishments. He found that 81% survive for at least one year, 65% for two years, 40% for five years, and 25% for 10 years. The survival rate for independent startups was slightly lower. For example, the one year rate was 79% instead of 81%

This does not consider the idea that each person starting a new business has their own definition of success. What is your definition? What does success mean to you?

Solution

Introduction:

The new era focuses on development and growth of an individual rather that just money making. This is considered as an age of entrepreneurs rather than fitting yourself in 9 to 5 jobs. Young talent is given way to showcase their talent in front of the society and follow their dreams with the introduction of the concept of entrepreneurship. Entrepreneurship refers to the act of starting up or launching the new products and projecting new innovative ideas in the form of a business. The person who thinks and begins with new and fresh start-ups is called an Entrepreneur.

It has been noticed that the new start-ups rate of survival is less and young and talented entrepreneurs are not able to attain success due to multiple factors. But this does not mean that there is lack of talent in the youth. Moreover the definition of success cannot be confined in boundaries as it is understood differently by every individual. So one entrepreneur can be successful in the eyes on one person whereas unsuccessful in the eyes of other simultaneously.

What does success mean to me?

Success can never be measured on one parameter or using one set of predefined characteristics. Different people have different definitions of success and there is no one defined definition for it. In general terms, according to me, you are successful when you have achieved what you had desired for, by putting your 100 percent hard- work and worked with full dedication. Also, if you are able to grow personally, professionally, abide by your core values, justified your job, grown in a better way that yesterday then at the end of the day you are successful.

If we talk about entrepreneurs, I feel that success can never be measured in terms of numbers, growth percentage or market share. An entrepreneur is considered as successful when he is able to justify his work, provide good quality products/ services to the customers, make them feel happy and earn a good name in the market. It does not mean that in order to be successful one should completely ignore the concept of making money, earning profits or growing in terms of market share. If your business is giving you all this, then also you are successful but only if accompanied by self satisfaction, goodwill, self content and happy and loyal customers.

It is very important to note here that success can never be achieved in one day and the road to success is not a cake walk. It requires lots of hard- work, dedication, positive attitude, patience, endless efforts and clarity in thoughts. If you have all this, then you are already on the road to success.