According to the latest statistics from the U.S. Small Business Administration (SBA), 21.5% of new businesses failed within the first year. In addition, the SBA found that entrepreneurship among Millennials is lower than compared to previous generations with less than 2% of Millennials reporting self-employment, compared to 7.6% for Generation X and 8.3% for Baby Boomers; with entrepreneurship growing much more slowly for Millennials as see in the figure below.
As Business Rewritten celebrates its official one-year anniversary this September, we are humbled to be a part of the outliers in these SBA statistics. Taking the plunge to start my own marketing firm at the age of 33 conjured up a number of fears and anxieties, but also ignited a flame of passion and determination to build something of my own.
Working in corporate America for the past 12 years holding various marketing, sales and business development positions, helped lay the foundation for Business Rewritten. Below are some of the lessons I learned that have helped Business Rewritten celebrate this important milestone:
- It’s better to say NO to a client and be honest about your workflow, then to say YES and not deliver the best level of service
- Relationships matter more than you think because at the end of the day, people like doing business with people they like
- Referrals are the best compliment you can receive
- Don’t forget to celebrate the small victories, but also learn from and evaluate the circumstances that led to the pitfalls
Written by: Julie Wanzer, LEED AP
Graph from SBA.gov