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From Launch to Succession: Tips for Building a Thriving Business

While there is no single formula for when and how to launch a successful company, here are some tried and true tips every prospective entrepreneur should keep in mind

By | | www.entrepreneur.com

In my last article, I focused on what it takes to become a successful entrepreneur and what “success” means today. Here, I’d like to drill down on when to launch a  and offer some practical tips for entrepreneurs as they grow their .

Two Windows Theory

Deciding when to launch a business can be one of the most difficult decisions for entrepreneurs. For many, it’s a choice between a typical 9-5 corporate grind with the  of burnout vs. becoming an entrepreneur too early in life before you have had enough real-world experience.

Consider this: The majority of startups fail in their first year, there’s an even higher percentage of  in the second year, and only about 2% of surviving startups make it to year three.

Given the inherent risk in starting a business, there are two ideal windows of time to launch a new venture: right out of school in your early 20s, when you have a lot of energy and no other commitments, or in your late 50s or 60s, when your children have left home, and you presumably have a higher net worth. Both of those windows are easier times to assume the risk of starting a business. But if you want to have a successful and profitable business by your 40s, you really need to put in the “sweat equity” when you’re 22.

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www.entrepreneur.com
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