70% of projects close in less than 10 years from their establishment

In the business world, we all know that trade involves risks and isn't solely about profit; it's a balance between loss and gain.

Studies indicate that only a small percentage of businesses can survive in the long term.

Out of every 100 businesses registered, a significant percentage close within the first two years. Some last up to five years, but after ten years, only about 25% to 30% of businesses remain, able to keep pace with and adapt to market changes.

The reason lies in the fact that a large number of businesses are established without proper planning or research, often by individuals with technical skills in their chosen field. They may not realize the importance of understanding other crucial aspects, such as startup costs, market research, customer relations, accounting, marketing, customer service, and other essential elements.

As a business owner, it's vital to develop your entrepreneurial skills, understand the fundamentals, monitor your project's cash flow across all aspects, be knowledgeable in various fields, learn entrepreneurial skills, and hire specialists in areas where you are weak. You may have knowledge in various fields, but be certain that it's difficult to be more knowledgeable than the specialist. Therefore, you need a well-rounded team to compensate for your shortcomings, including individuals with experience and expertise in different disciplines.

So, if you want to start a software company, is it enough to simply hire programmers? No. You also need UI/UX designers who use tools like Figma and Adobe XD, as well as people with management skills, cybersecurity experts, database specialists, data analysts, marketing specialists, and other relevant fields.

Many companies have closed because they failed to keep up with market changes and ignored customer needs and suggestions. Nokia and BlackBerry are prime examples. They were among the largest phone manufacturers in their time and achieved global success.

But with the emergence of competitors like Samsung and Apple, their market share declined. There are even videos circulating online showing CEOs weeping: "We didn't make any mistakes, yet we lost."

It was striking that both companies believed touchscreen phones would only be a temporary phenomenon, while simultaneously ignoring crucial software advancements and technical advantages. This is known as the Innovators' Dilemma—clinging to past successes leads to resistance to change, ultimately causing a company to lose its competitive edge.

Therefore, any project must create sustainable value that enables it to keep pace with market changes and adapt to customer needs. While it's possible to deceive people with misleading advertisements or false promises, this may only yield temporary gains and won't build a company capable of lasting for years. Sustainability doesn't come from making numerous promises, but from the quality of value offered and the ability to evolve with the times.

In his book, *The Innovators' Dilemma*, author Clayton Christensen explains the reasons behind the failure of major companies and their inability to keep up with market fluctuations and modern technological advancements.

By Noah Al-Zakwani Shared on my Instagram page https://www.instagram.com/noahalzakwani/p/Da7oP3jiNNM/