Amish in business

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According to a recent study in the Global Business and Economics Review, the failure rate of Amish businesses is less than 10% in the first five years, compared with 50% of small businesses in the U.S. over the same time period.

Erik Wesner, author of Success Made Simple: An Inside Look at Why Amish Businesses Thrive, points out these five values as part of the secret of their success:

• Never ask an employee to do something that you wouldn’t be willing to do yourself.
Value relationships over onetime deals.
• Cultivate a rigorous work ethic.
• Learn to work outside your comfort zone.
• It’s all in the details: make sure the product — or service! — you deliver is carefully crafted.

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This post was last updated: Nov. 8, 2010