According to Industry Canada, an average of 150,000 new small businesses are created in Canada each year. But just 51% of new businesses survive five years.
Out of those small businesses that didn’t make it – what do you think happened to those entrepreneurs?
Some probably determined that entrepreneurship wasn’t the right path for them. Some probably tried again, but tweaked things here or there compared to their first try. Some probably decided small business education was in order to fill in the gaps in their entrepreneurial knowledge.
What all these three types of entrepreneurs have in common was that they learned from their failures. And at GoForth, we don’t think “failure” is a bad word at all! Most of us have learned valuable lessons from not accomplishing what we set out to do.
Entrepreneurship is a hard road that can ultimately be one of the most rewarding things you can do in your life. But you’re not going to be perfect at anything the first time you try. So take heart, and take a lesson from Bill Gates about how to face your failings!