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(Excerpt from article by By Geoff Williams on CNNMONEY.com)
Want to find America's most successful entrepreneurs? Skip Silicon Valley and Manhattan; head to the rural Amish enclaves.
Amish businesses have an eye-popping 95% success rate at staying open at least five years, according to author Erik Wesner's new book, Success Made Simple: An Inside Look at Why Amish Businesses Thrive.
It's a statistic he backs up with a variety of academic surveys, drawing particularly on a 2009 report by Elizabethtown College sociology professor Donald Kraybill. Studying several Amish settlements, Kraybill found failure rates ranging from 2.6% and 4.2%; interviews with loan officers, accountants and industry professions in other Amish regions yielded additional anecdotal evidence of closure rates significantly south of 10%.
Compare that to the average five-year survival rate for new businesses across the United States, which hovers just under 50%. So what's the secret? Click here to read the full article...
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