Starting a business isn’t easy. It takes an incredible amount of work and perseverance, as well as the fortitude to go out on a limb.
Starting a successful business is even more difficult, requiring the vision to identify a viable market opportunity and, more often than not, a healthy amount of luck. According to the U.S. Small Business Association, roughly half of all newly established companies survive five years or more.1
There’s a wide range of variables that can contribute to the success or failure of new businesses. Many of the major forces, such as the health of the economy or the tax and policy environment, tend to be fairly cyclical. However, there’s one significant element that has improved at an accelerating rate over the past few decades and made it much easier to start a new business today: technology.