When it comes to starting a new business there are some startling facts out there. Fortune Magazine claims that 9 out of 10 startups ultimately fail and the US Census Board reports that despite more than 400,000 new businesses being founded each year, 470,000 actually die. With figures like that, you’d be forgiven for believing that getting into business is a near-impossible task, but sometimes the figures can be misleading.

In the above two examples, it is unclear as to what defines the ‘failure’ or ‘death’ of a business and both statistics also neglect to give a time frame. A better statistic to work from would be this, from the Small Business Administration that claims that 50% of businesses fail within their first year of business and of those that remain 66% of them will survive their first two years in business. Suddenly the facts seem more in the entrepreneur’s favor, but what are the key components of starting a successful business? How can you ensure that you end up a part of the favorable 66%? In this article, we’ll take a closer look at 8 of the key components of a successful business.

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As the CEO of your own business, you are not only responsible for your dealings with clients, but also for the operations and practices of the people who work for you. While your bottom line and the ability to turn a profit are most important to your business, you also have to think about day-to-day operations, procedures, human resources, marketing and other aspects for short-term and long-term success.  Here are some important considerations.

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Growing a business can be incredibly tough. Especially if you’re in an industry that’s saturate and competitive beyond belief. But it can be done. First of all, give yourself a pat on the back for surviving this long. It isn’t easy. Starting up is tough, and if you’re looking to grow it should mean you’re over the first and some say, tallest hurdle. There are a lot of ways you can grow your business, depending on your industry some can be more effective than others. However, whatever way you look at it there are certain steps you can take that will result in your business growing. You’ve just got to take the right steps in the right order. You also must be resilient and not overreach yourself. Doing so can cost time and money, and potentially cripple your business. Don’t let it get to that point. You also need to realise that the time you spend trying to grow your business is time spent away for your core business activity. These tips can help you get started. You might already have begun to implement some, but see what other ideas they can give you. Approach them one at a time, don’t overstretch. Good luck!

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