It seems like a new startup is popping into the media landscape every day. But according to the Small Business Administration, five out of 10 new companies survive at least five years, one-third will make it 10 years, and only 25 percent stay in business 15 years or more. So what does it take to not just bring the company together, but to maintain its success for a long time?
With help from media moguls, we list the seven traits that makes the difference between a wanna-be with an idea bulb and a successful entrepreneur.
One of the first steps: finding that perfect partner. Cezary Pietrzak was one of four friends who worked together to launch start-up travel site Wanderfly, and he credits their friendship with getting the company off the ground. “You expect to spend a lot of time with other folks in your company and pull late hours, so you have to have a great relationship.”
Read on for more on learning the business, handling those funds and honing on your big idea at 7 Definitive Traits You Need for Startup Success. [sub req'd]