Small Business Focus

Businesses that survive first 3 years are more likely to succeed, shows research

1001 is the number of days a business needs to survive in order to make it, says research.

Timothy Maurice, author, thought leader and external spokesman for Santam's 1001 Campaign explains why this seems to be the case.

Research has shown that most entrepreneurial businesses that surpass the 3 year (1001 days) mark are likely to succeed and thrive in the longer term. Tonight we look at Santam’s 1001 campaign which aims to assist local small business to reach what many view as a difficult milestone in business.

Those who break through that period of firsts, of seconds and that overwhelming chapter of getting to know how you respond to the environment - a lot of people don't make it.

Timothy Maurice, author, thought leader and external spokesman for the 1001 Campaign

It gives you the opportunity to learn and to find out if you are cut out for this - and fundamentally build a relationship with yourself.

Timothy Maurice, author, thought leader and external spokesman for the 1001 Campaign

Timothy says timing and context is key to choosing when to jump in and start your business.

In the first couple of years a lot of it comes down to self confidence, and self esteem, security, and the ability to draw upon a network.

Timothy Maurice, author, thought leader and external spokesman for the 1001 Campaign

He says he cannot underestimate the importance of a network, those people you can call who can help get you through the stormy patches.

Go to www.santam.co.za and check out the 1001 Campaign. Follow the trajectory and conversation around the two featured entrepreneurs.

Timothy says Santam has put a great deal into finding the right kind of support and making sure the right kind of research is being done at the highest level.

Finally real raw local South African research is being done, not imported. The research was done with 600 entrepreneurs in South Africa.

Timothy Maurice, author, thought leader and external spokesman for the 1001 Campaign

Here are some of the results:

47% said it was passion that motivated them to start their business. 52% are sole proprietors 69% said they jumped in and learned their approach along the way. 78% said cash flow was a major cause of sleepless nights. 69% said they had to sacrifice a steady income.

The future is entrepreneurship!

Timothy Maurice, author, thought leader and external spokesman for the 1001 Campaign

This article first appeared on 702 : Businesses that survive first 3 years are more likely to succeed, shows research


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