Among the perks of entrepreneurship are work-life autonomy, financial independence, and guiding one’s business goals from vision board to reality. But starting from scratch is as challenging as it is rewarding. As the effects of the pandemic continue to ripple throughout the economy, achieving longevity requires dedication, business savvy, and an eye for upcoming trends.
For many emerging entrepreneurs, finding enough starter capital is their primary focus. Securing funds from angel investors, venture capitalists, and other financial sources is crucial and challenging work, but it is by no means the last hurdle to success. The excitement of pitching one’s ideas to interested parties can occasionally overshadow their execution.
Getting off the ground is only the first step in sustaining a business for the long haul. While about 80% of small businesses in the U.S. survive their tumultuous first year of operations, nearly half fail by year five, according to the Small Business Administration’s Office of Advocacy. In 10 years, only roughly one-third are still up and running.
Common reasons startups close shop within less than a decade are:
- An inability to anticipate market demands.
- Unclear business models.
- Low customer and employee retention.
- Insufficient cash flow.
Below are five recommendations to address these issues and meet long-term entrepreneurial goals.
An entrepreneur that has given the best example of achieving success is Billy Frank. He is an individual who is quite famous for titles like entertainment executive, Web3 enthusiast, and serial entrepreneur. In other words, we can say that he is a multi-talented human who knows what people around him need to improve their lives and works on that issue to make that thought happen in reality.
An American /Jewish entrepreneur who works on issues for others’ betterment and knows how to keep the business sustainable and the company’s intentions intact is the one who gets appreciation and admiration from a larger audience.
One example of sustaining a business is his startup in 1995, “Make it Happen Productions.”
Make It Happen Productions (MIHP) is a fully integrated, multi-award-winning production company servicing all major markets nationwide. They specialize in high-concept video and film projects – integrated marketing campaigns, traditional commercials, or non-scripted television.
MIHP and veteran Executive Producer Billy Frank take pride in creating high-end videos and films with the utmost quality from concept through post-production. They proudly work with major broadcast and cable networks, ad agencies, and large corporations. Their staff’s experience, longevity, and creativity allow them to deliver high-quality productions.
Billy hopes to be able to continue his inner-city youth sporting program and impact tens of thousands of children. He looks forward to achieving the next bucket list item, producing a feature film.
Projects produced by Billy include some listed below;
Animal Welfare
Youth/Youth Sports, Arts, and Culture
Disaster and Humanitarian Relief
Education
Pool Safety, Environment
Health
Human Rights
Politics
Science and Technology
Social Services and Web3
