It is often said of start-ups that the first year loses money, the second year breaks even and the third yields a profit. All too often, entrepreneurs believe that if they can make it to that all-important three-year milestone, their biggest obstacles are behind them, writes Tony Price, interim CEO (UK) of chief executive development organisation Vistage.
However, a successful start-up and a successful company are not the same thing. Too many businesses thrive at first, only to run aground a few years down the line.
In my experience the same obstacles crop up time and again, coming between early victories and sustained expansion. Here, I’ve outlined what they are and how to get round them.