More people than ever before are starting small businesses, but the statistics don’t favor their longevity. Data from the Bureau of Labor Statistics show that only 25 percent of new companies make it to 15 years or more, while approximately 20 percent of new businesses fail during the first two years of opening. These statistics have been relatively consistent since the 1990s.
Businesses must adapt to the changing times, especially given the past few years’ events. With climate change, increased political discussions, and an impending recession, uncertainty seems to be our new norm. Frank Knight’s book Risk, Uncertainty, and Profit explains that uncertainty is necessary for businesses to make any profit.
If business leaders could foresee risks and strategize accordingly, competitors could do the same. The uncertainty is advantageous because it allows businesses to identify opportunities during disruptive times and use them to gain the upper hand. I started Zen Media amid the 2008…
This article was written by Shama Hyder and originally published on www.inc.com