According to U.S. Bureau of Labor Statistics, "about 20% of new businesses fail in their first two years, 45% fail in their first five years, and 65% fail in their first 10 years. Only 25% of new businesses survive for 15 years or more." This statistic underscores the challenges entrepreneurs face and the importance of continual adaptation and innovation.
Companies fail because of the entrepreneur. That same person who created the business can be the undoing of a profitable enterprise. I have purposely 'remade' my job every five to seven years, realizing that complacency is a killer.
It is easy to get complacent and just keep doing the same thing over and over. Some entrepreneurs get comfortable and lose that spirit that made them successful in the first place. When you fail to innovate, others pass you by.
When you fail to take risks, you miss opportunities. It is easy to believe your product or service will stand the test of time. But not everyone is L.L. Bean, John Deere or Coke.
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