According to the Bureau of Labor Statistics, roughly 20% of small businesses fail within their first year of opening. After five years, half of companies go out of business — and only about 30 percent make it to year ten. There are many factors that can influence whether a company stands the test of time or whether it goes out of business after just a few years.
To succeed, entrepreneurs must make the longevity of their business a top priority. A successful entrepreneurial career requires more than just launching a company. It’s ensuring that it sticks around for the long haul.
What Is Longevity In Business?
While you might assume that longevity simply refers to keeping a company in business for decades, this isn’t the only possible definition in the business world.
Longevity should always be…