First some stats …
• Only ONE out of 5-10 start-ups and small business survive beyond the first 5 years
• Only ONE out of 5-10 of the rest will survive beyond the next 5 years
• That is the survival chance of about 5% or less!
Now some facts …
• No entrepreneur ever starts a business planning for failure
• Most common causes to this condition are:
1- Lack of a clear, realistic and actionable plan
2- Failure to implement that plan properly
3- Failure to adjust the plan based on new findings
4- Failure to ask for experts’ assistance when required
Most Important Requirement of Success is:
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An explicit and clear plan with properly defined and communicated Vision, Direction, Purpose and Mission