If you are like me, then sometimes you learn new things and actually state – “I wish I had known this 5 – 10 – 20 years ago.”
This is a common theme as leaders and entrepreneurs grow in experience through the school of hard knocks and trial and error. For this reason, I have decided it is time to share information, knowledge, experience and wisdom with others – so just maybe, they will not have to ask the above question.
Now the reason it is important to understand the five non-negotiable and threatening challenges to a Start-Up organization is quite depressing. Research shows that 80% of new businesses fail in the first five years. Seems the 80/20 rule is still accurate when applied to the percentage of surviving start ups. Only 20% of the start-ups make it to their fifth year anniversary.
Some very good research into what is needed for a company to successfully grow (and remain in business) is for the leader to focus on the most important things in their business during this time period. James Fischer conducted this research and formulated guides for the leaders and CEO’s to navigate the Growth Curve for Small Businesses.
This research covers companies with 500 employees or less. – Yes, even the sole owner or one person shop is impacted by the information contained in this model.
So, let’s look at the Five Non-Negotiable Challenges a Start Up Company in Stage One of the Growth Curve must focus their time and energy on mastering.