Starting a new business is always a daunting process. Will it succeed or will it fail?
There are no guarantees in an ever changing world but that shouldn't stop a budding entrepreneur from giving it a go.
People choose to go into business for many reasons but often it's because they can see a gap in the market, they feel they have a unique product or idea, want to be their own boss or because they want to make a difference in some way.
Building a successful business isn't always about achieving success quickly. It's about building success that will stand the test of time.
Australia has more than 2 million small businesses that often dominate agriculture, real estate and construction sectors while also having a big presence in professional, scientific and technical services, hospitality and retail.
Succeeding as a small business owner is tough and there's no shortage of pitfalls on the way to success. Around half of all new one person businesses fail in their first three years, compared with around a quarter of medium-sized corporations.
With these odds it seems incredible that some businesses and organisations have been around for more than a century and are still thriving.
Often these businesses were started by foresighted and gifted individuals and many are kept in the family for generations.
These businesses are constantly innovating to keep up with modern times while other organisations keep doing what they do well such as excellent customer service or filling a niche market.
Establishing a good business model, having a passion for your product or service and employing great staff will also help to achieve success.
The Originals publication features many businesses in the region. Their stories may help you see how business longevity can be achieved.