I have led a successful media production and communications consulting company for over three decades. That means I have beat the odds. According to the US Bureau of Labor Statistics, “about 20% of new businesses fail in the first two years, 45% fail in the first five years, and 65% fail in the first 10 years. Only 25% of new businesses survive for 15 years and more”.

What's interesting is that these percentages haven't changed that much since the mid-1990s. Beating the odds and having staying in power it's not a matter of luck. It takes constant effort to meet customer needs, be financially responsible, and grow at a pace that allows you to manage growth while continuing to provide a quality product or service.

There are many reasons businesses fail: lack of financing, poor location, or ineffective marketing. The list goes on and on. I would argue that it all comes down to one thing, or should I say a person.

Companies fail because of the entrepreneur. The same person who created the business can be undoing a profitable venture. i know What I do today is different from what I did in the early years. I have deliberately “rebuilt” my work every five to seven years. Here are some things I've learned about staying relevant over the decades.

Don't get complacent

It's easy to get complacent and just keep doing it the same thing over and over. Some entrepreneurs get comfortable and lose the spirit that made them successful in the first place. They go from being brave to just managing the business.

All you have to do is look at companies like Blockbuster, Kodak, Borders and many more. When you fail to renew, others pass you by. When you fail to take risks, you miss opportunities. It's easy to believe that your product or service will stand the test of time. But not everyone is LL Bean, John Deere or Coke. These are brands that have a history of more than 100 years. They have staying power, but they were not satisfied. They continue to innovate. Entrepreneurs must monitor their operations and adapt constantly.

Related: How to adapt when your product stalls

Stay hungry

You like it when you can finally breathe because you're stable, loyal customers. But it's a mistake to think that your customers will always want or need what you do. For about thirty years, my company worked with a large furniture manufacturer. We were there every month producing employee communications, a business video review that became the preferred method of sharing information.

Until it wasn't. The company decided to move video production in-house and gave us no notice. At some point in our company's history, the loss of this client would have been devastating. They were more than 60% of our sales. However, my business advisors warned me diversify and capture new customers. We did it. By the time we got the news that they were going it alone, they were less than 5% of our sales. Over-dependence on a few large customers is dangerous.

Every year, I take stock of my client portfolio, so I never worry if a client decides to move on. Sure, it hurts, but it won't bring down the company. I also take the time to look at industry trends. When one industry is experiencing challenges, others are doing well. Stay curious. Stay hungry.

Related: 7 Tips to Stay Ahead of the Curve in Your Industry

Get out of the way

One of the things I loved to do in the early years was go out on client sites. I enjoyed the interaction, doing the work and seeing the results. It's a pleasure when your client wants you at work. However, entrepreneurs can easily fall into the trap of thinking that they can do it better than anyone else and that they want to be involved in every decision.

At first I had a business partner. He was that type of individual. One of the main things that led to the breakdown of the partnership was his need to control everything. We hired qualified people, but they didn't really make decisions.

As a result, there were times when we couldn't move fast enough. One day, I walked into the office and the supplies we ordered were sitting there. When I asked why they hadn't left, the office manager replied that she was waiting for my partner to tell her where things should go. This was a wake-up call. Soon after that we started to dissolve the partnership.

One of the things I learned is that building a talented team is not enough. You have to get out of their way if you want to grow. Today I set expectations and talked about the results we need to achieve. My team may not do the job the way I do, and that's okay if we get the results.

Getting off track can be humbling for an entrepreneur. It's also cheap because you can do more interesting work.

Embrace the change

If you manage to stay in business for any period, you will have to change. I've navigated the Gulf War recession, the dotcom recession, the Great Recession that started in late 2007 and lasted until 2009, Covid and the Great Recession.

It's never easy, but when others throw in the towel or get stuck, I look for ways to change and help our customers. Everything is on the table. Nothing is precious. When things are at their worst, doing nothing is not an option. In my opinion, doing what everyone else is doing may not be the best course of action either. In other words, when some people zig… you might want to zag.

As I approach forty years in business, I hope to continue to grow, change and beat the odds.

Related: 4 Bold Leadership Moves Every Successful CEO Uses to Navigate Change