Scarinci Hollenbeck, LLC, LLCScarinci Hollenbeck, LLC, LLC

Firm Insights

The Key to a Successful Start-Up? Practice Makes Perfect

Author: Dan Brecher

Date: October 16, 2014

Key Contacts

Back

While it may seem that some entrepreneurs are destined to succeed, a new study confirms that hard work and experience play a key role. In fact, researchers found that the most successful entrepreneurs had done it all before.

Successful Start-ups
Photo by Franck V. on Unsplash

As detailed by Inc.com, the study used business records to examine the successes and failures of 2.8 million retail entrepreneurs in Texas over a 22-year period. Overall, most retailers struggled to stay in business longer than 24 months. Those with the most success had previously owed a business. More specifically, the study revealed that serial entrepreneurs experienced more success their second, third or fourth time around, remaining open longer with each new venture.

Interestingly, the experience of forming a business entity  transferred across industries. For instance, the owner of a coffee shop who subsequently opened a dog grooming business was still more likely to succeed, even though the two businesses are not related.

“If you are an entrepreneur, you want to continue to gain experience as an entrepreneur,” study author and Stanford Graduate School of Business Professor Kathryn Shaw stated. “It’s really a long-term commitment. Learning from that experience can shape your future.”

The study highlights there is a lot to learn about running a successful business. For those hoping to make it big on the first try, surrounding yourself with seasoned professionals is one sure way to increase the odds. From accountants to lawyers to marketers, partnering with experts in their field can help entrepreneurs avoid rookie mistakes and put their businesses in the best position to succeed.

For entrepreneurs looking to try again, the study is encouraging because it suggests that a failed business venture can actually be an asset. So rather than dwelling on your mistakes, use them to hone your craft the next time around.

In our practice, we have represented a number of entrepreneurs who had previous experiences as entrepreneurs. An important advantage that we observed they had over “rookie” entrepreneurs was the life lessons from the prior efforts: what worked, what didn’t work and their own strengths and weaknesses. For tips on increasing the success of your new venture, please check out “What Can Start-ups Learn from Google? Five Key Tips” and “Five Top Legal Tips for Startups.

If you have questions about this post or would like to discuss how to foster the success of your start-up venture, please contact Dan Brecher or the Corporate Transactions & Business attorney with whom you work. 

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Scarinci Hollenbeck, LLC, LLC

Related Posts

See all
Corporate Transactions: Best Practices for Successful Deals post image

Corporate Transactions: Best Practices for Successful Deals

Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]

Author: Dan Brecher

Link to post with title - "Corporate Transactions: Best Practices for Successful Deals"
How to Conduct a Fair and Legal Employee Termination in 2025 post image

How to Conduct a Fair and Legal Employee Termination in 2025

Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]

Author: Angela A. Turiano

Link to post with title - "How to Conduct a Fair and Legal Employee Termination in 2025"
Admin Dissolution for Annual Report: What You Need to Know post image

Admin Dissolution for Annual Report: What You Need to Know

While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]

Author: Dan Brecher

Link to post with title - "Admin Dissolution for Annual Report: What You Need to Know"
What Is Antitrust Litigation Law? post image

What Is Antitrust Litigation Law?

Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]

Author: Robert E. Levy

Link to post with title - "What Is Antitrust Litigation Law?"
Dissolving Your Business: Essential Legal Steps to Protect Your Interests post image

Dissolving Your Business: Essential Legal Steps to Protect Your Interests

If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]

Author: Christopher D. Warren

Link to post with title - "Dissolving Your Business: Essential Legal Steps to Protect Your Interests"
The Role of Corporate Restructuring in Mergers & Acquisitions post image

The Role of Corporate Restructuring in Mergers & Acquisitions

Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]

Author: Dan Brecher

Link to post with title - "The Role of Corporate Restructuring in Mergers & Acquisitions"

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Sign up to get the latest from our attorneys!

Explore What Matters Most to You.

Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.

Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.

Let`s get in touch!

* The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. By providing a telephone number and submitting this form you are consenting to be contacted by SMS text message. Message & data rates may apply. You can reply STOP to opt-out of further messaging.

Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!