If you’re a business owner, you’ve likely heard the statistics on new business success/failure rates.
Only 50 percent of businesses survive their first five years. Look out a little further, and you’ll find only one-third make it beyond the 10-year mark.
With numbers like this, it seems even riskier to launch a business in a marketplace already flush with competitors. But don’t let this dissuade you from your dream. Even in crowded markets, smart companies can find their niche, uncover unique value, or succeed through a mix of savvy business decisions, passion, and hard work.
In many ways, opening up an entirely new market has its own set of risks. The idea or business model could be unproven, or you could be asking customers to spend mone… Read more
