How to break the business curse

By now you know that the world of new business is full of obstacles. The failure rates of 50% of all new businesses closing by their fourth year and 71% by their tenth year are a testament to this. The land of the entrepreneur seems a treacherous pursuit. But alas the world need not be so cruel with a dash of liquid courage and our top tips you can defy the odds.

UNDERSTAND WHAT SETS YOU APART and how to sell this. Engaging your target market is a fundamental part of building this understanding. Market research is an invaluable tool in your business development. Running forums and focus groups are great ways of getting to know your demographic and what your business can provide that others aren’t.

KNOWING THE REASONS why other businesses in your field failed is a great way to curb these failings in your own venture. Scouring business news and websites such as Statistic Brain and even reaching out to others for mentorship are all a means of finding out why failure occurs in your field.

BE AWARE THAT BUSINESS IS EVOLUTIONARY and when it is time to shift the project. All business go through struggles and it is finding a way to evolve beyond those struggles that will set you apart.

Essentially providing a superior product and having a will of steel are keys to running a successful business. If you bring this to your venture the rest will follow.

Jess is the lead news editor for Australia Business. When she's not writing and reading about business, she's probably endlessly scrolling through Instagram or downloading apps she may or may not need.