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More ideas and news about making money, home or small business and working at home. |
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18 Jul
Posted by Andrew in Home business | Small Business | WAHPs
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Quote source : SBA
Image source : FotoSearch
Success in business is never automatic. It isn’t strictly based on luck - although a little never hurts. It depends primarily on the owner’s foresight and organization. Even then, of course, there are no guarantees.
Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years.
In his book Small Business Management, Michael Ames gives the following reasons for small business failure:
Gustav Berle adds two more reasons in The Do It Yourself Business Book:
These figures aren’t meant to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.
The alternative to NOT facing these challenges is to keep your day job, but as most of you would already have experienced, this also comes with its own problems. Very often, small first time small business owners take the plunge out of sheer frustration with their jobs or bosses or both. When the “need” to jump ship overwhelms you, you’re easy prey for all the marketing hype about how easy it is to “be your own boss” enjoying the “leisurely life” of working at home. Caught between the stresses of unreasonable deadlines, daily briefings with unpleasant bosses and the uncertainty of keeping your job, it’s easy to want to start your own small business in search of greener pastures.
Even though it’s a small business, it IS still a business and you NEED to take time to plan. This series of posts might help you :
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