How Entrepreneurs Can Survive the Odds

In the world of small business, the statistics are sobering. Nearly 70% of businesses fail before reaching their tenth anniversary. For entrepreneurs, this is an unsettling reality, and it has led to what many call the “small business graveyard” — a place where dreams end, and investments go unreturned.

The path of entrepreneurship is often painted as a thrilling journey of passion, freedom, and financial independence. Yet, for many, it’s more like walking through a maze of uncertainty, unforeseen challenges, and relentless competition. Staying afloat is no easy feat. But according to Corey Pearson, Chief Quilt Artist, Brand Ambassador, and VP of Customer Success at Linda’s Electric Quilters, the key to avoiding that graveyard isn’t found in avoiding failure altogether but in how you handle the inevitable challenges.

The Lifeline of Small Businesses

“Losing motivation is the ultimate nail in the coffin for small businesses,” says Pearson. “It’s not all smooth sailing, and a lot of times, there are roadblocks in the way that are out of your control.”

Pearson’s words echo the sentiment shared by many successful business owners who have learned that persistence is one of the most important qualities an entrepreneur can possess. There will always be challenges, be it unexpected financial hardships, shifts in market demand, or personal doubts. But as Pearson highlights, it’s crucial to understand that these hurdles don’t necessarily spell the end.

“Understanding that not everything will happen the way you want it to is important because then you might not get hung up on the little things. There will be times where you get frustrated and feel like taking the easy way out, but you have to stay strong and remember why you started doing this in the first place.”

Roadblocks

For many small business owners, the early years can feel like one obstacle after another. Cash flow problems, staffing issues, and marketing struggles can easily push entrepreneurs to the brink of giving up. However, giving in to these challenges often becomes the point where businesses join the graveyard.

Pearson believes it’s all about the mindset: “It’s not the end of the world if some things go wrong, but giving up is. To be successful, you have to jump through hurdles and be proactive about your mistakes.”

Mistakes, in fact, are an inevitable part of business growth. Whether it’s a marketing campaign that doesn’t yield the expected results or a product that doesn’t sell as well as hoped, setbacks can feel devastating. But those who are able to navigate through them are often the ones who eventually find long-term success.

Learning from Failure is a Critical Step Toward Growth

While failure might seem like a dreaded word for new entrepreneurs, seasoned business owners understand it as a stepping stone to growth. According to Pearson, entrepreneurs must learn to accept failures as part of their journey.

“Once you get through the obstacles and small setbacks, you will feel much more confident in your abilities as an entrepreneur,” Pearson advises. “You cannot grow until you fail a little, so remember that it’s normal to have mistakes or errors. Everyone goes through it, but it’s how you handle it that really matters.”

This ability to bounce back from failure is crucial. Entrepreneurs need to be able to look at their setbacks, learn from them, and apply those lessons to future decisions. It’s this adaptability that helps businesses survive past that pivotal 10-year mark.

The Key to Longevity

Beyond persistence and the ability to learn from mistakes, Pearson stresses the importance of self-belief. “Believing in yourself and your abilities is the key to success and making it to the finish line,” Pearson says.

In an entrepreneurial journey filled with uncertainty, doubt, and competition, confidence is often the one constant that keeps business owners pushing forward. It is not arrogance but rather a quiet assurance that, no matter the setbacks, they have the ability to solve problems, adapt to change, and find new paths to success.

For many, this belief comes from experience — the knowledge that after every failure, there’s an opportunity to pivot, improve, and grow. It’s this resilience that often separates businesses that survive from those that don’t.

Persistence Pays Off

Running a small business is hard work. The long hours, financial struggles, and emotional toll can easily drain even the most passionate entrepreneur. However, as Corey Pearson reminds us, the key to surviving and thriving in the world of small business lies in persistence, learning from failures, and most importantly, believing in oneself.

The small business graveyard may be growing, but those who embrace the challenges and remain dedicated to their goals will find themselves among the survivors, standing strong and successful against the odds. As Pearson so aptly puts it, “You cannot grow until you fail a little.”