The Ultimate Entrepreneurs Guide to Survival: Don't Give Up!

Running a small business isn’t easy, even during the best of times. According to the United States Small Business Association:

● 30% of small businesses fail within two years

● 50% fail within five years

● Only 25% of businesses last 15 years or longer

Any small business owner will tell you that running a small business is challenging. You have to manage a thousand moving pieces, ensuring that you stay on top of cash flow, employee performance, sales, marketing, and many other factors. Many owners struggle to manage all the different elements and their business struggles as a result.

When circumstances get tough, running a business becomes an even greater challenge. Throughout the years, many events have occurred that placed a squeeze on businesses:

● The Great Depression

● World War I and World War II

● The Cold War

● The 2008 housing market collapse

● The 2020 coronavirus pandemic

During these difficult times, many small businesses folded under the pressure. They simply weren’t able to keep going. Brick and mortar businesses were hit the hardest because of the pandemic. Most of our favorite stores went bankrupt due to closings, lack of customers with buying power, and supplier and shipping costs rising. Some major companies did not take seize the opportunity to digitize their business, upgrade their systems and social media practices until it was too late.

But many businesses have survived these incredibly challenging circumstances. Some of them have even thrived. In the early 1920s, Prohibition prevented the sale of alcohol in the United States. As you can imagine, this made things really difficult for producers of alcohol.

But many companies adapted and came up with creative ways to save their businesses:

● Yuengling made ice cream

● Pabst made cheese

● Coors produced dinnerware

● Schlitz churned out chocolate

● Stevens Point Brewery went into the soft drink business

The point is that your business can make it through hard times. You’ll need to get creative. You’ll have to take decisive action. And you’ll need to make tough decisions. But you can do it!

In his book How The Mighty Fall, Jim Collins wrote:

The signature of the truly great versus the merely successful is not the absence of difficulty, but the ability to come back from setbacks, even cataclysmic catastrophes, stronger than before. Great nations can decline and recover. Great companies can fall and recover. Great social institutions can fall and recover. And great individuals can fall and recover. As long as you never get entirely knocked out of the game, there remains always hope.

Don’t give up. There is always hope!

In this small business survival guide series, you’ll discover effective steps to take that will help your business thrive in the midst of difficult times. Doing these things won’t make things “easier,” but they could be the difference between your business surviving or dying.

Ready? Let’s dive in.

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