Most would-be entrepreneurs are easily deterred by statistics – the numbers of businesses that fail within the first year of its operations. But the trick here is not to be discouraged or to quit (especially for those whose businesses failed). Company formation and business solutions experts agree that the best thing to do is to try again but armed with the additional wisdom and insight that has been gained from the previous experience. It is an advice that is easier said than done. But history tells us that perseverance is a key ingredient to success. As Thomas Edison so famously put it: “I have not failed. I’ve just found 10,000 ways that won’t work.”