Opportunity

Statistics from the U.S. Small Business Association suggest that only 50% of small businesses survive their first five years.

Building a business requires a significant investment in time and money. It’s not uncommon for a new entrepreneur to operate at a loss for the first few months and make mistakes along the way (which isn’t necessarily a bad thing, mind you – fumbles tend to be the best teachers). That being said, why do so many people take the entrepreneurial leap only to close up shop a few years later? Sure, the economy isn’t what it used to be, but we can’t blame everything on the stock market.

Experts have long debated why the success rate of the average business is dismal at best. Most chalk it up to a lack of experience on behalf of the owner. I’d like to take this theory one step further and argue that a large percentage of businesses and business ventures fail because they are unable to identify and act upon an opportunity.

Thomas Edison once rightfully said that “opportunity is missed by most people because it is dressed in overalls and looks like work” – and I couldn’t agree more. The opportunity to build a business or to take it in a new direction never comes in a perfectly-wrapped package that can be implemented right out of the box. Like a diamond in the rough, an opportunity often requires a significant amount of work before it can be turned into a usable (and profitable) venture.

Business leaders are often regarded as 'thought leaders' in their chosen fields. They possess a vision and open-mindedness that allows them to take calculated risks and steer their company into unchartered territory, giving them an edge over their competitors.

Long-term success requires work and lots of it. It’s also dependent upon keeping ahead of trends, possessing the ability to network and maintaining some level of diversity in one’s business practices.

No matter how big or how small, astute business owners know that every opportunity that presents itself deserves some serious consideration on their part.