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PHOENIX, AZ, August 16, 2022 /24-7PressRelease/ -- Millions of businesses are started yearly, but more than 20% of these new ventures usually fail within the first two years. Over 45% of new businesses usually fail in the first five years. It is estimated that 65% of businesses usually fail during the first ten years.
This means that only about a third of businesses usually make it past the 10-year mark, but others are likely to fail soon afterward. The question many entrepreneurs may be asking is, what makes the difference between success and failure?
Elijah Norton of Veritas Global Protection offers tips to help entrepreneurs boost their chances of business success.
Elijah Norton and the Veritas Global Protection Success Story
Elijah Norton is the president and executive chairman of Veritas Global Protection. The company executive noticed that the vehicle service contracts industry lacked innovation and did not offer quality services.
That's why he decided to go all-in into the auto contracts industry. Starting with just two employees, the company now has dozens of employees and a presence in North America, Central America, South America, and Europe.
In addition to vehicle protection plans, Veritas Global Protection offers auto finance and a wide range of other products for auto dealerships. The following are some of the business tips offered by Elijah Norton to entrepreneurs.
Tip 1: Pursue a Business Idea That Makes Sense and You're Passionate About
Elijah Norton is a car enthusiast who noticed a gap in the industry. His success in the industry is attributed to his passion for cars and his ability to see gaps in the industry.
Elijah Norton advises anyone who wants to venture into business to focus on businesses they are passionate about, as this can tremendously improve their chances of success.
Tip 2: Stay Motivated
Challenges are going to come when running a business. For instance, you may be unable to pay rent, cover payroll, and pay for supplies.
This is the point where most businesses usually collapse. Since many challenges come with running a business, entrepreneurs should always stay motivated. This motivation will enable them to overcome challenges and achieve success.
Tip 3: Keep Customers Happy
In business, the customer is king because, without them, the business will not generate any income to meet its obligations. Therefore, entrepreneurs should consistently focus on offering quality services that meet client needs and expectations.
Complaints from customers should be addressed urgently to ensure customers are happy. When clients are happy, they usually write positive reviews and offer high ratings, which is good for business.
Tip 4: Build the Business the Right Way
It takes time to build a successful business. It took Elijah Norton three years to achieve success in his first venture. However, most successful companies achieve success after five years.
Entrepreneurs should be patient when running their businesses. They should also avoid shortcuts and focus on long-term rather than short-term goals.
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