Motivation When Going At It Alone
In this article by Taylor Gordon there are great insights for those who are going at it alone. As someone who is going at it along and working full time. I have to agree with this article. The biggest challenges I see for those going at it alone is proper planning and timing. Building a business does not occur overnight. Some interesting stats for small businesses:
- 40 percent of small businesses are profitable, 30 percent break even and 30 percent are continually losing money.
- Leading causes of small business failure:
- Incompetence: 46 percent;
- Unbalanced experience or lack of managerial experience: 30 percent;
- Catchall category (includes neglect, fraud, and disaster): 13 percent; and
- Lack of experiences in line of goods or services: 11 percent.
- A bit more than 50 percent of small businesses fail in the first four years.
- In fact, of all small businesses started in 2011:
- 4 percent made it to the second year
- 3 percent made it to the third year
- 9 percent made it to the fourth year
- 3 percent made it to the fifth year
These are some eye opening statistics. Share your thoughts and comments below.