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Small Business Center

Thriving During Your Business’ First Year

November 14, 2022

According to the Bureau of Labor Statistics, approximately 20% of small businesses fail within the first year – often because their founders weren’t prepared for the complex reality of being business owners. The most successful new business owners come in with clear eyes and expectations. Here are three tips to help you thrive as a new business owner, according to a column by clinical psychologist, speaker, author, and entrepreneur Sherry Walling:

1. Be prepared to wear many hats.

2. Understand the power of community.

3. Get ready to hear no, but keep fighting anyway.

Looking for more tips? See Wallings’ 3 Tips for Surviving Your First Year in Business in All Business.

By Rebecca Meiser

Contributor, Commerce + Communities Today and Small Business Center

Small Business Center

ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.

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