It's well-known that around 50% of new businesses will close within the first five years. However, there is hope. A recent study by two economists from Stanford and the University of Michigan found that failed entrepreneurs are much more likely to be successful their second time around. In short, wannabe entrepreneurs can learn a thing or two from their already successful counterparts.
We tracked down successful entrepreneurs and asked them their number one tip for ensuring success.
How to Ensure Success as an Entrepreneur
Have a servant’s attitude
Vladimir Gendelman, the founder of Company Folders, hit the nail on the head with this tip: “To succeed in business, you must have a servant's attitude. Most business owners think, "Finally, I'm my own boss!" They relish the idea of being in charge. But that idea is false. In a normal job, you have one boss, but as a business owner, everyone is your boss: customers, vendors, even your employees. When you have a servant's attitude, you recognize that it¹s your job to make those three groups happy,” he says.