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Seeking success when starting your own business

The founder of The Courage Group suggests modeling your business after other successful entrepreneurs.

GOLDEN VALLEY, Minn. — Starting up your business is difficult. Failure is frequent-- and likely. The U.S. Bureau of Labor Statistics says only 5% of start-ups make it to their fifth birthday.

However, Neil F. Anderson, founder and president of The Courage Group, Inc., says there's never been a better time to start your own business, with record-low unemployment and a strong economy.

Anderson says you can control your own time, income and destiny by starting your own business; it can also serve as a retirement strategy to generate income.

However, Anderson says to watch out for the old advice, "fail fast, and you'll learn valuable lessons for your next venture." He says the truth is, many entrepreneurs don’t learn from their mistakes. In fact, it’s the opposite: Fail once and you’re most likely to fail again. 

Anderson says to do it right the first time: survive and succeed on your first try by learning five common, effective business principles from some very famous entrepreneurs:

1. Always deliver.
2. Be innovative.
3. Don't sit on your laurels.
4. Seek perfection at all times.
5. Pay fantastic attention to the details.

A bonus principle from Anderson: market, sell and execute every day, in good times and in bad.

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