As a new ‘start-up’ business in New Zealand, you are constantly reminded of the casualty rate of companies in their first year.
What about those that get past that first year?
According to research from Statistics NZ, a large percentage of businesses that were ‘born’ in 2010, ceased to exist six years later, in 2016.
Start-ups and scale-ups, but what about the ‘keep goings’?!
I recently read an article on LinkedIn written by Josh Jones, celebrating the 'keep goings' and hit a chord for me personally. We work with some amazing businesses at an early stage, but we also work with businesses that have passed six years and have a renewed energy and focus.
These companies have managed the rollercoaster of business ownership, seen good times and the bad, and no one has escaped without learnings from their experience.
For me personally, I have found the second year of business more challenging than the first.
Well, you are no longer a start-up. You need to develop systems and processes if you want to continue to grow and managing the financial sustainability and growth of a business can be tricky. Josh rightly points out that the ‘glamour of being a start-up’ starts to wear thin and you need to focus on the doing. He also talks about the experience of being lonely...
It can be lonely…but only if you allow it to be
What makes it easier is the support around you, and I’ve realised this year I have increased my conversations with those that are making sure that Sprout does not join the ‘ceased’ column!
I am very lucky for so many reasons. I have awesome support from Niran and Jayna our accountants at OneHQ, great legal advice from Ed and Sarah-Jane at HGM, one-on-one support from Henry at Faraday and the support of not only Ben Marris, but around 60 other business leaders at NZ Leaders.
This group and many more friends, family and business associates continue to support Sprout in our growth.
I would like to end by saying a massive ‘thank you’. Thanks to all of those service providers that help Kiwi businesses ‘keep going’. It reminds me of the view of the late Sir Paul Callaghan that not only do we need more successful entrepreneurs to turn NZ into a more prosperous country, but the world-class support services to help them get there.
One more thank you…
...to those that ‘keep going’.
Your work continues to fuel our economy, provide employment and provide inspiration to new businesses like ours.