The success rate of small businesses in America is alarmingly poor. Most studies indicate that only about 20% of new businesses survive the first five years. And another 80% of THOSE businesses fail within the NEXT five years.
Think of it. Out of 100 businesses starting out, only 20 are still in business after five years. That’s doesn’t mean they’re very profitable, only that they survived. And after ten years, only 4 of the original 100 are still in business.
Now I’m no statistician, but I think those are pretty bad odds.
In fact, a good Blackjack player betting against the house has almost even chances of winning. Using the statistics of small business failures above, nobody would gamble with those kinds of odds. One exception might be The Lottery which some have called a tax on people with poor math skills.
And yet, even with the deck stacked against us, every day thousands of new businesses are started. Thank God for optimists.
Now, unlike Blackjack, we do have ways in which we can improve the odds of winning. And there are many. That’s why we continue to provide an ongoing stream of ideas, resources, strategies, tools and tactics to help you enhance your chances of success.
To most people, business looks overwhelming, complicated and often a bit mystifying. It needn’t be that way.
But a brief conversation with a business owner and the giant gaps in knowledge, experience and perspective are surprising. It’s amazing how willing people are to attempt to start and run a business with so little knowledge and preparation. But then, at one point, I was one of those people, too.
It’s true. Most business owners I know aren’t even clear about what business they’re in. They may THINK they know, but they rarely do.
One of the books I recommend is The E-Myth Revisited by Michael Gerber. I think it’s one of the most important books an entrepreneur—or would-be entrepreneur—can read.
You see, most people who consider themselves business owners don’t actually own a business. The business owns them.
They’re not really entrepreneurs. They are primarily technicians and managers. They may be a proprietor of a business, but the business is more of a place to work than a cash machine that runs on autopilot.
The concept of having a business that operates without their day-to-day involvement is either a far-off dream or an idea that’s simply beyond their comprehension.
I believe as Michael Gerber does—that a real business is a business that runs without you.
It’s easier said than done, for sure. But it starts with the belief that it CAN be done and with the intention to create it that way. CANI—Constant And Never-ending Improvement is key.
And remember this Best Life Truth: Clarity Leads to Power.
Recommended Resource
Lifestyle Business Course – Available on Udemy
If you have an interest and desire for creating an ongoing income stream based on your knowledge, wisdom, talents and experience, you will gain great value from this course. The reasons for taking this course and creating a true Lifestyle Business are all explained on the next page. And they are substantial. If you’re ready to turn your knowledge, experience and expertise into steady income streams, this is for you.
