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According to the US Bureau of Labor Statistics, nearly 20 percent of startups do not live past their second year, and many more fail before their fifth year. Have you ever wondered why many new businesses fail so quickly after their inception? Over my decade-long journey of entrepreneurship, learning and observing other small companies, I've come to realize the importance of a few aspects when starting, launching, and growing a business.

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Funding falls apart. A similar product is unveiled by a more established company. A key employee jumps ship to work for a competitor. These are the unexpected obstacles that derail even the most promising new ventures. Entrepreneurs determined to keep up with today's constantly changing business environment need to stay nimble enough to shift their strategies, products, and services on a dime. Yet many fail to master this essential new mind-set: agility.