By: John Glover (MBA)
Starting a business can feel like a leap of faith. Every year, countless entrepreneurs embark on this journey, filled with hope and ambition. But for many, that journey ends prematurely. According to statistics, nearly 70% of small businesses fail before they reach their 10-year anniversary, a sobering reality that haunts new ventures across industries. The road to success is anything but smooth, and the small business graveyard continues to expand.
So why do so many small businesses fail? While every venture has its own unique challenges, common factors—like loss of motivation, lack of resilience, and poor decision-making—are often at the core. The challenges can be overwhelming, but for those who manage to persevere, the rewards are worth the struggle.
Corey Pearson, Chief Quilt Artist and Brand Ambassador at Linda’s, knows the entrepreneurial roller coaster all too well. “It is not all smooth sailing, and a lot of times, there are roadblocks in the way that are out of your control. Understanding that not everything will happen the way you want it to is important because then you might not get hung up on the little things,” Pearson explains. In the world of small business, adaptability and resilience are crucial for survival.
The Roadblocks: Motivation and Persistence
One of the biggest challenges small business owners face is maintaining motivation. As Pearson points out, it’s easy to get caught up in the small setbacks that seem to pile up over time. However, losing motivation can be the ultimate nail in the coffin for many businesses.
The key is learning to navigate these obstacles without letting them derail your progress. As Pearson advises, “There will be times where you get frustrated and feel like taking the easy way out, but you have to stay strong and remember why you started doing this in the first place.”
This sense of purpose can make all the difference between success and failure. When things go wrong—and they inevitably will—it’s essential not to lose sight of your initial passion. Reflecting on why you started the business can reignite that spark and keep you moving forward when times are tough.
Failure Is Not Final: Learning From Setbacks
One of the misconceptions about entrepreneurship is that success happens in a straight line. The truth is, failure is a part of the process. In fact, many successful entrepreneurs point to their failures as the stepping stones that led them to where they are today. The difference between those who succeed and those who don’t often lies in how they respond to failure.
Pearson emphasizes the importance of seeing setbacks as opportunities for growth. “Once you get through the obstacles and small setbacks, you will feel much more confident in your abilities as an entrepreneur. You cannot grow until you fail a little, so remember that it’s normal to have mistakes or errors,” Pearson says. For new entrepreneurs, it’s critical to embrace failure not as a sign of defeat but as a learning experience.
This mindset shift is crucial in staying motivated and building a sustainable business. Every setback teaches a valuable lesson, and every lesson brings you one step closer to success. “Everyone goes through it, but it’s how you handle it that really matters,” Pearson adds.
Proactive Problem-Solving: The Path to Success
One of the most effective ways to ensure small business survival is to be proactive in addressing mistakes. Entrepreneurs must be willing to confront their errors head-on rather than shy away from them. Whether it’s adjusting a strategy that isn’t working or refining a product based on customer feedback, being proactive is key.
Pearson shares the belief that believing in yourself is equally important. “Believing in yourself and your abilities is the key to success and making it to the finish line.” Self-confidence, coupled with a willingness to learn from failure, forms the foundation of a successful entrepreneurial journey.
The Bottom Line: Persistence Pays Off
The small business graveyard may be expanding, but that doesn’t mean your business has to become a part of it. Success in entrepreneurship often comes down to persistence, resilience, and a commitment to learning from mistakes. As Corey Pearson illustrates, the road may be bumpy, but staying focused on your purpose and maintaining belief in yourself can help you weather the storm.
In the end, it’s not about avoiding failure but about how you rise after each stumble. As an entrepreneur, keeping your motivation alive, embracing failure as a learning tool, and being proactive in solving problems will keep your business from ending up in the graveyard. Success, after all, isn’t determined by never falling—it’s about how many times you get back up.
Published by: Nelly Chavez
