In support of our local start up community, we put together a list of the five lessons we learned when we hit our sixth year in business. Check out the excerpt and head on over to Phoenix Start Up Week's blog to read the rest.
If you’ve ever been brave enough to share your amazing new business idea with a friend or family member, you’ve undoubtedly been met with a hesitant head tilt and the start-up skeptic’s favorite refrain: You know, 50% of new businesses fail by their fifth year.
They mean well. They’re only worried about your wellbeing. But their lack of faith isn’t totally unfounded. Making it out of the fifth year with your head still on straight is a feat worth celebrating. But making it out of the sixth year, now that’s a little more complicated. By year six, you’re a seasoned team that’s making its way out of scrappy start-up and into an established business. You’ve figured out your market, your product, and you’re rolling full speed ahead—that’s when the real trouble begins.
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