Starting a business is a tricky and exhilarating journey.
Consider the stats: According to the Bureau of Labor Statistics, only about half of all new establishments make it to a sixth year of operation.
Better yet, ask the previous winners of the Miami Herald Business Plan Challenge. Since the Challenge began 20 years ago, the winners have navigated wide-ranging trails through obstacles both expected and unimaginable.
Many of the winners are running thriving businesses — though none has reached the heights of Palmetto grad and Amazon Founder Jeff Bezos. (Yet.)
For others, great ideas and the flexibility to pivot on a dime haven’t been enough. Under the stress of endless work, economic downturns, technology changes and limited funding, they’ve given up their websites and closed their doors. Interests diverged; partnerships crumbled.
Here are their stories:
2014: Munchkin Fun
2013: Make Them BEG
2012: Blend Craft Wines