“You never know with these things when you’re trying something new what can happen—this is all experimental,” says Richard Branson with a bright smile, as one of the world’s most recognizable and successful entrepreneurs.
The “things” he refers to are the numbered and dynamic variables associated with starting or building a business. Similarly, many of his quotes involve working hard, making mistakes, never quitting, and following your passions, especially in regard to startups and small businesses.
Over one-third of the United States’ working population happen to be employed by small businesses. The American economy is supported by small, private businesses that continuously prove that the “American Dream” is possible. In order to achieve the successful growth it takes to become the one percent of publicly traded U.S. businesses, startups must have a competitive edge and must take a healthy dose of risk.
Whether they know it or not, small business owners are entrepreneurs. According to the Merriam-Webster dictionary, an entrepreneur is responsible for organizing and operating a business, as well as taking on risks to do so. It’s about the business, the drive, and the risk it takes to succeed.
However, in 2016, the Bureau of Labor Statistics found that 50 percent of small businesses fail within the first four years of existence. Moreover, Forbes discovered earlier in 2013 that only two to three businesses out of ten will survive fifteen or more years.
Richard Branson may be right about never knowing and trying something new, but the odds of your small business’s survival are not great enough to “experiment” with, particularly when it comes to scaling.
Fortunately, there are signs to watch for that signal when it’s time to take the next step, and grow outward in search of new customers, new revenue streams, and greater brand recognition.
