Start Your Own Business

Once you decide that you have the option to pursue your dreams at any age, you may start thinking about starting your own business again. I use the word "again" because it's a statistical fact that over 90% of the American population has at one time or another dreamed of starting their own business, whether is be a quaint little cafe, a book store, a service oriented business or whatever their unique interest may be. But the fact is, less than 5% of Americans actually goes forth and starts their own business.

The reason for this is that it takes great effort and a lot of devoted time to launch a small business enterprise and the people who never go for it usually lack the time or they feel they haven't got the expertise or the basic knowledge to begin such an undertaking. So their dream is forever repressed in their minds. Another reason most people opt out of starting their own business is that they are aware of the incredible failure rate of small business ventures, and although the failure statistics are somewhat accurate I can tell you that they are most certainly misleading. Let me tell you how.

The cold hard statistics on the small business failure rate. is very disheartening to say the least. Although statistics may vary slightly, most experts contend that 50% of all small businesses ventures fail within the first year of operation. In addition, 80% of those fail within the next 5 years. What disturbing odds! I believe that learning this fact alone prevents many "would be" entrepreneurs from going any further with their dreams of starting their own businesses.

However, let’s analyze these statistics a little more accurately. Before engaging in any professional occupational field, there is usually extensive education, training, and testing requirements that are mandatory before appropriate licensing or certification can be issued for the specific field chosen. However, in order to start up and operate a small business, the only requirement in most cases is to be compliant with local zoning regulations and to obtain a business license. Business start up requires no special training or education. Literally anyone with the desire to start their own enterprise can do so whether they are qualified to operate a business or not.

Consider what would happen if a group of 100 people were asked to weld 2 pieces of steel together but less than 20% of them were trained in welding? That would mean that over 80% of them would fail, right? Well, welders are trained professionals. So are doctors. So are attorneys, and public accountants. When a doctor graduates from med school and sets his office up, what are his chances for failure? Virtually zero. Why? Because he/she is well trained in his/her profession long before he/she decides to open their business.

Some people entering the small business world may be knowledgeable with the product or service they are trying to sell, but many are not. Or, they mistakenly believe that because they have proficiency with the product or service they will be dealing with, then they'll succeed in a business which sells the product or service. There is much more involved in running a business than simply being knowledgeable about the product or service being sold. Owning and operating a small business requires knowledge, skill, and a huge degree of professionalism in many other aspects. Knowledge in accounting, sales, marketing, and demographic studies of the business are just as essential to the success of the venture as the knowledge of the product or service being sold.

All of this must be learned. Just as the doctor had to go to med school to learn about his business, and the welder had to go to school to learn how to weld, so must the small business person learn how to operate a small business before they open one or failure will be practically imminent. Small business operation is a skill. A skill that can be taught and learned. Just like learning how to cure the sick or welding steel plates together. The number one reason why so many small businesses fail is because too many unprepared people go into them. I’ve seen it in real life too many times.

Doctors, lawyers and most other professionals must attain a diploma and other certifications before they can begin practicing their profession. But a small business person needs only a store front and a sign to begin his/her business. No formal training or education is required. And since 80% of small businesses fail so quickly, the reason isn't that small business ventures are so risky, it's that most people starting them up are unprepared to open them!

Along with my successes I’ve also had my share of failures. There’s no worse nightmare than seeing the business you’ve always dreamed of and worked so hard at, slowly succumb to insolvency and ultimately fail. It’s a horrifying experience to go through and incredibly devastating. When this was happening to me for the first time I could find no books to read or seminars to attend that could offer advice to me on how to deal with the hard times of reality in the real world that I was then dealing with. I was all alone, misinformed, and fighting against impossible odds.

30 years of experience has taught me what I know today. I consider myself an expert in small business startup and it's one of my passions in life to not only help people find a sure way to achieve their own entrepreneurial dreams but to assure them success once they begin!