
Dan Brecher
Counsel
212-286-0747 dbrecher@sh-law.comFirm Insights
Author: Dan Brecher
Date: October 16, 2014
Counsel
212-286-0747 dbrecher@sh-law.comAs detailed by Inc.com, the study used business records to examine the successes and failures of 2.8 million retail entrepreneurs in Texas over a 22-year period. Overall, most retailers struggled to stay in business longer than 24 months. Those with the most success had previously owed a business. More specifically, the study revealed that serial entrepreneurs experienced more success their second, third or fourth time around, remaining open longer with each new venture.
Interestingly, the experience of forming a business entity transferred across industries. For instance, the owner of a coffee shop who subsequently opened a dog grooming business was still more likely to succeed, even though the two businesses are not related.
“If you are an entrepreneur, you want to continue to gain experience as an entrepreneur,” study author and Stanford Graduate School of Business Professor Kathryn Shaw stated. “It’s really a long-term commitment. Learning from that experience can shape your future.”
The study highlights there is a lot to learn about running a successful business. For those hoping to make it big on the first try, surrounding yourself with seasoned professionals is one sure way to increase the odds. From accountants to lawyers to marketers, partnering with experts in their field can help entrepreneurs avoid rookie mistakes and put their businesses in the best position to succeed.
For entrepreneurs looking to try again, the study is encouraging because it suggests that a failed business venture can actually be an asset. So rather than dwelling on your mistakes, use them to hone your craft the next time around.
In our practice, we have represented a number of entrepreneurs who had previous experiences as entrepreneurs. An important advantage that we observed they had over “rookie” entrepreneurs was the life lessons from the prior efforts: what worked, what didn’t work and their own strengths and weaknesses. For tips on increasing the success of your new venture, please check out “What Can Start-ups Learn from Google? Five Key Tips” and “Five Top Legal Tips for Startups.“
If you have questions about this post or would like to discuss how to foster the success of your start-up venture, please contact Dan Brecher or the Corporate Transactions & Business attorney with whom you work.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Author: Matthew F. Mimnaugh
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!