Career and Business-building books, articles, consulting and more. The most interesting and important aspect of the 75 to 80 percent failure rate is the 20 to 25 percent success rate. Over the past few years, I have worked with dozens of new businesses and can't help but notice a very important pattern. The people who succeed in business are not the risk takers. Those who succeed are the ones I call the risk minimizers, the ones who proceed slowly and cautiously, who keep their investment to a minimum, who learn as they go.
Strategic planning is the key to business success.
Its advantages are numerous. In other words, successful entrepreneurs do their homework before they get started. He developed a style of classical guitar playing he felt would appeal to large numbers of people. And he made a beautiful recording of his music. Problem was, he wasn't interested in touring nor did he have the money or interest required for the standard huge promotional push to radio, press, retail, publishers, record companies, etc.