- Successful entrepreneurs have often learned from the experience of at least one business failure
- Even if you don’t have experience in starting or running a business, you can build on your strengths to find success
- Partners, consultants, and others can help you account for any skills gaps
People looking to start their own business are often cautioned that any venture may have a limited chance of success. About one in five small businesses fail within a year, and only about half of new companies last longer than five years.
Yet the silver lining of such failures is that they give valuable insights that can be applied to an entrepreneur’s next business idea. Plenty of successful business owners have at least one failure in their past that helped them learn what mistakes to avoid, gain an understanding of the financing process, better manage their employees, and otherwise gain experience in critical skills.
Timothy Carter, a contributor to the Entrepreneur Leadership Network, recently addressed the question of whether entrepreneurs can still be successful if they don’t have experience in business or entrepreneurialism. He suggests that anyone can have a good chance of starting a profitable business if they build off any personal strengths and skills.
Carter says it’s also important to supplement this expertise to make sure you aren’t lacking in marketing, management, or any other areas. Bringing on a partner, hiring consultants, seeking mentors or business advisors, and other steps can help make sure your company is well-rounded.
