The corporate world is a tough, unforgiving environment. New businesses are faced with the enormous challenge of trying to sway custom away from established, reputable companies and hold their own in a cut-throat battlefield. For many start-up owners, simply getting through the first year is an achievement in itself, even if the company’s objectives are far more ambitious.
This infographic from All Finance Tax (http://allfinancetax.com) provides an interesting and straightforward guide to negotiating the first year of entrepreneurship. Although there are constant stories of start-up businesses quickly folding for reasons such as insufficient capital, a badly-chosen location or a weak marketing plan, these are in the minority. Most start-ups will make it through at least one year, with 50% of businesses surviving for five years or more.
Business ownership is a test of character as well as financial and managerial acumen, but if you back yourself and make measured yet ambitious business decisions, there’s a very good chance you’ll make it in the tough yet rewarding world of entrepreneurship.
This infographic was created by All Finance Tax.