Many people are ditching the 5-to-9 to be their own boss. Unfortunately, with rare exceptions like Mark Zuckerberg, Bill Gates and Elon Musk, most entrepreneurs who venture into business fail by year five. Almost 50% of start-ups survive five years or longer, and only 33% survive by year 10.
Most entrepreneurs fail to scale, meaning they do not adapt their leadership style as their business grows. All this may sound awfully discouraging. Yet, entrepreneurs run out of gas because they make one or more common mistakes: targeting the wrong market, choosing a bad location, not having enough capital and ignoring the competition. These are some of the biggest mistakes entrepreneurs should be aware of to improve their chances of success.