In business, failure can lead to success

June 10, 2014

Starting a business involves some degree of uncertainty. Lots of factors come into play that will influence the way your business grows and evolves. Being aware of these factors can help you prepare for a successful venture.

For some entrepreneurs, starting one venture may lead to another opportunity. If you have big ideas, you don’t have to limit yourself to just one business. One entrepreneur’s story tells a tale of “calculated risk.”

According to a CNNMoney article, an entrepreneur named Kevin Jennings has managed to start 40 businesses. This number is notable in and of itself, but to add to that, Jennings started all of those businesses within the span of 35 years.

Although one of his ventures eventually turned into a multi million dollar business, Jennings told CNNMoney that most of the 40 businesses he started had actually failed.

Building a small business can involve trial and error. By trying out many different ideas, Jennings eventually created a successful venture and continues to be a serial entrepreneur.

Of course, not every entrepreneur will go that route. Even if you’re looking to start just one business, it’s important to be aware of the risks that may present themselves as you develop your business. When considering an idea, pay attention to market trends to help determine when will be the best time to start.

The structure of your business will play a role in its success, especially for first-time business owners who have experience to gain. Determining the right type of entity for your business will help you establish a solid foundation from which to expand. An online incorporation services company can be a great resource for learning how to incorporate your business.