As an investor in entrepreneurs, Bill Gross has overseen the start-up of many successful businesses as well as the failure of businesses he was convinced would succeed. Throughout these valuable experiences, he has quantified five factors that contribute to the success of a new business venture. These five factors and the percentages of their importance are as follows:
When we view these statistics in light of the practice/business of Divorce Mediation, there is no doubt that the “Timing” factor is clearly in our favor for three reasons:
1) On-Line Information Sources: The wealth of information now available to consumers on-line has allowed them to carefully research their options for navigating this difficult transition in their lives. They can clearly see the benefits of mediation as opposed to litigation and can research the quality of divorce mediation services based on the experiences of others.
2) Economic Recovery: Having survived the perils of the last economic downturn, consumers are much more wary about protecting their retirement and housing investments. They have heard the many horror stories from friends and family who sunk their financial security through an expensive litigated divorce.
3) Baby Boomers Divorce Trends: Many among our baby boomer generation have raised their children and are now choosing to divorce in hopes that they will enhance the quality of the next phase of their lives. Although most have ditched their tie-dyed clothes, they are still very receptive to peaceful resolution of conflict, so they are flocking to mediation as the best way to end their marriages.
The remaining factors Bill Gross presents highlight the importance of building a good team, executing plans well, having the right idea, a solid business model and proper funding. Having all of these fundamentals in place along with the right “Timing” will ensure that your divorce mediation practice will not only survive but thrive.
Click here for Bill Gross’s TED Talk on why timimg is the leading indicator of new business success.
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